We are older, one on Medicare+supplemental, one on a Bridge policy for the next 3 years. We earn just under the median income with two sole proprietorships. That is gross. We are both still working, pay income taxes and pay SS/Medicare taxes. At 70+, I pay Medicare premiums and supplement premiums in addition to those taxes. My SS is minimal because I took every deduction I could and still do.
We pay just under $7500 in health insurance premiums/year.
We pay $2500+/- in income/self-employment tax. Together, that is $10k/year and we do not use the health care system outside of one checkup/year that is covered.
Property taxes are nearly $4k/year additional. Sales tax, gas tax, fees on utility bills to buy energy for others. Assets: slowly dwindling due to zero interest rates. We take no government assistance.
We will be assessed capital gains when we sell our property because we have had a business here and we also have 40 acres over the homestead exemption.
Free riders? Hardly. When all we elders are gone, this kid will be amazed at the size of HIS taxes and premiums.
can’t your lawyer figure out something creative to do with that extra 40 acres that puts you over the homestead exemption?
Start a trust, deed 41 acres over as a protected sand mouse habitat or prairie dog ranch or something?
LOL! Good luck! I admire folks like you
“We will be assessed capital gains when we sell our property because we have had a business here and we also have 40 acres over the homestead exemption.”
The solution to your dilemma is simple. Tell the government you discovered some kind of endangered species like the three peckered toad on the property.
The government will buy your property for an inflated price and you can retire on the Texas coast.
Sure you do. You said you are drawing Social Security.
It's no different from any other government Ponzi scheme. Just as Obamacare will run enourmous deficits, so too will Social Security.
Any money you donated was spent in its entirety years ago. You are only collecting money now that is being redistributed from younger workers today.
I'm taking it too. One would be foolish not to do so. However, I will always vote to shut down this and all other government entitlement programs.