Retirement Targets

[SEIOWA CLONE]

Well hopefully by the time some of you are ready to get signed up for SS that they have figured out and fixed all the problems with their online signup, because it is a joke.

I spent two days trying to navigate my way through the process, called them to reset after getting blocked, and still did not get signed up.
So, I figured, screw it, would just drive over to Ottumwa and have them do it. You know person to person like the old days. Figured I would give them a heads up and gave them a call on Wednesday. They no longer do in person meetings at their office, everything must be done over the phone. I think no problem, that will be fine, when can I get an appointment? The first appointment I could get is Nov. 20th at 3:30 and since they are so busy in Ottumwa, it will be out of their Creston office. You have to be kidding me, I have to wait 2 months, to sign up? They did tell me that I can call next week and hopefully someone has cancelled, and they can get me in earlier.

Online system sucks, cannot go over to meet with them, and the phone process takes 2 months, typical government program.

 

[DSMCy]

I don't factor SS into my projections, but I do run a statement each year to understand how much we are projected to receive each year.

Yes good point. I also periodically check my statements. Also good to make sure income amounts are accurate.
I definitely know what I might get out of SS, but leave it out of my projections.

Let’s all agree to send SS payments to WeWill! haha

 

[Dopey]

I don't think SS will go away any time soon. It'll get "fixed" by dialing up the retirement age, or maybe phasing in some payout cuts.

I like projecting & understanding my retirement income in 3 different buckets: Personal investments.... Social Security.... Pension Projections. I want the first one to meet my needs for a comfortable retirement... and the last two can fund my lavish lifestyle.

 

[dmclone]

Speaking of CD's. TD Ameritrade just recently became Schwab so I'm still trying to get used to their website but they have a very nice CD ladder creator. You tell them the amount, the duration, and then it walks you through a bunch of different options. I'm not at the point where I want to do it but this looks like it would be helpful.

 

[Stormin]

Well hopefully by the time some of you are ready to get signed up for SS that they have figured out and fixed all the problems with their online signup, because it is a joke.

I spent two days trying to navigate my way through the process, called them to reset after getting blocked, and still did not get signed up.
So, I figured, screw it, would just drive over to Ottumwa and have them do it. You know person to person like the old days. Figured I would give them a heads up and gave them a call on Wednesday. They no longer do in person meetings at their office, everything must be done over the phone. I think no problem, that will be fine, when can I get an appointment? The first appointment I could get is Nov. 20th at 3:30 and since they are so busy in Ottumwa, it will be out of their Creston office. You have to be kidding me, I have to wait 2 months, to sign up? They did tell me that I can call next week and hopefully someone has cancelled, and they can get me in earlier.

Online system sucks, cannot go over to meet with them, and the phone process takes 2 months, typical government program.

Made an appointment a month or so prior to full retirement age. Phone appointment. They called. Gave them info. 15 minutes. Went perfect.

 

[CycloneSpinning]

Which should piss all of us off.

Curious- are you GenX or millenial? Reason I ask is most millennials I am around legitimately don’t care/don’t think about SS. I almost wonder whether they should pick an age (45 and under?) and say you’re not getting it. Again, most I’ve talked to wouldn’t bat an eye, but that’s why I asked the question.

 

[CycloneSpinning]

Wife and I have 25-30 years before we retire. I absolutely expect us to get SOMETHING out of SS, but not confident in banking on any specific number until we’re less than 5 years out.

I worry that low expectations for SS among younger people will make it easier for politicians to erode the program over time. To me, raising the retirement age any higher is absolutely a non-starter. Should factory workers and tradespeople be doing physical labor until they’re 70? Hell no. Meanwhile, firefighters and police out here often get a significant pension after 20 years of service, often in the low 40s for age.

Good to know. Sounds like you are a millennial, but you seem to have an opinion similar to the older generations. I was actually wondering if getting rid of SS would solve some of the deficit issues. I would not have been opposed to that…

 

[SEIOWA CLONE]

Good to know. Sounds like you are a millennial, but you seem to have an opinion similar to the older generations. I was actually wondering if getting rid of SS would solve some of the deficit issues. I would not have been opposed to that…

If you get rid of SS you are going to force people to either work until they die, or have tens of millions of older adults living in poverty during their golden years. What happens to the children of a parent that has died without aid to dependent children, what happens to handicapped individuals if there is no longer SSI, what happens to person that is injured on the job and is now disabled? Are we going to say, "tough luck" to them?

