Comments on: Don’t Think Social Security Will Be Around When You Retire? Here’s What to Do http://www.mint.com/blog/planning/social-security-reliable-retirement-or-just-the-icing-on-the-cake-032012/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Wed, 06 Feb 2013 11:28:17 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: Carly EngageAmerica http://www.mint.com/blog/planning/social-security-reliable-retirement-or-just-the-icing-on-the-cake-032012/comment-page-1/#comment-134362 Carly EngageAmerica Mon, 19 Mar 2012 18:39:52 +0000 http://www.mint.com/blog/?p=32558#comment-134362 Social Security ran a cash flow deficit of $49 billion in 2010, and the 2011 trustees report indicates such deficits will be the norm by 2017. The report also reveals that Social Security’s unfunded obligation stands at $9.1 trillion, in net-present-value terms; in other words, it owes $9.1 trillion more in benefits than it will take in through taxes. The program will experience further financial strain as the worker-to-retiree ratio keeps falling. Medicare faces a 75-year unfunded obligation of $34.8 trillion, in net-present-value terms, and must be reformed if we want to ensure that younger generations have quality health care when they retire. Social Security ran a cash flow deficit of $49 billion in 2010, and the 2011 trustees report indicates such deficits will be the norm by 2017. The report also reveals that Social Security’s unfunded obligation stands at $9.1 trillion, in net-present-value terms; in other words, it owes $9.1 trillion more in benefits than it will take in through taxes. The program will experience further financial strain as the worker-to-retiree ratio keeps falling. Medicare faces a 75-year unfunded obligation of $34.8 trillion, in net-present-value terms, and must be reformed if we want to ensure that younger generations have quality health care when they retire.

]]> By: ginny http://www.mint.com/blog/planning/social-security-reliable-retirement-or-just-the-icing-on-the-cake-032012/comment-page-1/#comment-134340 ginny Sun, 18 Mar 2012 16:20:41 +0000 http://www.mint.com/blog/?p=32558#comment-134340 Where are you living "comfortably" on <35k a year? Let me know so i can move there asap. Where are you living “comfortably” on <35k a year? Let me know so i can move there asap.

]]> By: Matthew Amster-Burton http://www.mint.com/blog/planning/social-security-reliable-retirement-or-just-the-icing-on-the-cake-032012/comment-page-1/#comment-134274 Matthew Amster-Burton Thu, 15 Mar 2012 19:42:34 +0000 http://www.mint.com/blog/?p=32558#comment-134274 Sounds smart to me, Wendy. A lot of people have written about "semi-retirement" or "trial retirement," rather than an abrupt transition from working to not working. Andy, I'm skeptical of that $480/month figure. Have you already saved a ton for retirement (like, many times your annual income)? If so, kudos. If not, I think you're miscalculating something. Sounds smart to me, Wendy. A lot of people have written about “semi-retirement” or “trial retirement,” rather than an abrupt transition from working to not working.

Andy, I’m skeptical of that $480/month figure. Have you already saved a ton for retirement (like, many times your annual income)? If so, kudos. If not, I think you’re miscalculating something.

]]> By: Wendy http://www.mint.com/blog/planning/social-security-reliable-retirement-or-just-the-icing-on-the-cake-032012/comment-page-1/#comment-134251 Wendy Thu, 15 Mar 2012 01:06:45 +0000 http://www.mint.com/blog/?p=32558#comment-134251 This wasn't a breezy read and it's about my least-favorite financial topic, yet I still found it immensely interesting and useful. Thanks. I was just talking to a nurse last night who plans to retire next year. Two years ago she started working half-time to make sure she was being realistic about the amount of money she can comfortably live on after retirement. Is this a known strategy? This wasn’t a breezy read and it’s about my least-favorite financial topic, yet I still found it immensely interesting and useful. Thanks.

I was just talking to a nurse last night who plans to retire next year. Two years ago she started working half-time to make sure she was being realistic about the amount of money she can comfortably live on after retirement. Is this a known strategy?

]]> By: Andy http://www.mint.com/blog/planning/social-security-reliable-retirement-or-just-the-icing-on-the-cake-032012/comment-page-1/#comment-134249 Andy Thu, 15 Mar 2012 00:38:04 +0000 http://www.mint.com/blog/?p=32558#comment-134249 I'm also not quite sure why you can't invest heavily in stocks. Uh, what the hell else do you plan to invest in? If you're around my age, and you seem to be, stocks should make up 70-90% of your portfolio. I’m also not quite sure why you can’t invest heavily in stocks. Uh, what the hell else do you plan to invest in? If you’re around my age, and you seem to be, stocks should make up 70-90% of your portfolio.

]]> By: Andy http://www.mint.com/blog/planning/social-security-reliable-retirement-or-just-the-icing-on-the-cake-032012/comment-page-1/#comment-134248 Andy Thu, 15 Mar 2012 00:34:38 +0000 http://www.mint.com/blog/?p=32558#comment-134248 Also, you don't have to save like "a miserly love child of George Costanza and Scrooge McDuck". Again, your own site's calculator tells you how much you need to save and it's a very achievable goal. For me, it's about $480/mo. I'm not rich. In fact, I've never made over $35,000 a year, but that's an amount I can reasonably save and still live a very comfortable life. Also, you don’t have to save like “a miserly love child of George Costanza and Scrooge McDuck”. Again, your own site’s calculator tells you how much you need to save and it’s a very achievable goal. For me, it’s about $480/mo. I’m not rich. In fact, I’ve never made over $35,000 a year, but that’s an amount I can reasonably save and still live a very comfortable life.

]]> By: Andy http://www.mint.com/blog/planning/social-security-reliable-retirement-or-just-the-icing-on-the-cake-032012/comment-page-1/#comment-134247 Andy Thu, 15 Mar 2012 00:30:13 +0000 http://www.mint.com/blog/?p=32558#comment-134247 You're busting out these numbers like it's supposed to be some kind of surprise. Yeah, I know I have to save that much for retirement, your own site's calculator told me so. You’re busting out these numbers like it’s supposed to be some kind of surprise. Yeah, I know I have to save that much for retirement, your own site’s calculator told me so.

]]> By: John http://www.mint.com/blog/planning/social-security-reliable-retirement-or-just-the-icing-on-the-cake-032012/comment-page-1/#comment-134224 John Wed, 14 Mar 2012 00:05:38 +0000 http://www.mint.com/blog/?p=32558#comment-134224 Article Summary: If you don't think SS will be around when you retire, save more. Now... why didn't I think of that? Article Summary: If you don’t think SS will be around when you retire, save more.

Now… why didn’t I think of that?

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