Retirement Planning

[Crabtownboy]

Information you need to take into consideration.

Number 5: Social Security is Massive
In 2014, over 59 million Americans will receive Social Security. Among them are:

38 million retired workers
9 million survivors and dependents
11 million disabled workers and dependents

Number 4: The Elderly Could Not Survive Without This Program
Many elderly Americans heavily rely on Social Security; it's the major income source for most older Americans. In fact, 9 out of 10 people age 65 and older receive Social Security benefits, which at times comprises 38% of income. Even more important, half of married couples and three quarters of singles receive at least half their retirement income from Social Security.

Number 3: The workforce is shrinking
Demographics are not in our favor as fewer workers support more retirees. In 1950 there were 16 workers per Social Security recipient. In 1960 there were 5 workers per recipient. By the year 2033, only 2.1 workers will support one retiree.

Number 2: The Numbers Just Don’t Add Up
Social Security relies on its trust fund in order to cover shortfalls between taxes paid and benefits paid. The trust fund is projected to run out of money in 2033. Once that happens, retirees can only expect to receive about 75% of the benefits they would have received.

Number 1: The #1 Way to Increase Your Benefits
Every year you wait to claim social security benefits until age 70 you will boost your annual payouts by 8%. Waiting until you're 70 will give you 32% more in benefits than if you took them at age 66 and you can receive 76% more than taking them at age 62. If you can afford to delay benefits until age 70 and if you live past age 82, you will receive more in lifetime income from Social Security than if you had waited until full retirement age.


http://www.fool.com/ecap/the_motley_fool/social-security-5-facts-hb/?psource=eiitab7410860041&utm_campaign=advertorial_leadgen&campaign=the-motley-fool&utm_content=social-security-5-facts&paid=8610&wsource=esatabwdg0860200&utm_medium=contentmarketing&testId=ss-5-facts-hbt&waid=8445&utm_source=taboola&cellId=1

 

[Deacon]

Oh, I wouldn't worry too much.
Politicians have been degrading the medical system so much that the average lifespan should soon begin to decrease – a good number of elderly will die soon after they begin receiving benefits.

Rob

 

[Salty]

The government borrows money for everything else - so why not Social Security.

If we could pay off the national debt - we would save some 130 trillion per fiscal year!
If the average monthly SS check is 2,000 a month - that would take care of 5 million recipients per month reducing the deficit. (if I did my math right - my excuse - I have been under the weather - thank goodness - I don't have to preach tomorrow)

Obama keeps talking about reducing the deficit- well it sounds good. Sure in 2010, the deficit was 1.4 trillion; it 2013 it was 500 billion. But we keep going into deeper debt. And yet politicians want to keep spending more money. Since, Obama took office (2010*-2013) we have acquired an additional 4.5 trillion dollars in debt. Assuming a low 3% interest that Obama debt is costing us about $30,000 per DAY! (This does NOT include the debt prior to 2010)
* did not count 2009 as that FY was passed during the Bush administration.

 

[Crabtownboy]

Salty, leave all the politics aside as well as the hyperbole, this is about your and others planning their retirement. Don't bet on Social Security ... and you can't live on SS alone.

The government borrows money for everything else - so why not Social Security.

If we could pay off the national debt - we would save some 130 trillion per fiscal year!
If the average monthly SS check is 2,000 a month - that would take care of 5 million recipients per month reducing the deficit. (if I did my math right - my excuse - I have been under the weather - thank goodness - I don't have to preach tomorrow)

Obama keeps talking about reducing the deficit- well it sounds good. Sure in 2010, the deficit was 1.4 trillion; it 2013 it was 500 billion. But we keep going into deeper debt. And yet politicians want to keep spending more money. Since, Obama took office (2010*-2013) we have acquired an additional 4.5 trillion dollars in debt. Assuming a low 3% interest that Obama debt is costing us about $30,000 per DAY! (This does NOT include the debt prior to 2010)
* did not count 2009 as that FY was passed during the Bush administration.