Social Security Retirement

Social Security retirement benefits play a significant role in the retirement plans of Baby Boomers, so we need to take a close look them.

You've probably heard the quote from Ben Franklin that the only thing guaranteed in life is death and taxes. We'll, that all changed in 1935 with the passage of the "Old-Age, Survivors and Disability Act" commonly referred to as the "Social Security' program. Ever since then we've been told we could add Social Security retirement to Ben's list. However, "it ain't your grandmothers program", anymore Boomer! When our grandparents received their monthly checks they equaled about 90+% of the cost of living for them. We're told to expect the average Boomer to receive only about 43% of our expenses each month. Yet, if you earn $64,000 per year, then Social Security will only account for about 24% of your monthly expenses and only 8% if you earn $200,000 per year. (These percentages are based on retaining the lifestyle you had with your pre-retirement income.)

Your Benefits Estimates

You can find out how much your monthly benefit is expected to be by checking either your Annual Benefits Statement from the Social Security Administration or by going onto their website and using their calculator to run the numbers yourself.

The Great Social Security Debate

You know, when you think about it, Social Security retirement has probably had more Congressional, public and private debates about it than any other Federal program in the last 70 years. Yet, the debate goes on and on and on. Debates like:

  • How long can this program remain financially solvent?
  • Will the Baby Boomers wipe it out?
  • It's nothing more than a gigantic government Ponzi scheme.
  • Or even, It's the best tool politicians have to "buy" votes.

And the list could go on ForrrrrEvvvvver.

The problem is many Boomers are very dependent on it "being there" when they retire. So, the pressing question is "Will it be there for us as well as for our children and grandchildren who will be paying into it for us? We're going to look into that in our Social Security Issues section.

Where to go now?

Go to Social Security Issues

Return to Retirement Planning

Return from Social Security Retirement to Home

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