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The author also says that planning to receive 50% of your stated social security benefits is crazy, and then mentions that absent any legal changes there'll be
by DuskStar 7y ago
The author also says that planning to receive 50% of your stated social security benefits is crazy, and then mentions that absent any legal changes there'll be a 20% cut in 15 years. Am I supposed to believe that that cut won't go up with time?
- javagram 7y agoThe Social Security Trustees report state that they can use revenue under current law to pay for 75% of scheduled benefits through 2093. Unless there is a dramatic economic collapse due to climate change or global thermonuclear war or whatever, you should be able to plan on receiving more than 50% of your benefits. Of course in case of collapse like that my 401k probably doesn’t keep its value either... https://www.ssa.gov/oact/TRSUM/ https://www.ssa.gov/oact/TRSUM/
- DuskStar 7y agoIt would be wonderful if that 75% number pans out! But at the same time, I'm still going to do my retirement planning assuming that Social Security dies before I'm able to withdraw a single dollar. Pessimistic assumptions are a good idea in situations like this.