SS and Medicare/Medicaid are being taken out of our checks already, so they are not added anything to the deficit that could not be fixed by just taking the cap off the program. Why should you stop paying into the system once you reach $160,000 a year? If you make that amount, you pay the exact figure that Patrick Mahomes pays into the program, and he makes 40 to 50 million a year. How is that far to anyone other than the 1%ers. You do not stop paying sales tax when you reach a given level or property tax, why do they stop collecting SS tax?

Take the lid of the top amount, you make 50 million, you pay SS tax on all of it, and then means test it. Sorry Pat, but you do not qualify for SS, I guess you are going to have to make it on the 500 million you made playing football.

 

[cycloneG]

Good to know. Sounds like you are a millennial, but you seem to have an opinion similar to the older generations. I was actually wondering if getting rid of SS would solve some of the deficit issues. I would not have been opposed to that…

Social Security Does Not Add To The Federal Deficit

Social Security can’t, by law, add to the federal deficit. Medicare and Medicaid can, but not Social Security. Social Security is self-funded. It is correct to say that Congress added to the deficit, not Social Security .

www.forbes.com

 

[drmwevr08]

Wife and I have 25-30 years before we retire. I absolutely expect us to get SOMETHING out of SS, but not confident in banking on any specific number until we’re less than 5 years out.

I worry that low expectations for SS among younger people will make it easier for politicians to erode the program over time. To me, raising the retirement age any higher is absolutely a non-starter. Should factory workers and tradespeople be doing physical labor until they’re 70? Hell no. Meanwhile, firefighters and police out here often get a significant pension after 20 years of service, often in the low 40s for age.

And yet they ***** about the unfairness of civilians working from home.

 

[KnappShack]

Curious- are you GenX or millenial? Reason I ask is most millennials I am around legitimately don’t care/don’t think about SS. I almost wonder whether they should pick an age (45 and under?) and say you’re not getting it. Again, most I’ve talked to wouldn’t bat an eye, but that’s why I asked the question.

X, but that's not really the point

We're all paying into this program. If the expectation is for nothing in return then people will get nothing in return.

I've been told for decades that SS won't be there for me. Now retirement isn't a vague concept. It's coming on fast and I absolutely want a return on my participation

The SS calculator says the income will pay for my mortgage and then some. Cool. If they want to scrap the program then I need a lump sum to make it financially fair.

 

[clonechemist]

Curious- are you GenX or millenial? Reason I ask is most millennials I am around legitimately don’t care/don’t think about SS. I almost wonder whether they should pick an age (45 and under?) and say you’re not getting it. Again, most I’ve talked to wouldn’t bat an eye, but that’s why I asked the question.

‘Most’ millennials probably don’t even have a retirement account.

Just because ‘most’ people you know are eating a s*** sandwich every day without any complaints, doesn’t mean we should keep serving it to them.

This overall attitude that we just can’t do anything decent as a nation (SS, healthcare, next generation green infrastructure and climate resilience) is, in a word, pathetic.

 

[clonechemist]

Good to know. Sounds like you are a millennial, but you seem to have an opinion similar to the older generations. I was actually wondering if getting rid of SS would solve some of the deficit issues. I would not have been opposed to that…

In case you can’t read the link posted elsewhere: no. Getting rid of SS will do nothing at all regarding our deficit.

 

[CycloneSpinning]

If you get rid of SS you are going to force people to either work until they die, or have tens of millions of older adults living in poverty during their golden years. What happens to the children of a parent that has died without aid to dependent children, what happens to handicapped individuals if there is no longer SSI, what happens to person that is injured on the job and is now disabled? Are we going to say, "tough luck" to them?

SS and Medicare/Medicaid are being taken out of our checks already, so they are not added anything to the deficit that could not be fixed by just taking the cap off the program. Why should you stop paying into the system once you reach $160,000 a year? If you make that amount, you pay the exact figure that Patrick Mahomes pays into the program, and he makes 40 to 50 million a year. How is that far to anyone other than the 1%ers. You do not stop paying sales tax when you reach a given level or property tax, why do they stop collecting SS tax?

