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  1. #611
    Elite Member rekees4300's Avatar
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    Feb 2010
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    3,499
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    Indiana
    Tractor
    JD 4300, JD X500

    Default Re: Retirement savings ....Yikes !

    Quote Originally Posted by MacLawn View Post
    Ok, I just finished my taxes (ugh, ugh - yep, I'm for the FairTax!) using software and noticed at one place it said something about being exempt for something when one reaches 65. I'll be 65 about first January next year. For those of you already there, what changes? I can't get back to what I read. Thanks.
    The standard deduction is higher for taxpayers who are 65 or older, or blind.

  2. #612
    Veteran Member MacLawn's Avatar
    Join Date
    Aug 2007
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    1,066
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    Red Clay Country, GA & Mississippi Prarie
    Tractor
    JD 2210

    Default Re: Retirement savings ....Yikes !

    Thanks, rekees, that's what kind of info I needed.
    "He's pinned under an outcropping of rock. Lucky for him, the rock kept the dirt from burying him alive". Dirt, it's nothing but dirt, I tell ye...
    "I thought I was wrong one time, but I was mistaken." Command Sergeant Major Jim
    "I wouldn't want to be within 400 or 500 yards of one of them newfangled nuclear bombs when it went off!" WW1 Vet...

  3. #613
    Elite Member
    Join Date
    Sep 2009
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    4,324
    Location
    Murray, KY
    Tractor
    265 MF / JD 310B Backhoe

  4. #614
    Elite Member zzvyb6's Avatar
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    Dec 2006
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    2,793
    Location
    michigan
    Tractor
    jd 1070

    Default Re: Retirement savings ....Yikes !

    He has a large number of poor, unhealthy and unregistered Democrats to feed, shelter, civilize and medicate. Its death by a thousand stings for the rest. Isn't that what the new majority electorate wants?
    There is no "I" in team, but there is a "Me" if you want to jumble it up a bit...

  5. #615
    Veteran Member
    Join Date
    Sep 2002
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    2,482
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    Michigan

    Default Re: Retirement savings ....Yikes !

    This would limit the amount one is able to put away in an IRA or 401(k) to a measly $3 Million. How is anyone supposed to retire on that?

  6. #616
    New Member
    Join Date
    Apr 2013
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    8
    Location
    South Bend, IN
    Tractor
    M&H

    Default Re: Retirement savings ....Yikes !

    Quote Originally Posted by Travelover View Post
    This would limit the amount one is able to put away in an IRA or 401(k) to a measly $3 Million. How is anyone supposed to retire on that?
    I think the worry is that Congress will start inching the limit down until it affects a majority of us.

  7. #617
    Super Member scott_vt's Avatar
    Join Date
    Oct 2004
    Posts
    5,092
    Location
    east wells,vt
    Tractor
    1986 MF 1040, 1942 Farmall A, 1949 Farmall Super A

    Default Re: Retirement savings ....Yikes !

    Quote Originally Posted by shortwave View Post
    I think the worry is that Congress will start inching the limit down until it affects a majority of us.
    Good Afternoon shortwave,
    Yep exactly, and when that number gets closer to what middle americans have put away in their 401 accounts, then you will hear some cries of "foul" !!! Just look what they have done to ss !
    scotty

    ,,,course,,it is gas,and gas is,,well,gas,,so,,but it kills the @#$$ oughta them yellow jackets,,,thingy

    http://www.tractorbynet.com/content/...onth-scott_vt/

  8. #618
    Super Member daugen's Avatar
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    Feb 2012
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    5,428
    Location
    Washington NC (Inner Banks)
    Tractor
    Kubota L5740, Gravely 8199G

    Default Re: Retirement savings ....Yikes !

    measly $3 Million. How is anyone supposed to retire on that?

    vs

    when that number gets closer to what middle americans have put away in their 401 accounts

    No worry there. Not one middle American has that much money, or they sure would not be "middle".
    I bet most "middle Americans" would be grateful to have $500K in their retirement.
    From first hand experience, I can tell you that most of them don't.
    Now I live in a fairly high income area and some sure do, but until they get those $5-7K mortgages paid off,
    they are going to be running up a steep, steep hill.

    Repeat ad nauseum...pay yourself first.
    And perhaps we should teach a variation of the classic grasshopper and ant story, and
    let's have the grasshopper get very, very hungry. Might be more realistic.

  9. #619
    Super Star Member brin's Avatar
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    Jul 2009
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    10,866
    Location
    Georgia - Mt. Vernon by The Store just 5 miles east and right by the big oak tree then to the creek.

    Default Re: Retirement savings ....Yikes !

    Quote Originally Posted by Travelover View Post
    This would limit the amount one is able to put away in an IRA or 401(k) to a measly $3 Million. How is anyone supposed to retire on that?
    That's for sure ...Need at least $100,000,000.00 when you consider hyper inflation is on its way....just like Zimbabwe
    Bob

    WORRYING does not take away tomorrow's TROUBLES, it takes away today's PEACE.


    NH - TC-29 , FEL, Bush hog, Bush hog brand finishing mower, Post hole digger, 6' Back blade, sub-soiler, Pallet forks, 20KW PTO Generator , 21 hp Murray Mower
    JD -3020 with FEL and a 16 HP. K-Grow Lawn Tractor (bought from K Mart 1994) and runs great !
    Clark 130 EN Mig Welder

  10. #620
    Super Member
    Join Date
    Apr 2004
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    7,707
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    SF Bay Area-Ca Olympia WA Salzburg Austria
    Tractor
    Cat D3, Deere 110 TLB, Kubota BX23 and L3800 Craftsman Mower, Deere 350C Dozer

    Default Re: Retirement savings ....Yikes !

    Could be a problem if you are 40 to 50 years out...

    Who would have thought a 1970 35k home would sell for 750k?

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