If the national debt continues ballooning as it is, I am not sure social security will be available when I decide to draw it, and if it is still available, it will be at greater reduced payout.
Given the current state of financial affairs, social security has become even more important in my retirement plan. If it is not available, my retirement will be very compromised. I have saved at the maximum amount the school allows faithfully in its retirement program for 27 years, and yet, it appears the annuity payments will not be nearly enough.
Doug I am with you. We are saving at the maximum amount too...and don't have any extra to be stocking away in an IRA...although we have one...we just can't be adding to it right now with two kids in school. We are very worried about making our retirement meet our needs when the time comes.
My military retirement is pretty secure. I also have various IRA's and savings accounts and will have a small pension coming from the four different States that I have taught school in. I am on track to have my mortgage all paid off by the time I'm sixty. No car payments and no credit card bills, I think I'll be okay with or without Social Security. It would be gravy money in my case.
Yeah for Kim! He has always worked hard, has served our country valiantly and is very deserving. And Kim, you forgot to mention Amy and her financial contribution and social security.
I suspect none of us will starve.
Nick and I obviously have no kids so I can't imagine the financial burden the rest of you deal with. Well, we do have Mouse. He will have costed us about $1,000 a year on the average, he's 15 years old so about $15,000. It sounds ridiculous, I know, but food, vet bills, two operations etc, it all adds up. When he was young, it was only about $35 a month (food), but now, just like us, it all costs more!
9 comments:
If the national debt continues ballooning as it is, I am not sure social security will be available when I decide to draw it, and if it is still available, it will be at greater reduced payout.
Given the current state of financial affairs, social security has become even more important in my retirement plan. If it is not available, my retirement will be very compromised. I have saved at the maximum amount the school allows faithfully in its retirement program for 27 years, and yet, it appears the annuity payments will not be nearly enough.
I am still hoping for the $18 million from the government website post a few days ago. That's my plan.
Better work on your plan, then, Brian!
Doug I am with you. We are saving at the maximum amount too...and don't have any extra to be stocking away in an IRA...although we have one...we just can't be adding to it right now with two kids in school. We are very worried about making our retirement meet our needs when the time comes.
My military retirement is pretty secure. I also have various IRA's and savings accounts and will have a small pension coming from the four different States that I have taught school in. I am on track to have my mortgage all paid off by the time I'm sixty. No car payments and no credit card bills, I think I'll be okay with or without Social Security. It would be gravy money in my case.
Yeah for Kim! He has always worked hard, has served our country valiantly and is very deserving.
And Kim, you forgot to mention Amy and her financial contribution and social security.
I suspect none of us will starve.
Nick and I obviously have no kids so I can't imagine the financial burden the rest of you deal with. Well,
we do have Mouse. He will have costed us about $1,000 a year on the average, he's 15 years old so about $15,000. It sounds ridiculous, I know, but food, vet bills, two operations etc, it all adds up. When he was young, it was only about $35 a month (food), but now, just like us, it all costs more!
I assume Mouse is a dog....because if you spent that much money on a mouse...including two surgeries...I would have to say I think you are nuts!
Teresa, Mouse is a Mouse...just a really really super big mouse. I think Doug and Nick should have named him Mickey.
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