OT - Money / Investing Thread (aka financial no stupid questions)

[Riffraft]

I've told my folks that I don't need them to leave anything for me, they should enjoy their money in their retirement-- as long as they don't end up leaving me a bill.

If that were to happen, they're going into the worst, cheapest home I can find.

after my dad died, mom wouldn't do so many things because she was worried about running out of money.  She was very secretive about her finances when we tried to get her affairs in order.  Well when she died, she left me and my 2 siblings a fair amount of money. Enough to give my wife the final push to go ahead and retire. Personally I wish she hadn't limited herself and just spend the money and did what she wanted and left me nothing. 

I have no intention of doing the same thing, I want to run out of money and then die the next day. Probably not going to happen, figure unless something goes drastically wrong it will be hard to run out of money. Still with so many kids, none of them is going to get a great amount when I die.

[MikeDeTiger]

I have no intention of doing the same thing, I want to run out of money and then die the next day. Probably not going to happen, 

I mean, I'm sure there's ways to make that happen...

[Cincydawg]

[MikeDeTiger]

This doesn't give me the warm and fuzzies.  The SSA projects social security will be insolvent by 2037.  Note I'm using their definition of "insolvent," by which I don't mean the fund is broke, I mean it's underfunded to pay the full benefits owed.  

"The Social Security Board of Trustees project that changes equivalent to an immediate reduction in benefits of about 13 percent, or an immediate increase in the combined payroll tax rate from 12.4 percent to 14.4 percent, or some combination of these changes, would be sufficient to allow full payment of the scheduled benefits for the next 75 years."

It'd be nice if we didn't count at all on SS, but that's probably not the boat we'll be in.  My latest forecast (which makes some fairly conservative assumptions which we may well beat) tells me we'll be counting on SS for about 25% of what I'd like us to have available for monthly income.  

https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html

It is an older report, but I haven't seen a newer one on their website.  

[Wildcat4E]

This doesn't give me the warm and fuzzies.  The SSA projects social security will be insolvent by 2037.  

Well, at least that projection hasn't changed in the last 20 years.  

But guess when I turn 67 and become eligible.  That's always been a fun thought, since seeing it so many years ago.

[Cincydawg]

 The SSTF is projected to run out in 2033, which would mean about a 25% benefit cut if nothing is done.

[847badgerfan]

I'll probably start taking it in 2029, at 62.

Get it before it's gone.

[utee94]

Right now it tells me I should be getting around $4K per month in SS benefits at 65.  So it's going to be really fun watching those assholes run out of money and not pay me after a lifetime of paying in.

[MikeDeTiger]

Right now it tells me I should be getting around $4K per month in SS benefits at 65.  So it's going to be really fun watching those assholes run out of money and not pay me after a lifetime of paying in.

I'll be highly disappointed if long before 65 you're not spending the bulk of your time out on Lake Travis in a houseboat pulled by a Ford truck, both of which are amphibious so that you tow it and then just drive it right into the lake.

[Wildcat4E]

Right now it tells me I should be getting around $4K per month in SS benefits at 65.  So it's going to be really fun watching those assholes run out of money and not pay me after a lifetime of paying in.

No worries, man.  They'll just "print" more.

What could go wrong?

[utee94]

I'll be highly disappointed if long before 65 you're not spending the bulk of your time out on Lake Travis in a houseboat pulled by a Ford truck, both of which are amphibious so that you tow it and then just drive it right into the lake.

I gotta pay for two kids in college so, uhhh, prepare to be disappointed.  I know I am... 

[FearlessF]

The SSTF is projected to run out in 2033, which would mean about a 25% benefit cut if nothing is done.

I have no doubt there won't be a 25% benefit cut in 2034 or 35, or 36

unless all hell breaks loose

[Cincydawg]

They subtract Medicare from your SS, it's a few hundred dollars.  My total went down last year because that went up more than SS did with the COLA.  Also, full retirement age is probably 67 for most of you.

[FearlessF]

it is for me, I'm less than 36 months away