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re: How are average earners able to prep for the future?
Posted on 8/16/23 at 11:37 am to NC_Tigah
Posted on 8/16/23 at 11:37 am to NC_Tigah
I've read that it is against the constitution for the US to voluntarily default on debt (which would be the legal standing for the Supreme Court to repeal the debt ceiling as a political bludgeon).
The debt ceiling originated on 1917 as a way to approve programs without requiring a budget amendment/vote each time a proposal was on the floor. It has served way past its purpose.
The debt ceiling originated on 1917 as a way to approve programs without requiring a budget amendment/vote each time a proposal was on the floor. It has served way past its purpose.
0
Posted on 8/16/23 at 12:15 pm to Pauvetibete
quote:
She overheard her coworker tell her husband on the phone that they couldn't pull out $500 out of their bank account because they would be overdrawn.
This is 100% their own fault. Poor life choices and poor financial choices in the past led to this.
Posted on 8/16/23 at 1:41 pm to NC_Tigah
quote:
After we run through the surplus, based on current structure, SS could return benefits to participants at a stable 80% rate for the next 75-100yrs, basically into perpetuity.
If that's true that's encouraging. Is that even taking into account demographic shifts-- population getting older?
Posted on 8/16/23 at 4:13 pm to Thundercles
quote:Yep.
If that's true that's encouraging. Is that even taking into account demographic shifts-- population getting older?
CBO’s 2022 Long-Term Projections for Social Security
Posted on 8/16/23 at 4:38 pm to Thundercles
They work until the Goverment steps in to care for them in a Old folks home
Posted on 8/18/23 at 8:09 am to tigerbacon
I "retired" at 55 and wife at 59. I still make money mostly thru real estate investing. Our health insurance is $2k/month with 7500 deductible for each. You should plan on $2500/month to go to your health, so your $10k turns into $7500 real quick.
Posted on 8/18/23 at 9:47 am to KWL85
How old do you have to be in order to spend $30k on healthcare every year?
Posted on 8/18/23 at 11:29 am to Thundercles
quote:
'm in Dallas for example and starter homes in the suburbs are running 350k, and with Texas property tax that adds up.
I was really surprised that Texas has such high property taxes. What are you getting for them? The electric grid sucks, the schools aren’t great other than their football stadiums.
In Florida we have fairly low property taxes due to tourism sales taxes but we also don’t get crap. Schools are severely underfunded. In Colorado the taxes are dirt cheap and we have really nice stuff from what I can tell.
Posted on 8/18/23 at 11:41 am to Motownsix
quote:
I was really surprised that Texas has such high property taxes. What are you getting for them?
There is no income tax in Texas
Posted on 8/18/23 at 11:52 am to UltimaParadox
None in Florida either
Posted on 8/18/23 at 3:50 pm to Motownsix
quote:
I was really surprised that Texas has such high property taxes. What are you getting for them?
I don't have kids, but I'm told the schools are really good here. The roads are pretty well kept also, at least in Dallas.
Posted on 8/18/23 at 4:12 pm to Thundercles
quote:
The roads are pretty well kept also, at least in Dallas.
I was in Dallas for a robotics competition and the roads were awful (I'm sure Dallas is a big area so it is tough to generalize anything).
The road was so bad that my cell phone dialed 911 thinking I was in a car accident.
Posted on 8/19/23 at 8:09 am to meansonny
Not very. Did you read my comment? The premiums are about $24k even if neither of us visit a Dr all year. Then we are out of pocket for the first $7600 each. That is the insurance landscape if you retire early.
Posted on 8/19/23 at 8:30 am to KWL85
quote:
Then we are out of pocket for the first $7600 each.
That is after regular preventative/checkups.
Health insurance today sucks. But you should get 1 lab and 2 physicals for your 24k.
Posted on 8/19/23 at 8:32 am to Motownsix
quote:
I was really surprised that Texas has such high property taxes. What are you getting for them? The electric grid sucks, the schools aren’t great other than their football stadiums.
The public schools in many suburbs are quite good.
On the roads, downtown area has pretty rough roads and tons of constructions. Roads are in much better condition throughout the rest of the metroplex.
Posted on 8/21/23 at 7:30 pm to KWL85
quote:
The premiums are about $24k even if neither of us visit a Dr all year. Then we are out of pocket for the first $7600 each. That is the insurance landscape if you retire early.
Nah, you just have to plan ahead before retiring and structure taxable investment income to stay well within ACA premium subsidies. We will get pushed out of premium subsidies this year with MMP being acquired in October, but the first 3 years have been cheap as hell on silver and gold plans, like less than $3/month combined for premiums. I would like to convert most of our TIRAs to Roth, but with 2 year look back on medicare income, ie hit 65 and age 63 is used for income purposes YR 1 of medicare, I don't see it happening. Definitely a balancing act and will do what we can to not blow out ACA premiums prior to that. Investors need to be diligent on harvesting losses in taxable accounts through the years, even moreso if tax rates increase in 2026 which is likely.
Posted on 8/22/23 at 3:00 pm to JiminyCricket
quote:
My wife and I had a tough conversation with the in-laws just the other day. They've made really solid money most of their lives in the oil field but now, in their early and mid 60's, they only have like 100k for retirement. Now, they take trips every year, as in multiple trips and have pissed away gobs of money while the wife and I have told ourselves no a ton and instead saved and invested. MIL has some health issues that she needs to take pretty expensive medication for and the FIL isn't exactly a beacon of health either. She told us the other day that their plan is to work until around 70 and then the kids can fill in the gaps in their budget.
This makes me worry about my parents.
My dad made good money and worked his arse off, but my mom barely ever worked.
They literally summer in Europe.
They say they'll have plenty of money for retirement, but I don't think they're planning for any recession.
Posted on 8/22/23 at 8:32 pm to Thundercles
East ramen noodles. Don’t have kids. Try not to ever take vacation…..
Posted on 8/22/23 at 8:35 pm to Thundercles
Hope you know what comes after you pay mortgage off. Property taxes are skyrocketing
Posted on 8/29/23 at 6:13 am to tirebiter
Nah, you just have to plan ahead before retiring and structure taxable investment income to stay well within ACA premium subsidies.
____________________________________
Sorry if my retirement plans involved continuing to make money. Lol.
____________________________________
Sorry if my retirement plans involved continuing to make money. Lol.
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