I know I will get Social Security in retirement. This is why I leave her out of my plans

Retirement is still decades away for me, but planning for it has been a top priority since I entered the workforce. I did my best to save diligently and choose the right accounts for my money. I thought about when I would want to retire and how much I would likely spend when I got there.

The only thing I haven’t included in my plan so far is Social Security. Not because I don’t think I’ll get any benefit — I know I will — but right now, trying to make plans feels like more trouble than it’s worth.

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Why am I not planning for my future Social Security benefits?

I’m about 29 years old before I’m even eligible to claim Social Security retirement benefits, and that’s if I sign up at 62. I plan to defer my checks until 70 in hopes of maximizing my lifetime benefit. So I have 37 more years until I’m ready to apply.

A lot can happen during that time, and there’s a good chance Social Security will look different then. The program’s trust funds are expected to be exhausted in 2034, according to a recent Congressional Budget Office (CBO) report. That could lead to benefit cuts if the government can’t find a way to increase Social Security funding over the long term.

We have no idea what the solution to this solvency crisis might look like or when it might take effect. Some proposed fixes involve raising taxes for workers, which could hurt their ability to save for retirement in the future. Others involve a direct reduction in benefits or taking measures, such as reducing cost-of-living adjustments (COLA) or raising the full retirement age (FRA), that would act as an indirect reduction for beneficiaries.

Because of this uncertainty, I have no way of accurately assessing what my future benefits will be at this time. I also don’t know how potential Social Security payroll tax increases might affect my ability to save for retirement in the future. So I save as much as I can now. I hope to cover the vast majority of my retirement expenses on my own so that whatever happens with Social Security doesn’t affect me too much.

Looking to 2034 and beyond

Once we have a better idea of ​​what Social Security will look like in a few decades, I’ll probably start building its benefits into my retirement plan. If it turns out that I’m contributing more than necessary to my own retirement accounts after accounting for Social Security, I may decide to retire early, reduce my current savings rate, or simply building a bigger nest egg for retirement.

But I understand that this approach isn’t ideal, especially for those who aren’t able to consistently save for retirement on their own. In this case, it’s a good idea to use your current Social Security estimates as a starting point in calculating future checks.

The best way to do this is by creating a Social Security account. You’ll need to answer a few identity verification questions the first time you set this up to prove it’s you. After that, you can set up a username and password for future logins.

There’s a tool in your account that shows you your estimated monthly benefit at each age between 62 and 70, based on your earnings history to date and your future earnings projections. You can change these future estimates if you want. Look at the claim age you’re considering, or choose a few if you’re not sure which one to choose. See how much you would get from the program based on the current Social Security benefit formula.

If you want to be conservative, you can adjust these estimates for benefit reductions. The CBO report says that if the government did nothing to increase funding, the Social Security Administration would have to cut benefits by 23 percent starting in 2035. Benefits would fall another 5 percent by 2098.

That’s the worst-case scenario under current law, so if you plan for that outcome, you probably don’t have to worry about any nasty surprises. That said, you may need to save more than you originally planned. If this is not an option, you may need to reconsider your retirement timing. And you’ll definitely want to update your plan once we have a clearer idea of ​​what Social Security will look like in the future.