New Diesel Truck-- Buy Now, or Wait?

[plowhog]

How did he manage to pay in "100’s of thousands" to social security?

I did.

It has been a few years, so forgive me if I have the exact numbers wrong. I recall that, as an employer, I paid "my" 7.5% into social security, plus paid the "employer" contribution of 7.5% because *I* was the employer. So, 15% of my earning went to social security.

Then, I recall paying 7.5% as the "matching contribution" for each employee I provide a paycheck to. In those circumstances you are into the "hundreds of thousands" of dollars (and more) without question.

 

[Snobdds]

Mercedes is backing off it's plan to sell all EV by 2030. Why, because the demand is not there.

IC will be around a long time, even if Gavin wants otherwise.

 

[plowhog]

we kinda need a picture of the Pantera

Here is a pix of the Pantera at the airport one day.

And a pix of my beloved Golden Retriever at a car show some time ago. He was just a little guy back then ... quite the chick magnet.

 

[bigtiller]

I did.

It has been a few years, so forgive me if I have the exact numbers wrong. I recall that, as an employer, I paid "my" 7.5% into social security, plus paid the "employer" contribution of 7.5% because *I* was the employer. So, 15% of my earning went to social security.

Then, I recall paying 7.5% as the "matching contribution" for each employee I provide a paycheck to. In those circumstances you are into the "hundreds of thousands" of dollars (and more) without question.

Sure, easy to do if you are an employer with a lot of employees. But stumblinhorse said nothing about a business and employees.

 

[stumblinhorse]

Why??
I've been retired for 7 years now, drawing Social Security so I'm wondering why you will never be able to draw it. Are you planning to die at age 62?

2034 Soc Sec will have no more money. I‘ll be 65.

 

[stumblinhorse]

That's a good question for him. Here is another.
How did he manage to pay in "100’s of thousands" to social security?

This year, the the Social Security wage base limit is $168,600. And at 6.2% comes to $10,453.

6.2% is just for an employee. 12.4% for self employed….

 

[Code54]

2034 Soc Sec will have no more money. I‘ll be 65.

I would not lose any sleep over that at all. It is not going to go away, that would throw a LOT of elderly into homelessness and mass poverty. That is not a good way to get votes. With some changes it can be funded.

There are still jobs out there that have pensions, and there are many ways to save and build your retirement with 401's and other stock market/bond/etc options.

This can help allow people to retire with some comfort and maybe buy that pickup if they so desire.

On a more thread oriented note - the newer gassers are much better at towing then the older one. I don't tow a lot anymore but sometimes pull a 12K dump trailer loaded with stone comforbeily with a 6.4 gasser. Using the tow haul mode also seems to help a lot on downhills and keeps the truck in a lower gear to save some braking.

 

[bigtiller]

6.2% is just for an employee. 12.4% for self employed….

That certainly would make a difference.

I just looked at my records, I paid in $133,000 and it took 68 months to get it back....I retired at age 51.

 

[stumblinhorse]

That certainly would make a difference.

I just looked at my records, I paid in $133,000 and it took 68 months to get it back....I retired at age 51.

That retirement age is a thing of the past. The 401k system is failing to even come close to replacing pensions. As the median balance at age 65 is not even enough to cover healthcare costs, let alone living costs…

I hate to burst the SocSec won’t fail bubble, but by 2034 just the interest on the national debt is more than the sum of all federal income tax. So to balance that budget that means no other spending on anything. No military, no gov’t workers nothing. All our taxes just to pay interest on debt…

Back on topic, save your current truck, mine has 350k miles on it. I love it more than the day I bought it. I bought another vehicle and now only use the truck for towing or loads.

 

[deserteagle71]

2034 Soc Sec will have no more money. I‘ll be 65.

In 2034 Social Security will be paying out only 77% of what a person should be getting. They WILL NOT be totally out of money. That's if Congress keeps sitting on their butts and not fixing it.

At least that's what the financial advisors are saying. And I hope they are correct, 'cause I intend to live for another 30 years, not just 10!