We begin by discussing what the goal of social security is so that we can agree on our starting point. The original concept of Social Security in America was to create a financial floor for retirees, disabled and survivors. We look at who is funding the social security program and how they are doing so. The negative aspects of social security is that you do not have access to the money, you family doesn’t get the money if you die and you cannot control the investments. The positive aspects are that you cannot outlive the benefits, it will always pay until you die and the payments increase annually to compensate for inflation. We discuss asset allocation and how social security fits in with a retirement portfolio. Do we need social security to protect people from making bad decisions about their retirement? How do we ensure that people can retire comfortably.
A link to the chart that Colin created to show a suggested retirement schedule and the retirement that it would allow.
Link to the YouTube Video of the conversation.