(08-17-2023, 01:10 PM)Michigan Swamp Buck Wrote: I've believed since they started 401K retirement accounts that Social Security would be gone by the time I retired. According to this article, it will be bankrupt right when I reach retirement, or a year or two before that if they change the retirement age.
I didn't contribute much to S.S. over the years, I preferred to make as much money under-the-table as possible. I usually took a low-paying seasonal job or part-time job to claim on my taxes, and I got back as much as possible in my returns.
What they could see ... I couldn't help but pay taxes on. The rest of it was nobody's business but my own. Never has been. Only my kids will care.
Talk like this is more likely to drive people to draw SS that much earlier. I wonder what that'll do to their projections.
Somebody gave me some advice a long time ago that was quite sound: Retire often and early. It forces you to move on to new endeavors. I've come just about full-circle now. Not gonna jump to SS early ... even if it means I won't collect at the end. The SS, if it holds out, should sustain the wife's "income" needs. If I'm around to see it ... so much the better. All-in-all it's pretty amazing how little one spends when they settle into being older.