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4 Bumps

Now there's a retirement deficit?

what are you doing to get ready for retirement? Is social security in your plans?

Answer Question
 
lovinangels

Asked by lovinangels at 1:06 PM on Sep. 15, 2010 in Politics & Current Events

Level 39 (112,638 Credits)
Answers (10)
  • lovinangels

    Comment by lovinangels (original poster) at 1:07 PM on Sep. 15, 2010

  • I'm not surprised. As baby-boomers go into retirement there are more people drawing their benefits than people putting into it. I am hoping there is some SS when I get to retire but with my luck they'll push that age back to 75 due to the lack of money.

    My main retirement plan is my 401k. Let's hope that is still there, too!
    science_spot

    Answer by science_spot at 1:16 PM on Sep. 15, 2010

  • I'm also dependent on my 401k and acres of property in Oregon.
    parrishsky

    Answer by parrishsky at 1:19 PM on Sep. 15, 2010

  • We are already retired, but we did not put our eggs all in one basket, we did not count on SS being  there. We could live just fine without  SS.

    Natesmom507

    Answer by Natesmom507 at 2:06 PM on Sep. 15, 2010

  • This has been an issue for a while they are just now finally admitting it. I plan on saving up and one day opening a business, Preferably outfitting which is a high paying service,.
    hot-mama86

    Answer by hot-mama86 at 3:18 PM on Sep. 15, 2010

  • We're pretty much retired at this point, and about 65 % self sustaining. We have a monthy retirement and a monthy disability check that pretty much count as savings unless we 'want' something. Usually after gardening, hauling manure and hay, and caring for 60 plus critters I'm too tired to 'want' much except to prop my feet up and relax.

    We aren't counting on SS being available when we hit retirement age (another 25 years at least), but with what we're saving we should be ok.
    Farmlady09

    Answer by Farmlady09 at 4:35 PM on Sep. 15, 2010

  • We have been contributing to our 401k for yrs because we knew the government wasn't going to be taking care of us. Lucky enough to get an inheritance also and instead of spending it we have invested it. The first thing we told our kids was to save money from their checks or join the 401 k where they work. It's great especially if they match it. YOu just have to face it, you are not going to be able to live on S.S if it's even available
    itsmesteph11

    Answer by itsmesteph11 at 5:07 PM on Sep. 15, 2010

  • We are so NOT depending on Social Security to live off of when we retire. We have several properties which we can continue to earn rental income on indefinitely or liquidate, AND we have plans to acquire more properties when the housing bubble finally bursts (you might be surprised to learn that we haven't hit bottom yet!) We have a healthy stock portfolio, and my husband knows how to play the stock market very well! And we will have my small teacher's pension (maybe!!)--since I will not have worked as a teacher for very long, but it's better than nothing. So, we expect to be quite comfortable as well as our children. If social security is around it will be a bonus...and that frankly should be EVERYONE'S plan...to plan wisely NOW for your retirement, and NOT be dependent on the government! :o)
    LoriKeet

    Answer by LoriKeet at 7:02 PM on Sep. 15, 2010

  • I heard about a committee meeting that went on yesterday and today about the possibility of the feds taking over the $8 trillion in 401K's, 401B's, and all the other fun private retirement accounts. They think the gov. can better looking after your money than you. You will be issued a treasury note and then issued an annuity at retirement. I haven't remembered the program name completely but it is something like "retirement protection" or something. There is an old program by that name, but this is something new. I will have to keep digging and see if I can find the actual name. But, if this were to even be considered, I don't know what we will do with our retirement. I don't want the gov. seizing and controlling my retirement funds.
    jesse123456

    Answer by jesse123456 at 8:48 PM on Sep. 15, 2010

  • We aren't expecting SS to be there, if it is woo hoo we have more to spend. We have been squirreling money away like 2 squirrels expecting a long winter for quite some time.

    jesse, they better keep their hands off our 401k's! I have done a darned good job managing them, I don't need the feds coming in and ruining my plan!

    yourspecialkid

    Answer by yourspecialkid at 11:30 PM on Sep. 15, 2010

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