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re: After doing my neighbor's taxes, who's on fixed income
Posted on 5/21/20 at 8:52 am to NPComb
Posted on 5/21/20 at 8:52 am to NPComb
quote:
Just wait until assisted living becomes socialized. Grandpa will be paying $8K/mo for the same room old Ms Jones will be paying $500 for because he has the money to burn. They are already asking for financials before you gain admission to these places.
this has already been happening for a long time FWIW
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Posted on 5/21/20 at 8:52 am to The Spleen
quote:
Too bad we haven't really won a war since WWII.
Either you are confusing military agenda with sporting events or you simply don't understand the concept of national defense. First, understand that since the beginning of recorded history, there has been a military invasion of a nation about every 10 years or less. It's simply human nature, Darwin, law of nature, survival of the fittest, the strong survive, etc... As we speak, there are nations that continuously assess their strategies, opportunities, and pros/cons of invading the United States for the exact same reasons this has been going on for centuries... ..simply put.. ..you have what others want.
If you are free to speak your mind, able to eat, sleep, and pursue your dreams without fear of arrest or persecution, and you have not been executed, tortured, or enslaved... ..you should either be thankful for your country's military and consider your freedom a testament to its victory... ..or join up to go find out why it is you may think we've not won any wars... ..or... realize you are also free to point your finger just about anywhere on the globe you'd like to be or you may think may be better at "winning wars" and have at it...
Posted on 5/21/20 at 8:55 am to jnethe1
quote:
Ok, then check the math. There is no link, I simply sat down one day and looked at my grandfather’s situation, then I looked at my own. Instead of just saying it appears, why not do the math?
How did you figure your own? Do you know at what age you’re going to die?
Posted on 5/21/20 at 8:57 am to Friedbrie
Everyone that's not an hourly worker is on a fixed income.
Posted on 5/21/20 at 9:24 am to yellowfin
I would have to live for a very very long time to recoup what I’ve put in.
Posted on 5/21/20 at 9:29 am to Ric Flair
quote:
scraping by on social security at 30k
Who is making 30K from SS?
Posted on 5/21/20 at 9:37 am to Aubie Spr96
quote:
No one should pay income taxes. Ever.
Lol... I do understand where you're coming from... I've felt and expressed myself in an identical fashion. ...if enough agree with you, the voting process will change this.. Please don't take this as a personal attack...not insisting I'm right. ..just my take after plenty of time to weigh it out...and to repeat myself, IMO it's the best we've been able to come up with so far... and if for no other reason, since the beginning of recorded history, there has been a military invasion of a nation perceived as "weaker" but with desirable resources... around every 10 years or less. It's been the way of this world for thousands and thousands of years... simply human nature, Darwin, law of nature, survival of the fittest, the strong survive, etc... As we speak, there are nations that continuously assess their strategies, opportunities, and pros/cons of invading the United States for the exact same reasons this has been going on for centuries... ..simply put.. ..you have what others want. For now, a very large part of our income tax is all that keeps your head on your torso. So, there's that.
...and if you ever leave your room, like me... ...use local roads, the US Interstate highways, etc... ...well, just come back to me in 30-40 years, let me see your savings account and also let me know if you are still free to speak your mind, able to eat, sleep, and pursue your dreams without fear of arrest or persecution, and you have not been executed, tortured, or enslaved... .. then let me know if you still think slavery is concisely defined by your meme ...and federal income tax is slavery. I certainly don't think this now.
This post was edited on 5/21/20 at 9:42 am
Posted on 5/21/20 at 10:52 am to jnethe1
quote:
No, I don’t have a link for that. All I did was some math. Go and see how much you have and will likely contribute before you can access the social security. Then look at how much you’ll be able to access on a monthly basis. You will not be able to take in nearly as much as you put into the system. It’s a pyramid scheme.
My numbers are from my 2018 statement (contributions up to 2017).
I paid $78102
My employers paid $81581.
Total contribution $159683.
Retire at 67, I get $35388/yr. Paid back at age 71.5
Retire at 70, I get $44496/yr. Paid back at age 73.5
Retire at 62, I get $24072/yr. Paid back at age 68.6.
And when I die, my surviving wife gets $31824/yrs. If I'm dead at retirement, she gets paid back by age 67.
Receiving SS for 3-7 years to get my money back and everything on top of that for my wife and I is the benefit.
Yes... I'd prefer to self-manage. But I don't think you've done the math properly if you cant fathom living 3-7 years in retirement.
Edit to add: of course it is a pyramid scheme. But I question if you know why or what that means.
This post was edited on 5/21/20 at 10:53 am
Posted on 5/21/20 at 11:22 am to Friedbrie
quote:
Between a pension, social security, and an IRA, total income was $70,000 not $80,000. Roughly $3,000 was already withheld during the year. $8,000 is what is owed and doesn't include what was already withheld. And yes, I think income tax is bullshite.
you said his AGI was 70K, meaning gross earnings would have to be over 80K.
