$1657
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If you plan to rely on SS for your retirement, you're a fool.
The monthly benefit Social Security checks “were originally designed to replace about 40 percent of preretirement income. Since the formula used to calculate them hasn’t changed and is unlikely to, they’re still intended to do that. This means most people must save enough to also replace about 40 percent to 50 percent of what they were earning, since experts generally agree that an 80 percent to 90 percent replacement rate is appropriate,” she concludes.
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Yeah. It wouldn’t be pretty, but I could get by for a while.
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Just looking at my taxes for 2021, and looking at SS.
If I eliminated some expenses (charity, gifts to my kids, some medical expenses which were elective, but necessary) 50% is about right for me and the Mrs., give or take.
When I retired, my Fidelity guy said, "Look at what you ABSOLUTELY need to pay (Taxes, utilities, food, etc) and total that up. Subtract SS from that number, and that's what we need to come up with."
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Ran the numbers, yeah, if I was single and retired I could pull it off… Until my car breaks down… Or I needed to replace my phone… Or any one of 100’s of inevitable additional problems or breakdowns occur…
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Now, put me and Karla together each getting our $1657 and that becomes much more doable…
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Hell yeah I could. I have a lot of camping gear.
