Is Social Security Money enough to cover expenses when we retire?

Question

If that they dont cut benefits and you worked whole your life till retirement. would you get enough money to sustain same level of living after retirement with only SSN money?

Please star this page. I need as many answers as possible to get an idea.

I think I am already getting an idea that one should not even think of Social Security Money when he/she plans about retirement. If we get it, we be lucky, but chances are we will get only a small percentage of whats we presently see in our yearly statements and it will be barely enough to sustain basic necessities.

Answer 1

No. You would be living below the poverty line unless you had other sources of income.

Answer 2

You will live at poverty level unless you made at least 70,000. per year for years and years. Another sad thing is that us baby boomers have been loading up the social security coffers and agencies like CPS have been using it to fund their reign of terror on our families and acting like the money tree will never die. They are not realizing that there are more of us baby boomers who are truly going to need that money real soon and because there are not nearly as many young people or young people that work now, so the coffers are not filling back up. A huge amount of our young who could be working are locked up in prisons because of this so called war on drugs and everything else. We pay into social security to take care of our elders and those who are not able to work. The trianlge is now on it's point, the point being our young men and women with the baby boomers at the top, the base. It should be the other way around but us baby boomers came way too many in a short period of time. There isn't going to be any money left for us when we need it. There are too many aging baby boomers now and not enough young working people to fill the social security coffers back up.

Answer 3

I have never known one single retired person who could afford living on Social Security alone. Their cost-of-living raises are a joke. Best to have something in the bank or some other suplemental income.

Answer 4

Social security was never meant to be solely a retirement fund, it's intent was to augment a person's retirement. In answer to the question, it would be impossible to maintain a quality existence on social security.

Answer 5

If you plan on living off SS benefits, you'll starve. Current money going in pays for current retirees. Nothing is being saved for you.

Whenever we do a retirement projection, we NEVER include SS because it probably won't be there.

Answer 6

No. You need additional resources. EVERYONE needs to contribute to an IRA or a 401K or anything that causes you to save money for retirement - you are definitely going to need it. And the younger you start saving, the better.

Answer 7

your kidding right.. you better start putting those pennies away... we will be lucky should SS be able to pay us the money they take.. our government is so screwed up... example.. I work in a doctors office.. you wouldn't believe the number of people who collect ssi.. under the age of 65.......... ALOT,,,,,,,,, our money....... these people omg I got depression, omg I can't work.. hire attorneys that get over on the system.. collecting OUR MONEY>.. this topic really peeves the S*H*I*T out of me.. cuz I know of a handful of acquaintances who have gotten away with this... government has got to reinforce stricter provisions... instead of giving our money away

Answer 8

No you won't, EVEN if benefits are not decreased from what they are now.