Do you think I can count on Social Security money after I retire or it will be gone?
Real question, since I'm new to the US and am planning my retirement money.
Thanks!

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It may end up being lower then you think, but almost no chance it just stops

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Think about it. When social security was first introduced, there were recipients of the program that never paid into it their entire lives. There was a demographic of current 80 year olds that never paid the tax, but received the benefit. There will be a time that comes where people pay into the program their entire lives, and receive nothing. As others have mentioned, it would be political suicide to completely kill the program, but it may end up in a place where there are tens of thousands of dollars in funding that pay out millions of recipients. It may be inconsequential. I’m counting on what I save and own and what I own alone for my retirement.

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The idea that people have to work without receiving it to ‘balance out the debt’ or something is a misunderstanding of economics. The government isn’t a household and especially the US could print money as long as people can keep producing. The deficit myth is a great book on the topic :)
(Still don’t think social security will stay but that’s for separate reasons)

It’s based on a calculation (average?) earnings of X years. Since you are new to the US, you likely will have less years of earnings so the amount you get will be lower.

The website has a calculator to estimate your benefits at retirement.

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yeah! I used it to make the calculations and considered less contribution time. Thanks :)

Plan your retirement as if it won't be there even though you will probably get something. You won't regret having more money than you planned, but you'll regret having less.

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I would argue in our income bracket that’s really not true. Many end up with more money than they need in retirement and hence worked unnecessarily long

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Thank you all for the contributions and for not making this political.
I'll plan for retirement without counting on it, but instead of planning for the lifestyle I want, I'll plan for something a little more modest. I'll also revisit my plans yearly.

likesmart

I think it will stay but it won’t be enough to support you. I used to think that out would just be a lot smaller in value but now I think it will be the same value but worth less (due to inflation). Either way, save on your own.

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McK1 yeah, I'm not counting on only social security, but if I could count on 2-3K/month then my calculations would change. Also, I plan to retire on my home country

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The current insolvency date is 2033. I believe they are currently discussing raising the retirement age and lowering the monthly payments I order to keep the program going. I don’t think it’s sustainable in the long term, as others said though there isn’t much of an option for the government to get rid of the program at this point. I wish we could opt out and forfeit the benefits, it’s crazy how much money we’re expected to pay out of every check.

“Insolvency” of the trust fund is not SS going to zero. It’s SS paying out 79% of promised benefits, into perpetuity

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I’m in Europe and expecting it to fully stop here too, so have very little faith in US. Don’t think it’ll be around given the current trend + don’t want to have to depend on it being around.

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