If you live to be 100 and you retire at age 70. Ss that you pay in will not cover pass 30 years what then?

Question

Homless shelther.

Answer 1

I plan to retire next year at 55 because I didn't count on the government and SS benefits. Work hard while you are young, save as much as you can - I recommend IRAs/annuities. Put your money somewhere where you know you cannot touch it without financial penalty. You can take your SS benefits at age 62; however, they are reduced from what you would receive if you waited until you were at SS retirment age...which for me is 66.5 years. I'm taking mine at 62...never know what will happen and if you die, it's gone - no dependent benefits.

Answer 2

1.) If you live to be 100 and retire at 70, that IS 30 years, so by your own figures, SS will cover you.

2.) SS was never intended to be the sole source of retirement income for U.S. workers, so the other things that people should have would/should cover any overrun...right?

Answer 3

Get back to work. If you've lived that long you are a burden on society. Get back into the workforce and put some more money in to (hopefully extinct at that point) SS.

Answer 4

What makes you think that Social Security stops after 30 years? It's a lifetime benefit (that is, if the system is still around).

Answer 5

Well, first, one should not depend solely on soc. security. You should be planning for other income in retirement-- pention, 401k, IRA, savings in taxable accounts. I couldn't live on my projected soc. sec. benefits.

And many of us can retire at 65, not 70.

I don't think there is a 30 year limit on social security.

Answer 6

No, they keep paying you out of the money the young people are putting in.

Answer 7

after that you have to eat cat food and steal cable. That's why they call them the Golden Years