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Planning for SS benefits for retirement in 2035?
Posted on 12/27/23 at 10:18 am
Posted on 12/27/23 at 10:18 am
What’s a realistic target for SS payments in 2035?
Assume 80% of current benefits? Less? Zero?
Curious as to what most are planning on.
BTW, I’m 53 and I’m certainly not planning on SS being my only retirement income but just curious if many here think it will be around in 10-15 years from today.
Assume 80% of current benefits? Less? Zero?
Curious as to what most are planning on.
BTW, I’m 53 and I’m certainly not planning on SS being my only retirement income but just curious if many here think it will be around in 10-15 years from today.
4
Posted on 12/27/23 at 10:21 am to AndyCBR
My advice
Fly into Mexico, cross the border as an illegal, cash out for more SS benefits than what you’ll get right now.
Fly into Mexico, cross the border as an illegal, cash out for more SS benefits than what you’ll get right now.
Posted on 12/27/23 at 10:33 am to AndyCBR
I might be in the minority but all the reading I've done suggests that as long the government is solvent, social security will continue to be fully funded. Any reduction in benefit or increase in age for full benefits would be political suicide that wouldn't make it through a single layer of the House, Senate, or President for at least another decade.
If you're targeting a decade from now I think it's realistic to expect full benefits. Those of us 20+ years away might expect to delay by two years or so. This is the kind of thing a "radical" young new politician will have to float, get mocked into oblivion, and then after five or six attempts will finally gain some steam.
If you're targeting a decade from now I think it's realistic to expect full benefits. Those of us 20+ years away might expect to delay by two years or so. This is the kind of thing a "radical" young new politician will have to float, get mocked into oblivion, and then after five or six attempts will finally gain some steam.
Posted on 12/27/23 at 10:49 am to AndyCBR
I think it’s more likely that the US dollar is worth half of what it is now than that SS is cut or insolvent. They’ll “cut” SS by devalueing the dollar. You’ll still get your “full” amount on paper.
Posted on 12/27/23 at 12:06 pm to Thundercles
quote:
I might be in the minority but all the reading I've done suggests that as long the government is solvent, social security will continue to be fully funded. Any reduction in benefit or increase in age for full benefits would be political suicide that wouldn't make it through a single layer of the House, Senate, or President for at least another decade.
This.
To be conservative I would suggest using 75% of your current projected benefit with FRA being at 70.
Posted on 12/27/23 at 1:00 pm to AndyCBR
If you had 100K income, where born in '72 (closes year listed to your age) instead of getting a 44K benefit you would get a 35K benefit, a loss of $8,885
This was the only article that I've seen put really numbers
quote:
Trust Fund is projected to become depleted in 2034, one year later than last year’s estimate, with 77% of benefits payable at that time.
quote:
Besides the projected 20% reduction of benefits in 2035, the SSA said that if no legislative fixes become law by 2095, there will only be enough to pay 74% of scheduled benefits at that time.
The table below provides estimates of currently projected Social Security benefits for a range of unmarried recipients, listed by birth year, with a $100,000 yearly income and a retirement at age 66. It also shows what 80% of the projected benefits would be and what has to be made up.
quote:
What a 20% Cut in Social Security Benefits Could Look Like:
Birth Year of Recipient- Estimated Yearly Benefit- 80% of Benefit- The Difference
1957 $34,333 $27,466 $6,867
1962 $38,767 $31,014 $7,753
1967 $41,617 $33,294 $8,323
1972 $44,424 $35,539 $8,885
1977 $47,553 $38,042 $9,511
1982 $51,390 $41,112 $10,278
1987 $55,818 $44,654 $11,164
1992 $60,643 $48,514 $12,129
This was the only article that I've seen put really numbers
Posted on 12/27/23 at 1:26 pm to Thundercles
There won't be any change to benefits.
The most likely "solution" will be to increase the income limits for payroll collection on social security.
Currently at $168600 for 2024. That was a 5.2% jump from 2023. Expect more (and larger) jumps.
The most likely "solution" will be to increase the income limits for payroll collection on social security.
Currently at $168600 for 2024. That was a 5.2% jump from 2023. Expect more (and larger) jumps.
Posted on 12/27/23 at 1:35 pm to meansonny
At some point they will remove the max income limit altogether but only pay benefits up to a max amount.
Posted on 12/27/23 at 6:30 pm to meansonny
Are there enough people earning substantially over $168k to make up the difference?
Posted on 12/27/23 at 7:08 pm to TorchtheFlyingTiger
quote:
Are there enough people earning substantially over $168k to make up the difference?
Have you not heard about the OT Board?
Posted on 12/27/23 at 7:09 pm to lynxcat
quote:
At some point they will remove the max income limit altogether but only pay benefits up to a max amount
They already cap benefits.
The missing ingredient is the increase in SS "tax".
Posted on 12/27/23 at 7:11 pm to meansonny
quote:
The most likely "solution" will be to increase the income limits for payroll collection on social security.
and up the tax rate. i could see it going from the employee/employer combined rate of 15.3% to 20%(10% employee/10% employer) and maybe higher.
Posted on 12/27/23 at 7:38 pm to Fat Bastard
Hate that idea. 15% is already absurd.
This post was edited on 12/27/23 at 7:47 pm
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