…And it even still be here when we reach retirement age?
The famous entitlement programs from the US government – will Medicare and Social Security still be around when my generation needs them? I’ve always found the term ‘entitlement’ to be off-putting when referring to these programs. Through our payroll taxes, all U.S. workers fund both of these programs- so this is essentially the government’s 403B and HSA for all of us! Had we put that money away on our own, (which I don’t advocate we should do, but if we did…) we wouldn’t feel that we were entitled to anything special. We would simply be using our retirement funds to pay for our retirement, and our HSA funds to pay for health care costs. However when the government takes this money and returns it to us in the form of these programs, allowing us security in our golden years, we called them ‘entitlements’, as if we aren’t the ones who originally funded them!
OK, rant about the term ‘entitlement’ over. Personally, I am very much including Medicare in my retirement planning – I am saving extra funds to pay for medical cost that will not be covered by Medicare, but I am fully planning on using Medicare once I turn 65. I don’t feel as confident about Social Security payments– when I look at what my SS payments are estimated to be (you can find this at this site ), I am only counting on receiving 1/2 of that estimate. I have seen experts estimate that Social Security will still be able to fund about 75% of the rate that it is presently promising us, so you might chose to make your calculation 75% of the estimate.
But basically, I see Social Security as the icing on the cake – I am not planning on being dependent on that monthly income. And I’m definitely not planning on taking it before the age of 70 if I can at all avoid it. If I do get an extra thousand dollars a month from Social Security at the age of 70, I will use that money to go visit my kids and grandkids – and spoil those little suckers rotten 🙂
Any thoughts? Please join the discussion below…
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nponfire
I am a Nurse Practitioner and single mom on a journey to financial independence - here to share my thoughts and hear yours!
I've been a NP for 20 years - I have worked all over the world and settled here on the East Coast where I work with immigrant families from Latin America. In all these years, through all the experiences I have had, my one constant has been a feeling of gratitude for what I have been offered : great jobs, good health and a supportive family. I am happy with what I have, and hold a view of the future as one in which I will continue to have happiness, abundance and adventures.
I am also someone who grew up in a frugal household run by a single mother. I worked my way through undergraduate and graduate school, experienced serious health issues during my three pregnancies, and faced adversity in a complicated marriage which ended in divorce. I continue to struggle with my role as a single mom, full-time nurse, caregiver for many family members - and how to balance all of that. And yet, I see Financial Independence (FI) as a way to order my life, focusing on a future in which I will have the freedom to continue my caregiving and also feel personally fulfilled. My hope is that by sharing this journey to FI, I can discuss strategies and thoughts along the way, hearing from other Nurses/ Nurse Practitioners (NPs) who have a similar vision - and how you are planning to get there!
Join me!
Disclaimer:
What this blog is : my attempt to create a community. I want this to be a place where we nurses can learn from each other, we single parents can share strategies about FI, and where all of us caregivers can find support and inspiration on our journey to FI. I will share personal FI experiences such as : nursing as an awesome career to achieve FI and be super happy in general, my investment strategies, how kids influence my journey to financial freedom, the psychology behind FI.... And would like to create a community of other Nurses/NPs to share/discuss their ideas about FI.
What this blog is not : a how-to guide for how to achieve FIRE as there are so many amazing blogs, websites, books, and podcasts already doing that. I will link to helpful resources already available in the community, but apart from sharing my personal journey, I will leave the details to the experts. This is also not a place to discuss medical conditions (except for my own psychological angst and anxiety about money!).
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