Assuming his IRA is traditional, he didn't pay taxes for 50ish years
I still think income tax is bullshite
Posted on 5/21/20 at 11:24 am to meansonny
Yeah. I was taught that in high school. The whole reason SS and Medicare aren’t solvent is because people are living so long. If you live just a few years, you get back what you put into it.
To me, the issue is that those are lumped into the general fund. All “transfer programs” should be earmarked, balanced and paid for separately. Once people start seeing how much is deducted for that stuff, it might get folks to start getting behind reducing benefits.
To me, the issue is that those are lumped into the general fund. All “transfer programs” should be earmarked, balanced and paid for separately. Once people start seeing how much is deducted for that stuff, it might get folks to start getting behind reducing benefits.
Posted on 5/21/20 at 11:34 am to FightinTigersDammit
I do for all those years I paid max amounts along with started to pay in at the age of 14. 
Posted on 5/21/20 at 11:48 am to Thib-a-doe Tiger
How'd you figure?
Posted on 5/21/20 at 11:56 am to alajones
quote:
Yeah. I was taught that in high school. The whole reason SS and Medicare aren’t solvent is because people are living so long. If you live just a few years, you get back what you put into it.
The reason that it is solvent is because of inflation.
Back in 1970, an 18 year old might thought of living high on the hog with annual ss retirement of $10k-$15k/yr. In the 80s, that number may have been $25k to $30k with all debts paid. Today, that number may need to be $50k-$60k depending upon where they live. But in building the retirement, was that 18-20 year old aware of the concept of how inflation would affect what is needed?
Do you think of a good number needed each year for retirement? And then wonder what inflation will do to that number 20-40-60 years from now?
Posted on 5/21/20 at 12:05 pm to Friedbrie
AGI is gross minus deductions. At a minimum, he would get the single filer $12,200 standard deduction. So if his AGI is 70K, his income would have to be at least 82,200
Posted on 5/21/20 at 12:05 pm to meansonny
quote:
You’ll never be able to recoup that which you paid. Not even close.
This is not true. People are getting back more than they paid in. That's one reason the system is going broke. I'll receive back what I put in after about 7 years.
Posted on 5/21/20 at 12:33 pm to Thib-a-doe Tiger
AGI is calculated using "above-the-line" deductions and before standard or itemized deductions. The amount after standard or itemized deductions is taxable income.
Also, add $1650 to $12200 for those that are 65 years old and over.
Also, add $1650 to $12200 for those that are 65 years old and over.
This post was edited on 5/21/20 at 12:46 pm
Posted on 5/21/20 at 1:22 pm to meansonny
quote:I really can’t plan for that. This is one of the reasons I’ve chosen my profession as a teacher. While I will be making less than 50k a year as opposed to much more I could get as an IT guy on base, I’m assured a check from the retirement system. So between my military retirement, my teaching and Social security, I’m “planning” on that being enough. My house will be paid for, but who knows how much medical ins and other stuff like that may be.
Do you think of a good number needed each year for retirement? And then wonder what inflation will do to that number 20-40-60 years from now?
It’s a tough thing to plan.
Posted on 5/21/20 at 1:26 pm to alajones
Agreed.
And that is why it will always stay solvent.
The promise paid to me for $40,000 a year won't cost the federal government very much when $40k is well below the poverty line 30-50 years from now.
Edit to add: this is also how we will afford our debtload.
And that is why it will always stay solvent.
The promise paid to me for $40,000 a year won't cost the federal government very much when $40k is well below the poverty line 30-50 years from now.
Edit to add: this is also how we will afford our debtload.
This post was edited on 5/21/20 at 1:28 pm
Posted on 5/21/20 at 3:28 pm to meansonny
You nailed it. My FiL (No retirement, to unhealthy to work) is trying to live off 1700 a month. Which may have been fine 30 years ago. Not anymore. Half his bills are paid by his kids. He’s on our family plan for cell service.
This post was edited on 5/21/20 at 3:29 pm
Posted on 5/21/20 at 4:09 pm to alajones
quote:
but who knows how much medical ins and other stuff like that may be.
As of now, I pay something like $147 a month Medicare, another $56 a month for Drug care. Problem with Medicare, it only pays %80. So, I have to carry a Plan "F" that cost me $500 a month. That plan pays 100% of which Medicare doesn't. Add in my daily drugs that cost me $200 a month. Now, add on what I pay for my wife which is right at $800 a month with a deductible of $6500 a year. She will make 60 this year and can not get SS till she is 67 or Medicare till she is 65. But, guess what? I can't get a tax break for paying all that money into insurance and I can't get any of that Obama money for the wife due to our income. And yes, we are both retired.
I got it down to were what I have saved will be gone by the time my wife makes 67. At that point, with only SS coming in, we should be able to apply for Medicaid. At least we might get some of our tax dollars back. 
Mean time, I been passing 10K a year over to our daughter to save for us in later years. 
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