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Started By
Message
re: Boomers have 63% of 84.4 trillion dollars of wealth the government wants.
Posted on 8/3/22 at 11:46 am to deeprig9
Posted on 8/3/22 at 11:46 am to deeprig9
quote:
It was a big topic in the 2000 election where "saving social security" was a major issue.
I don't recall means testing being the buzz word tied to saving social security with Lil Bush. Maybe I'm wrong but I just remember Bush saying he wanted a portion of one's social security to have the chance at stock market gains because if there's no variable vehicle like the stock market then the CBO said SS would start a death spiral in approximately 2037, all else equal. Again maybe I'm wrong, but I think you might have means testing confused with Ways & Means Committee.
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Posted on 8/3/22 at 11:48 am to CAD703X
quote:
the very first day i'm eligible for social security i'm taking it out. LOL at anyone 'waiting' until age 67 for a 'bigger payout'.
Good advice
Posted on 8/3/22 at 11:48 am to deltaland
quote:
frick every one of you
No, frick you. I’m 60 with my first grandchild on the way. I’ll be setting up a college fund for her future and without a doubt will leave my kids and grandkids more than my parents were able to leave me. Yes, I’ll be paying it forward, assuming the government doesn’t take it and redistribute it to someone like you.
Posted on 8/3/22 at 11:56 am to deltaland
quote:
Boomer mindset that has destroyed this country. No interest in leaving your kids and grandkids a better life and a better country. All me me me. Spend spend spend and run up the debt and leave us with the bill. frick every one of you
Work for your own you lazy entitled arse hole. I told my parents to spend all of theirs and my kids told me to spend all of mine. My parents did not raise cripples and neither did I.
Posted on 8/3/22 at 12:12 pm to loogaroo
Not sure if this is relevant to the discussion but a public company but family owns most of the stock is looking buyers before tax code changes on large inheritance. Sanderson Farms one of the largest chicken producers in the country. With a market cap of $3.7 billion was shopping for buyers and made a deal with Cargill maybe. They are under investigation for collusion I believe so the sell is being held up for now. But, I believe the sudden rush to get rid of it was a Sanderson family decision and it had to do with inheritance taxes if I'm not mistaken.
Posted on 8/3/22 at 12:17 pm to deltaland
quote:
Boomer mindset that has destroyed this country. No interest in leaving your kids and grandkids a better life and a better country.
I’ve got grandparents that could easily help us grandkids out. They are in their mid 80’s and they are the cheapest people on this earth.
So instead of giving us some money, they decided to hold on to it. So the nursing home can inevitably get it. Then once that’s over with, they can get on Medicaid.
Which would’ve been the end result anyway had they gradually given it to us over the years
I will never understand why they did this. They didn’t even enjoy their money so I guess nobody else will either .
Posted on 8/3/22 at 12:31 pm to Lawyered
quote:We went through this with my mother. We got all of her assets out of her name when we were anticipating the need for a skilled nursing facility. If both of your grandparents are living but one is in the nursing home and one still lives at home, they can't kick her out. But, you have to use down all of your assets (I believe the number you could hold on to was around $4,000). Medicaid would kick in at that point and once the house is vacated (Medicaid had a 5 year look back period back then but I believe it's 7 now). So, Medicaid could seize the house and pay itself back and the estate would get what's left if the house value was more than the Medicaid payments. You need an attorney specializing in elder law. We set up a revocable living trust but that doesn't really offer much protection if one of us suddenly needed a nursing home. If I needed a nursing home, they would find me dead on a logging road on my rural property.
So instead of giving us some money, they decided to hold on to it. So the nursing home can inevitably get it. Then once that’s over with, they can get on Medicaid.
Which would’ve been the end result anyway had they gradually given it to us over the years
This post was edited on 8/3/22 at 12:53 pm
Posted on 8/3/22 at 12:37 pm to Lawyered
quote:But why skip a generation? Seems like any distribution would go to kids then grand kids.
I’ve got grandparents that could easily help us grandkids out. They are in their mid 80’s and they are the cheapest people on this earth.
Posted on 8/3/22 at 12:40 pm to Bass Tiger
quote:wait a second? you think this is their childrens fault?
Most Boomers should get a $20k tax credit every year for continued support of their semi dependent children. It's insane how many parents I personally know over age 55 who are still subsidizing their children's lifestyle. Paying their cell phone bills, helping them with car insurance, rent, vacations, etc. Ask the average Boomer what their parents did for them once they hit age 18-21, it was generally, there's the door, there's the world, go get ya some.
