Posted on 01/15/2020 8:54:28 AM PST by DIRTYSECRET
A good election topic Trump should run on. Peel off more of the gummers. Clinton got away with raising the tax in 93'. That was 3 years before the following election. It will mostly benefit those with retirement accounts already but it could add $4k/yr to a whole lot of seniors. Trump will win anyways. I say apply the couple gras. The whacko left needs to be put out off it's misery now not in 2024.
They don’t tax up to 25,000.00 a year!!!
Every unscrupulous adult would immediately move to create managed portfolios owned by seniors and run for the benefit of the adults.
Exactly - that's what I meant by a form of means testing. It's a little crude but it's what we have.
You should postpone taking your pension as long as you can. Every year you postpone it you get an 8% increase. It’s hard to match that rate of return. Unless your genetics predisposes you to an early death don’t take early retirement. At least wait till full retirement age in case your life situation changes and you want or need to go back to work you can. Don’t get excited about Medicare, the average retiree spends $280,000 out of their own pocket to augment it. Work as long as you can if you like your job. Retirement is not as much fun as you imagine.
I’m stupid...mine would have been paid off years ago, but I refinanced to make home repairs. Now I have 16 years left on the mortgage and two years until retirement. As my mom likes to say, wise too late.
I'm surprised they havent eliminated the tax cap.
Do we tax welfare payments?
If so, tax SS.
How about NOT taxing any monies given out by the government?
Good advice, although I’d stay busy. Active in my church, am a fitness trainer on my own. I’d never be bored...but I WOULD be broke. I think 70 it is.
Actually the first bill taxing Social Security was signed into law by President Reagan in 1983.
Veterans should not have to pay federal taxes period.
I’m all for that too! Welfare is not constitutional.
NO TAXATION WITHOUT REPRESENTATION!
Wew have around 8 years left on ours, but because the payments are so low, we should be able to pay it off this year when we add SS to my regular income, and reduce other expenses accordingly.
That’s great!
I’m not too worried about threescore and ten...if I make it, who hooo! And if I don’t, I’ll be with the Lord...who hooo!
Move to Delaware.
"Exactly - that's what I meant by a form of means testing. It's a little crude but it's what we have."
My wife and I have put tons of money into Roth IRA's, Roth 401k's, and 401k's. When we retire in our mid to late 50's I'll rollover all of the traditional 401k money into our Roth IRA's (in chunks each year instead of all in one year so I don't put us into a high tax bracket).
After that is done around the age 60 or 61 we'll have no taxable income until we start collecting SS. Basically, we'll have a net worth of about 2.5 million, living on $100K per year (withdrawing 4% per year from our investments, with it going up most years because it grows more than we withdraw). It'll all be tax free because as far as the IRS is concerned we're poor folks.
I am sixty. I was told from my first paycheck by almost every older person I knew that SS was a supplement and I would never be able to live on it.
Not suggesting you do not get what you “deserve.” But nothing is going to change to benefit us now.
I am in the same place—I am sitting in the infusion center with my wife. We go onto Long Term Disability next month. I always worked for myself as well—never had anything but contractors for “gig” jobs.
I feel your pain. I am assuming I will be broke and living with my kids in less than three years because of her cancer. A little longer if we cut out everything else.
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