Posted by W_B on April 30, 2015 at 18:27:41 from (67.142.162.27):
In Reply to: Social Security posted by True Son on April 28, 2015 at 18:02:01:
Quoting Removed, click Modern View to see
They may call it an entitlement but the Supreme Court ruled some time ago you have NO vested interest in SS. It could be eliminated or changed at any time, regardless of how much you paid in or an employer paid in. So you don't have an account, you have a record of payments. Not a pleasant thought if it is something you will rely on for a lot of your retirement years.
We are looking at leaving corporate America in late 2018 when I'm 63 and the wife is 62, she'll have 43 years and me 38 at this company. We will both get a company pension, have SS each, 401K each and each with an outside IRA in an annuity. We'll also get a company partially paid health insurance, essentially the same plan we have as employees, just will cost us more once we are Medicare eligible. Our plan is to phase in the income, start with company pension (have to do that to get the medical) with some 401k withdrawals, then SS and annuities can kick in around age 66-67, slowing or stopping the 401k withdrawals so it will be available later to counteract inflation, or be available as mad money. My wife is an only child and her folks are up in their 80s so there is a small estate there she will get (and we get the joy of cleaning out their house). We should do OK since we are pretty frugal and have saved a good portion of income in the 401k over many years. No brainer since the company matches up to 6% contribution.
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