Posted on 8/3/22 at 12:41 pm to Bass Tiger
quote:you said it twice so i will too, You think this is their childrens fault?
Most Boomers should get a $20k tax credit every year for continued support of their semi dependent children. It's insane how many parents I personally know over age 55 who are still subsidizing their children's lifestyle. Paying their cell phone bills, helping them with car insurance, rent, vacations, etc. Ask the average Boomer what their parents did for them once they hit age 18-21, it was generally, there's the door, there's the world, go get ya some.
Posted on 8/3/22 at 12:44 pm to Redbone
quote:
Come and get it bishes.
That's why I hang on to my trusty AK14.
I think the point is before long you'll all be dead
No one has to take anything by force and there is nothing you or your dumb AK will do about it
Posted on 8/3/22 at 12:45 pm to deltaland
quote:Speak for yourself. We are doing the exact opposite and trying to manage it best we can what we do have hoping the stupid government doesn't steal it or make it worth nothing. We have always spent less than we made and have been able to build some assets. Not Jim Barksdale assets but good for us based on work. But, they sure are trying to do both by destroying the economy and headed for a dollar collapse if they don't put on the brakes. That's why we did the revocable living trust.
Boomer mindset that has destroyed this country. No interest in leaving your kids and grandkids a better life and a better country
Posted on 8/3/22 at 12:46 pm to Lawyered
quote:
I’ve got grandparents that could easily help us grandkids out. They are in their mid 80’s and they are the cheapest people on this earth.
So instead of giving us some money, they decided to hold on to it. So the nursing home can inevitably get it. Then once that’s over with, they can get on Medicaid.
Which would’ve been the end result anyway had they gradually given it to us over the years
I will never understand why they did this. They didn’t even enjoy their money so I guess nobody else will either .
holy cow....go work for your own money.
quote:
I’ve got grandparents that could easily help us grandkids out
no one owes you anything.
quote:
They are in their mid 80’s and they are the cheapest people on this earth.
they probably grew up dirt poor, and know nothing else. over time they saved. learn from their example.
quote:
So instead of giving us some money
entitled sh!t. i would give you nothing with that attitude.
quote:
So the nursing home can inevitably get it.
how about HELP them out? it is your family. and if you were to do it in the hopes of getting some money...I would leave all the money to the mailman before I gave you anything.
I have made a deal with my wife. when we are ending our time here, we will match whatever my kids have saved. if they save zero, they will gat zero. if they save $1M, we will match it. if over time they are turds...zero.
Posted on 8/3/22 at 1:06 pm to Bass Tiger
quote:
Most Boomers should get a $20k tax credit every year for continued support of their semi dependent children. It's insane how many parents I personally know over age 55 who are still subsidizing their children's lifestyle.
It really comes down to how you are raised from childhood.
Kids understand expectations very early. By the age 12 I knew I could not depend on my parents for anything other than meager amounts of food. I planned accordingly.
OTOH, I've got a good friend who is now 87. His daughter got pregnant and he raised the baby grand daughter. She grew up and got pregnant and he is raising the baby great grand daughter. He had money and couldn't say 'NO, raise your own damn kids.' So, they took advantage.
Posted on 8/3/22 at 1:12 pm to CAD703X
That is the first step. The next step will be to seize your IRA/401K and put it in Socialist Security.
Posted on 8/3/22 at 1:42 pm to Screaming Viking
quote:Everyone does, but let's be intellecually honest about the starting point for different generations.
holy cow....go work for your own money.
Unless the government prints more money, it is almost a zero sum game.
We don't live in a world anymore where 1 worker with a high school education can provide for a family of 5.
You almost need 2 workers with advanced, useful degrees to live the same lifestyle.
Why does 30% of the population have 63% of the wealth?
Posted on 8/3/22 at 1:45 pm to loogaroo
quote:
Boomers have 63% of 84.4 trillion dollars of wealth the government wants.
Get ready for 401k accounts to get nationalized
Posted on 8/3/22 at 2:02 pm to Lawyered
quote:
They are in their mid 80’s and they are the cheapest people on this earth.
these arent boomers, this is nancy pelosis generation
Posted on 8/3/22 at 2:08 pm to CAD703X
quote:
LOL at anyone 'waiting' until age 67 for a 'bigger payout'.
Big mistake made by many. There are reasons to take it at 62, but very good reasons to wait. I'm waiting until at least full retirement age and I will make more long term.
Posted on 8/3/22 at 2:10 pm to loogaroo
I don't plan on leaving money to the government or any young person. If I didn't spend every bit of it, then I didn't do it right.
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