Take the lid of the top amount, you make 50 million, you pay SS tax on all of it, and then means test it. Sorry Pat, but you do not qualify for SS, I guess you are going to have to make it on the 500 million you made playing football.

That makes sense. I do agree that cap is dumb.

Also, the IRS knows what you own in terms of taxable retirement accounts (since they know your RMD). Seems if you had RMDs north of a certain amount (80k maybe?), they could start to phase out your SS distribution…until you got nothing at perhaps a RMD of 120-150k?

 

[CycloneSpinning]

X, but that's not really the point

We're all paying into this program. If the expectation is for nothing in return then people will get nothing in return.

I've been told for decades that SS won't be there for me. Now retirement isn't a vague concept. It's coming on fast and I absolutely want a return on my participation

The SS calculator says the income will pay for my mortgage and then some. Cool. If they want to scrap the program then I need a lump sum to make it financially fair.

Well in fairness it kind of was the point. If you’re an Xer, it makes sense you’ve been kind of planning on it. I was just curious where that line was. And I suppose there isn’t a hard line (which makes sense too), but I think some of you who are older might be surprised by the lack of interest/concern we have with SS. And not because we are far away or anything. We’ve just been preached to that we’re on our own, and I really don’t think we will need it.

It’s really not to say that we’re doing it better though. Again, just have a long timeline and we’re told not to count on it from the beginning…

 

[Cyhig]

If you get rid of SS you are going to force people to either work until they die, or have tens of millions of older adults living in poverty during their golden years. What happens to the children of a parent that has died without aid to dependent children, what happens to handicapped individuals if there is no longer SSI, what happens to person that is injured on the job and is now disabled? Are we going to say, "tough luck" to them?

SS and Medicare/Medicaid are being taken out of our checks already, so they are not added anything to the deficit that could not be fixed by just taking the cap off the program. Why should you stop paying into the system once you reach $160,000 a year? If you make that amount, you pay the exact figure that Patrick Mahomes pays into the program, and he makes 40 to 50 million a year. How is that far to anyone other than the 1%ers. You do not stop paying sales tax when you reach a given level or property tax, why do they stop collecting SS tax?

Take the lid of the top amount, you make 50 million, you pay SS tax on all of it, and then means test it. Sorry Pat, but you do not qualify for SS, I guess you are going to have to make it on the 500 million you made playing football.

Totally agree with what you are saying. But some people in the younger generation view SS as a Ponzi scheme run by the government. They are paying money into a program which is paying other people at the present time. They are led to believe the money will be there when they retire, but as we know, that's not a guarantee.

I'm in my mid 40's. I view SS not as an "investment" but rather as a tax. It's a tax to ensure people who are elderly, disabled, and children with a deceased parent can have some financial support. It's no different than any other tax program. I don't budget my retirement on any SS money as I view it as a necessity based tax program.

But if it was a true tax program, people wouldn't receive statements in the mail showing their estimated monthly allowance once they reach qualifying age. Hence why one could view the entire program as a government Ponzi scheme.

 

[CycloneSpinning]

In case you can’t read the link posted elsewhere: no. Getting rid of SS will do nothing at all regarding our deficit.

Yeah, it’s interesting, but I don’t believe it. Money owed is money owed. Congress is dumb and didn’t keep that money separate the way they should have. Similar to Illinois and their pensions.

 

[cycloneG]

Yeah, it’s interesting, but I don’t believe it. Money owed is money owed. Congress is dumb and didn’t keep that money separate the way they should have. Similar to Illinois and their pensions.

Can you expand on this please

 

[CycloneSpinning]

Can you expand on this please

A good pension fund takes money coming in and invests it in such a way that it’s going to be there when you retire. So they might say the pension is 90% or 100% funded. They’re not doing that.

 

[CycloneDaddy]

That makes sense. I do agree that cap is dumb.

Also, the IRS knows what you own in terms of taxable retirement accounts (since they know your RMD). Seems if you had RMDs north of a certain amount (80k maybe?), they could start to phase out your SS distribution…until you got nothing at perhaps a RMD of 120-150k?

So now a program I have paid into my whole working life I dont get because I have sacrificed a lot to save for retirement?