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I plan to depend on Social Security.
I don't plan to depend on Social Security.

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I voted for "I don't plan to depend on Social Security" and I am approaching my FIRE plans from the perspective that all funds will have to come from my savings.

If SS is still around when I make it to FIRE, then that will be a bonus and allow me more flexibility with my money. But I am not planning on the availability of SS to fund any portion of my retirement.

I would hate to rely on something that may or may not be there when I need it the most.

dt
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I would hate to rely on something that may or may not be there when I need it the most.

I couldn't agree with you more. Didn't want to say it earlier, though -- didn't want to spoil the objectivity of the poll, such as it was!

phantomdiver
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didn't want to spoil the objectivity of the poll

I hope I didn't spoil it with my comments. :-)

dt
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I hope I didn't spoil it with my comments. :-)

Oh NOOOOO! Curses!!! My poll's objectivity is fouled!!!!!

-- I think I'll live. :-D

phantomdiver
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dt: I would hate to rely on something that may or may not be there when I need it the most.

At my former job works a man who is nationally involved in the bid to reform ("save") Social Security. He is non-partisan and very, very pragmatic about the situation (in addition to being an all-around brilliant finanancial mind).

I was lucky enough to have a few conversations with him and relayed my fatalist view on SS, i.e. that i'm not expecting a dime.

He told me that was a bit dramatic. I was wise to plan for other income and to not rely completely on SS. However, he said that, at worst, i can expect some Social Security. For my age, it will be about 65% of today's numbers, and i may have to wait until age 70 to get it. But it will be there, even if nothing changes for the better.

That said...i, too, am not counting on it and will use it as "found money" in a sense. Even if i were to rely on it, it wouldn't be enough to live on. Enter the IRA!

snippee (<-- contributing the max since 1902)
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I think rather than planning to use social security, those of us who want to FIRA should probably plan on paying more taxes to fund social security for those who have not planned. I can forsee more taxes being levied and on a braoder scale to fund social security in the future.


c
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However, he said that, at worst, i can expect some Social Security. For my age, it will be about 65% of today's numbers, and i may have to wait until age 70 to get it. But it will be there, even if nothing changes for the better.

The bolded words above are enough to convince me it is something I will not rely on. As you mentioned here and I mentioned earlier, I think it is best to view SS as a supplement to your retirement income.

Otherwise, what will happen when you have planned to receive 65% of today's SS numbers but you really receive only 45%? That could be a rude awakening for people that were relying on SS.

Personally, I am approaching it with a pessimistic view and I figure that approach can do nothing but provide me a bonus if SS does supply me with funds in retirement. In reality, I do think there will be some SS when I retire but it is not something I care to rely on.

For those answering the poll, I am curious if your current age plays a factor in the way you answered. If I was older and/or closer to retirement, I may feel a little differently than I do. For the record, I am 27 years old for a little less than one more week.

dt
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At my former job works a man who is nationally involved in the bid to reform ("save") Social Security. He is non-partisan and very, very pragmatic about the situation (in addition to being an all-around brilliant finanancial mind).
---

However, he said that, at worst, i can expect some Social Security. For my age , it will be about 65% of today's numbers, and i may have to wait until age 70 to get it. But it will be there, even if nothing changes for the better


Would you mind telling your age, or at least an age range?
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I plan to depend on Social Security for it's original intent...as a safety net.

I'm vested in my company's defined benefit plan, but companies go bust.
I max out my 401k, but another 3yrs like the past and it won't be enough. My ROTH is growing slowly, but this year I purchased my first house and had my first child. I don't think I'll be able to put any money there until my maternity leave is over next year. The house can bring in some income now and in the future should I desire, so it'll be a help. I do plan to live in the house when I retire. I'm doing my best to take care of my own retirement, but I sleep easier knowing that there is a little help out there should I fall short.

Crazyinlovefool
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wwl: Would you mind telling your age...?

33 as of six weeks ago. (Ergo, i'm in the gargantuan 25-34 age group in phantomdiver's poll.)

snippee
doesn't FEEL 33...
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snippee: 33 as of six weeks ago.

Thanks. FWIW I'm 48, dead center in the middle of the infamous boomer generation. So from what that gentlemen shared with you, it looks like SS might survive in some form even with all my generation in the pipeline.

WWL - Don't feel 48, my RealAgeĀ®= 40
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it looks like SS might survive in some form even with all my generation in the pipeline.

::snort:: I'll believe it when I see it.

I think SS will be around when I'm old enough (I'm 47 now) -- but I think it'll be means-tested. I plan to have enough assets that I won't qualify.

Bye-bye, tens and maybe hundreds of thousands of my dollars!

phantomdiver
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SS will survive simply because there are so many people that believe the government is supposed to take care of them, and so many people that feel sorry for those that lack the foresight to save for retirement. I'm saving for my retirement, everything else is gravy.

Zach
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Personally, I don't count SS in my SWR--think of it as a potential backup funding source. If late in life I hit the trifecta of a higher than anticipated portfolio, real estate appreciation and SS payments then I'd very happily do my part for the economy by ratching up my spending. Oh cabana boy....

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I don't plan to depend on Social Security.

I don't plan on seeing anything from Social Security. I think it'll still be around when I retire, paying something to older retirees (like my parents) and something to people from my generation that have no other (or not enough) retirement money, but I'd hate to try and live off it.

FWIW, I'm 31.


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As you mentioned here and I mentioned earlier, I think it is best to view SS as a supplement to your retirement income.


This is how I view it, even though I did answer that I would depend on it. I did not mean as the sole income (Hey, I'm a Fool, after all), but as a supplement to my retirement savings.

I have also planned for the fact that my benefits will be reduced when I get to age 80 or so. My Security statement said that about 2032, benefits would have to be reduced to 70% or so of what they were.
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The opinions I see here mirror those I hear other places.

It is a realistic view IMO, but also somewhat fatalistic.

If the model is flawed and our Govt. will likely break a contract with it's citizens, what can be done? Have you ever written to your representatives to express your views or do you feel that nothing can be done?



In my situation, (early 40s), it may be best to delay pushing for an overhaul as the chances get increasingly better for being grandfathered in under old rules. (ya think?)


VL
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wwl: Would you mind telling your age...?

33 as of six weeks ago. (Ergo, i'm in the gargantuan 25-34 age group in phantomdiver's poll.)

snippee
doesn't FEEL 33...



Gee, in 10 more weeks you'll be an LP! (Long-Playing -- 33&1/3)


heh, heh. That refers to phonograph records, which pre-dated CD recordings and may be before your time.

Vickifool
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vickifool: Gee, in 10 more weeks you'll be an LP! (Long-Playing -- 33&1/3)

Good one!

PS - One of my first musical purchases was the "Grease" double record soundtrack.

snippee
"before my time" - <snort!> - thanks for the compliment
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he said that, at worst, i can expect some Social Security. For my age, it will be about 65% of today's numbers, and i may have to wait until age 70 to get it. But it will be there, even if nothing changes for the better.

He's giving you the ssa.gov party line, and it's unrealistic.

The government spends the SS surplus every year. The SSA assumes that when the SS program starts running a deficit, the federal government will somehow be in a position to make up that shortfall. I'm not holding my breath.

-bent
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