Posted on 12/01/2019 7:38:38 AM PST by rey
I remember seeing a couple of sites/articles on how if one were to pay the same amount into a private retirement fund or annuity investment how much more one would get in return than they would from social security. Can someone help locate such a site/article? Thanks.
Note: I have not read the artcile, just a search result.
Disregard post #3...This is the correct site:
https://www.ssa.gov/policy/docs/ssb/v62n1/v62n1p47.pdf
Kind of a moot point unless one had the ability to not pay SS...we supplemented ours with contributions to funds that our work matched some of..the problem with SS is they keep spending it instead of investing it and letting it accrue interest...it should be the cup that overfloweth....for now anyway.
This may interest you also.
How Three Texas Counties Created Personal Social Security Accounts and Prospered
Article from 2011
Do both, then do some more!
The cost of living, even in retirement, is far more than most people can imagine.
Then save some more!
Yep...That is what my post #4 alluded to also...
When Bush #2 was president, he had suggested the Galveston Plan, as he referred to it, to replace SS...It got nowhere in Washington...
I’ve done the math and I can’t live past the age of 66 years and 3 months :)
Yes, do both
Work hard, live frugally, save a lot if possible
We invested in a few rentals plus SS. The rentals increase in value along with inflation
Clint at 86 produced/directed a movie and then another at 88 or so.
The lesson:
Think 90
Social Security was meant to be a redistribution of income, not a retirement program.
The government takes money from the reserves. If the government were for the people, it would be investing the money in the stock market, but it isn’t.
No article, but Ronald Reagan points out that same fact in his “a time for choosing” speech.
Then the best thing I can do at 51 is amp up the saving and keep myself healthy so I can work in well into my 70s if necessary.
Clint Eastwood is amazing.
We did both.
There is no way anyone can live comfortably on SS alone, unless scavenging garbage dumpsters with an occasional dog treat is considered good nourishment while living under a bridge somewhere. Or be at the mercy of the govt living on assistance.
Our IRA buys us toys, vacations, good food and medical supplement. The SS and pension pays basic living expenses. I do not regret putting away 15 - 20% of my paycheck for the 401K
My testimony is you do not need to work 8 hours a day 5 days a week. You can find something that uses your talents that takes say only 20 hours or less a week.
This business of talent is what is important. You don’t need to continue doing what you have been doing. You actually know how to do lots of different things.
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