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What is retirement age to you? 65?

by acover 3y ago

nradov 3y ago
Full US Social Security retirement age is 67. That might be raised again by the time that younger people become eligible.
- vuln 3y ago
  Hell they tell me straight up I’ll only ever get a maximum of 80% of what I put in. I’m sure that percentage will be reduced in the next 40 years…
  - jxramos 3y ago
    there was a financial advisor at Apple who gave talks to employees and iirc they did mention that they used a rough percentage for advising clients with for what to expect from Social Security. It may have been 2/3 or 3/4 or 70%. I don't think it was as high as 80.
    - lotsofpulp 3y ago
      Social security benefits can be devalued in many ways. Expect future governments to: 1) increase retirement age 2) reduce purchasing power of money (print/issue/lend out excess money, resulting in inflation) 3) adjust “bend” points in SS benefit formula, making it more and more of a marginal income tax
- Buttons840 3y ago
  Call me a pessimist, but I wouldn't be surprised if in the coming years Social Security age is increased while life expectancy declines.
  - Alupis 3y ago
    Only a fool would depend 100% on Social Security for retirement. Start early, and start young. Get a job that offers a retirement plan - even fast food chains do this now. Get the maximum match possible - it snowballs so much faster than people think. Don't count on the government to provide for you. That is a serious tactical error. Plan as-if Social Security will not be there. Then, if you get anything at all, it's just gravy.
    - lcnPylGDnU4H9OF 3y ago
      > Plan as-if Social Security will not be there. I didn’t explicitly do this but I started to take some cues from the FIRE (Financially Independent, Retired Early) crowd, in particular the FI part. If, by the time I’m 50 (call it 20 years from now), I don’t have to work in order to pay the bills: success. At that point, I always love my job (barring the occasional rocky period) or I bounce, no second thoughts. To that end, most of my disposable income (admittedly, as a relatively high earner) goes first to max out the employer contributions to my 401(k) (might as well be extra salary), then to max out my yearly contributions to my HSA, then to an ITA at a hedge fund. (My income recently passed a threshold which lowered my maximum yearly contributions to a Roth IRA so I stopped regular contributions to that in order to avoid the need to keep track of what my limit actually is. This isn’t recommended; I’m just lazy.) > it snowballs so much faster than people think Indeed, I seem to be well on my intended track and I didn’t start doing this in earnest until ~5 years ago. As it’s been said: best yesterday, second best today.
      - radlad 3y ago
        > My income recently passed a threshold which lowered my maximum yearly contributions to a Roth IRA so I stopped regular contributions to that in order to avoid the need to keep track of what my limit actually is. Look into a backdoor Roth IRA - you may still be eligible to contribute the full amount.
    - NoZebra120vClip 3y ago
      I don't have a snowball's chance of landing a job with retirement plans. I'm currently part-time and it's the best job I've ever had. The last time I had a job with a retirement plan was 1999, and I lasted 4 months. Several years ago, I started looking toward my future and wondering how I was going to manage it. I looked into how Social Security works, and I discovered to my horror that I hadn't worked enough to draw Social Security on retirement. This was a big consideration because of my finances and my disability. So I realized that what was going to happen is that I would work diligently at whatever job I could get, as many hours as I could muster, for as long as it took to earn those sweet Social Security credits, and then see what happens. I made it to my goal, so my Social Security benefits are now "assured" as much as anything can be. This is the last job I'll ever have. Once I'm no longer able to do this job, I'll apply for SSDI, and then look forward to Social Security in retirement. As for health insurance, I'll have Medicaid, and perhaps I'll die before I'm 65. Good times.

What is retirement age to you? 65?

by acover 3y ago

What is retirement age to you? 65?

Full US Social Security retirement age is 67. That might be raised again by the time that younger people become eligible.

vuln 3y ago
Hell they tell me straight up I’ll only ever get a maximum of 80% of what I put in. I’m sure that percentage will be reduced in the next 40 years…
- jxramos 3y ago
  there was a financial advisor at Apple who gave talks to employees and iirc they did mention that they used a rough percentage for advising clients with for what to expect from Social Security. It may have been 2/3 or 3/4 or 70%. I don't think it was as high as 80.
  - lotsofpulp 3y ago
    Social security benefits can be devalued in many ways. Expect future governments to: 1) increase retirement age 2) reduce purchasing power of money (print/issue/lend out excess money, resulting in inflation) 3) adjust “bend” points in SS benefit formula, making it more and more of a marginal income tax
Buttons840 3y ago
Call me a pessimist, but I wouldn't be surprised if in the coming years Social Security age is increased while life expectancy declines.
- Alupis 3y ago
  Only a fool would depend 100% on Social Security for retirement. Start early, and start young. Get a job that offers a retirement plan - even fast food chains do this now. Get the maximum match possible - it snowballs so much faster than people think. Don't count on the government to provide for you. That is a serious tactical error. Plan as-if Social Security will not be there. Then, if you get anything at all, it's just gravy.
  - lcnPylGDnU4H9OF 3y ago
    > Plan as-if Social Security will not be there. I didn’t explicitly do this but I started to take some cues from the FIRE (Financially Independent, Retired Early) crowd, in particular the FI part. If, by the time I’m 50 (call it 20 years from now), I don’t have to work in order to pay the bills: success. At that point, I always love my job (barring the occasional rocky period) or I bounce, no second thoughts. To that end, most of my disposable income (admittedly, as a relatively high earner) goes first to max out the employer contributions to my 401(k) (might as well be extra salary), then to max out my yearly contributions to my HSA, then to an ITA at a hedge fund. (My income recently passed a threshold which lowered my maximum yearly contributions to a Roth IRA so I stopped regular contributions to that in order to avoid the need to keep track of what my limit actually is. This isn’t recommended; I’m just lazy.) > it snowballs so much faster than people think Indeed, I seem to be well on my intended track and I didn’t start doing this in earnest until ~5 years ago. As it’s been said: best yesterday, second best today.
    - radlad 3y ago
      > My income recently passed a threshold which lowered my maximum yearly contributions to a Roth IRA so I stopped regular contributions to that in order to avoid the need to keep track of what my limit actually is. Look into a backdoor Roth IRA - you may still be eligible to contribute the full amount.
  - NoZebra120vClip 3y ago
    I don't have a snowball's chance of landing a job with retirement plans. I'm currently part-time and it's the best job I've ever had. The last time I had a job with a retirement plan was 1999, and I lasted 4 months. Several years ago, I started looking toward my future and wondering how I was going to manage it. I looked into how Social Security works, and I discovered to my horror that I hadn't worked enough to draw Social Security on retirement. This was a big consideration because of my finances and my disability. So I realized that what was going to happen is that I would work diligently at whatever job I could get, as many hours as I could muster, for as long as it took to earn those sweet Social Security credits, and then see what happens. I made it to my goal, so my Social Security benefits are now "assured" as much as anything can be. This is the last job I'll ever have. Once I'm no longer able to do this job, I'll apply for SSDI, and then look forward to Social Security in retirement. As for health insurance, I'll have Medicaid, and perhaps I'll die before I'm 65. Good times.