How does Social Security fit into my retirement plan?
- How does Social Security work?
- Does Social Security cover retirees only?
- How does my work now equal benefits later?
- Am I eligible for Social Security benefits?
- How do I know I'm getting credit for the years I worked?
- What about my eligibility for Medicare benefits?
- When can I start getting payouts?
- Why should I wait past age 62 to start collecting?
- How much will my payouts be if I collect at 62?
- How much will my payments be if I wait until age 70?
- Can I start collecting benefits if I'm still working?
- What's the best age to start getting payouts?
- How big will my payouts be?
- What if I want to work part-time in retirement?
- Will my spouse and kids receive benefits when I die?
- How do Social Security disability payments work?
- Will I get taxed on my Social Security payouts?
- Will Social Security still exist when I retire?
- How does Social Security fit into my retirement plan?
If you're 55 or older now, you'll probably get the full benefit you're supposed to. Most of the recent discussions about reforming Social Security don't propose to change the benefits of current retirees or near-retirees. If you're younger, you could face a 22% reduction in your payouts after 2041, with the likelihood of further reductions each year thereafter.
It's likely that political leaders will try to make changes in the system to improve its long-term financial health, but such changes are impossible to predict. And even in the best possible scenario, Social Security almost certainly won't pay you enough to live on in retirement.
So if you're under 55 and want to be conservative, don't factor in Social Security when making your calculations about how much to save and invest for retirement. Set aside as much of your own money as you can in retirement savings accounts and invest it wisely. Bottom line: Your financial security in retirement is your own responsibility. 
