Could you live on Social Security?
#1
With The Resistance
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Joined APC: Jan 2006
Position: Burning the Agitprop of the Apparat
Posts: 6,191
Could you live on Social Security?
Best to think about it before you get there, way before you get there.
Many don't understand what it really means.
Could You Live On Social Security? | ZeroHedge
Many don't understand what it really means.
Could You Live On Social Security? | ZeroHedge
#2
Best to think about it before you get there, way before you get there.
Many don't understand what it really means.
Could You Live On Social Security? | ZeroHedge
Many don't understand what it really means.
Could You Live On Social Security? | ZeroHedge
Difficult times ahead await those who are not prepared .
The replies on this piece were an eye opener as to some peoples mental state.
Thanks for posting this my friend.
Ally
#3
Best to think about it before you get there, way before you get there.
Many don't understand what it really means.
Could You Live On Social Security? | ZeroHedge
Many don't understand what it really means.
Could You Live On Social Security? | ZeroHedge
Do you really think there are people out there under the age of 50(probably older but I'll be conservative) who think they can live on it or are even planning on doing so? I'm not even planning that SS will be available to me by the time I reach that age - never mind whether it'll be enough.
I'm not talking about those who have life circumstances that result in being forced to to live on SS or continue work well past "normal" retirement age.
In this current age of IRAs, 401Ks, etc. there's no excuse for not planning for retirement. If you can't fund such plans, then I contend you fall into the group I mentioned above and you have no choice.
We all get a yearly SS statement that lays out the ugly truth, so there shouldn't be any surprises. The only thing the government might be able to do better is stop pretending that SS is anything other than a meager supplement to either continued employment or a real retirement plan consisting of IRAs, 401Ks and other pensions.
If someone gets to SS collection age and actually had that as their plan A, they deserve what they get (or don't get as the case may be).
#4
With The Resistance
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Joined APC: Jan 2006
Position: Burning the Agitprop of the Apparat
Posts: 6,191
Jungle,
Do you really think there are people out there under the age of 50(probably older but I'll be conservative) who think they can live on it or are even planning on doing so? I'm not even planning that SS will be available to me by the time I reach that age - never mind whether it'll be enough.
I'm not talking about those who have life circumstances that result in being forced to to live on SS or continue work well past "normal" retirement age.
In this current age of IRAs, 401Ks, etc. there's no excuse for not planning for retirement. If you can't fund such plans, then I contend you fall into the group I mentioned above and you have no choice.
We all get a yearly SS statement that lays out the ugly truth, so there shouldn't be any surprises. The only thing the government might be able to do better is stop pretending that SS is anything other than a meager supplement to either continued employment or a real retirement plan consisting of IRAs, 401Ks and other pensions.
If someone gets to SS collection age and actually had that as their plan A, they deserve what they get (or don't get as the case may be).
Do you really think there are people out there under the age of 50(probably older but I'll be conservative) who think they can live on it or are even planning on doing so? I'm not even planning that SS will be available to me by the time I reach that age - never mind whether it'll be enough.
I'm not talking about those who have life circumstances that result in being forced to to live on SS or continue work well past "normal" retirement age.
In this current age of IRAs, 401Ks, etc. there's no excuse for not planning for retirement. If you can't fund such plans, then I contend you fall into the group I mentioned above and you have no choice.
We all get a yearly SS statement that lays out the ugly truth, so there shouldn't be any surprises. The only thing the government might be able to do better is stop pretending that SS is anything other than a meager supplement to either continued employment or a real retirement plan consisting of IRAs, 401Ks and other pensions.
If someone gets to SS collection age and actually had that as their plan A, they deserve what they get (or don't get as the case may be).
Most of us understand that if any firm tried to sell such a program in the private sector they would be jailed.
#6
I'm not even planning that SS will be available to me by the time I reach that age - never mind whether it'll be enough.
#8
Gets Weekends Off
Joined APC: Jan 2013
Position: Pitot heat, what's to eat?
Posts: 392
The graphic is a bit simplistic, for example breaking down average rents by state when average rents can vary dramatically just from one side of a town to the other.
Can you live the way you are "accustomed to" on social security alone? Certainly not. Can you *live* on social security alone? Certainly you can. Many millions of people in the US live on less. I personally know several people who live on incomes of only around $5000 per year. The program was never intended as a full pension. It is intended to keep people from starving to death on the streets.
Can you live the way you are "accustomed to" on social security alone? Certainly not. Can you *live* on social security alone? Certainly you can. Many millions of people in the US live on less. I personally know several people who live on incomes of only around $5000 per year. The program was never intended as a full pension. It is intended to keep people from starving to death on the streets.
#9
Fidelity: 401(k) Balances Grew 12% to Record High in 2012
The amounts that investors have saved through their 401(k)s vary widely depending on a participant's age. Fidelity said the average year-end balances were $143,300 for participants 55 and older and not yet retired; $120,400 for baby boomers born from 1946 to 1964; $59,100 for Generation Xers born from 1965 to 1978; and $15,400 for those in Generation Y, born from 1979 to 1991.
Looks like folks are planning on frugal living from their 401k balances.
The amounts that investors have saved through their 401(k)s vary widely depending on a participant's age. Fidelity said the average year-end balances were $143,300 for participants 55 and older and not yet retired; $120,400 for baby boomers born from 1946 to 1964; $59,100 for Generation Xers born from 1965 to 1978; and $15,400 for those in Generation Y, born from 1979 to 1991.
Looks like folks are planning on frugal living from their 401k balances.
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