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Message
3
Posted on 8/13/23 at 12:36 pm to meansonny
I’m not worried about retirement. I wife will work to 65 because of insurance and she won’t won’t to even leave then. I will retire at 55. We both are 38. We should have 7k a month coming in with no bills and then another 3k a month in rent on a rental property. So total 10k a month to live on.
Posted on 8/13/23 at 2:07 pm to LSUA 75
Damn baw, are you from the 1800s?
Posted on 8/13/23 at 2:15 pm to tigerbacon
quote:
I will retire at 55. We both are 38. We should have 7k a month coming in with no bills and then another 3k a month in rent on a rental property. So total 10k a month to live on.
Are you both in that median earning range of 58-70k or above that?
Posted on 8/13/23 at 2:25 pm to Thundercles
quote:
think a delay and reduction are both inevitable
How do you define reduction?
Posted on 8/13/23 at 2:34 pm to meansonny
I in the median range she’s above it
Posted on 8/13/23 at 2:41 pm to Thundercles
quote:
I think a delay and reduction are both inevitable. Not a full cut, but both those measures
I think they'll either bump the age up again to 68-70 or they'll increase SS taxes. Neither party will cut the program.
Posted on 8/13/23 at 2:50 pm to meansonny
quote:
How do you define reduction?
Now that I think about it the inflation increases are already written into law and no politician is ever going to get a reduction to pass. Silly thought on my part.
Posted on 8/13/23 at 4:19 pm to Thundercles
That's probably the truest point anyone can make.
Our government inflates our way out of debt obligations.
1) no one would ever get a reduction passed.
2) with inflation, there is less and less need to.
Our government inflates our way out of debt obligations.
1) no one would ever get a reduction passed.
2) with inflation, there is less and less need to.
Posted on 8/13/23 at 5:34 pm to Thundercles
they have to come up with something soon.
less than 10 years
less than 10 years
quote:
A typical retired couple could face a loss of $17,400 in their annual Social Security benefits in 2033, when the retirement program’s main trust fund is projected to run dry. That estimate comes from the fiscal hawks at the Committee for a Responsible Federal Budget. The projected cut in benefits in 10 years would apply to a newly retired dual-income couple, while a typical, newly retired single-earner couple could see a cut of $13,100 per year.
The 23% across-the-board reduction in benefits will occur if lawmakers fail to act to prop up the finances of the Social Security system before 2023. Under current law, once the Social Security trust fund is exhausted, benefit payouts would be limited to the amount of money flowing in from payroll taxes at the time — which would cover just an estimated 77% of total obligations.
The dollar figure will vary for different types of households and different lifetime income levels. A high-income couple could see a cut of $23,000 per year, while a low-income couple could lose $10,600.
Posted on 8/13/23 at 5:38 pm to ThermoDynamicTiger
quote:
I am slowly coming to the realization that I will probably never retire with the way things are going.
Got my tombstone all picked out: "Finally Retired!!"
Posted on 8/13/23 at 5:47 pm to FLObserver
I think my wife and I will be ok when the time comes. I have no delusions of being able to retire at 58 or anything like my dad though.
Posted on 8/13/23 at 7:13 pm to TigerintheNO
quote:
they have to come up with something soon.
the government will never let SS fail
Posted on 8/13/23 at 9:58 pm to Pauvetibete
140k after taxes would put you in the upper-middle class in Louisiana. The nice part about that is since the COL in Louisiana is cheaper than the national average, you’re able to save more money which in turn allows you to spend more money on vacations and possessions. You’ll be able to have larger budgets for vacations and trips.
Posted on 8/14/23 at 3:59 pm to ynlvr
quote:Odd take. Could you define what you're referring to as "materiality mentality"?
And I see the next generation in worse shape unless they can shake the materiality mentality of the boomers.
Posted on 8/14/23 at 4:10 pm to Thundercles
quote:
How are average earners able to prep for the future?
quote:
• Ramsey Solutions conducted the largest survey of millionaires ever with 10,000 participants.
• Eight out of 10 millionaires invested in their company’s 401(k) plan.
• The top five careers for millionaires include engineer, accountant, teacher, management and attorney.
• 79% of millionaires did not receive any inheritance at all from their parents or other family members.
The National Study of Millionaires
Posted on 8/14/23 at 8:10 pm to meansonny
quote:
Social security will never be cut.
No, it'll just be means tested and reduced based on your "wealth."
Wealth will be defined by equity in your home, 401k, savings,etc.
Posted on 8/14/23 at 8:14 pm to Klondikekajun
quote:
No, it'll just be means tested and reduced based on your "wealth."
Wealth will be defined by equity in your home, 401k, savings,etc.
That is a cut.
It will never happen.
The best that will ever get approved is pushing back full retirement age and adjusting taxation laws on those receiving social security.
I wouldn't be shocked if the wage cap on social security gets eliminated in the near future.
Posted on 8/14/23 at 8:16 pm to Klondikekajun
Any politician who proposes a "cut" will be ostracized and on the chopping block for reelection. It is an obvious death sentence that it will never make it to the floor.
Politics 101. No one is ever going there.
Politics 101. No one is ever going there.
Posted on 8/14/23 at 8:52 pm to NC_Tigah
My belief is that many teachers are married to those with very high paying jobs. Their spousal income allows them to work a relatively low paying job with favorable hours to raise a family.
Anecdotally, I tend to see that in the real world, but I’m not sure if it’s true elsewhere.
Anecdotally, I tend to see that in the real world, but I’m not sure if it’s true elsewhere.
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