Retirement Planning - Lessons Learned

[MoKelly]

A few years ago i read the average age for a grandmother in one federal housing project is 32. that's a career choice with no other options.

Holy Cow!

That is have a kid at 16 and that kid has a kid at 16!

And that was the average?

MoKelly

 

[ultrarunner]

Holy Cow!

That is have a kid at 16 and that kid has a kid at 16!

And that was the average?

MoKelly

It is generational repeating... and becomes a way of life.

Yes, there are 30 year old Grandmothers!

 

[NorTracNY]

I'm just going to shake my head at some of these post.

As for borrowing money, it's VERY important for people to understand that they can get into BIG trouble if they have leveraged too much. There were a lot of people in 2008 that had borrowed beyond their means. People need to have significant reserves to handle potential downturns. It's not just the risk of a housing crash, stock market crash, or losing their income. When things go bad, will you be able to survive it. If you don't need to borrow the money, then you're likely in the best shape to use that credit. Just be aware of how much you are leveraging.

 

[Macinnis]

I wish I was as privileged as those "poor" taking advantage of the working stiff paying the bills.

61% of Americans paid no federal income taxes in 2020, Tax Policy Center says

The Tax Policy Center said 107 million households, or 61% of taxpayers, owed no income taxes in 2020. That's up from 76 million, or 44% of taxpayers, in 2019.

www.cnbc.com

61% of this country does not pay federal income tax.

 

[MoKelly]

61% of Americans paid no federal income taxes in 2020, Tax Policy Center says

The Tax Policy Center said 107 million households, or 61% of taxpayers, owed no income taxes in 2020. That's up from 76 million, or 44% of taxpayers, in 2019.

www.cnbc.com

61% of this country does not pay federal income tax.

I am in the minority.

MoKelly

 

[Fuddy1952]

This really gets me:
My best friend years ago moved to LA (Palos Verdes). He marries a lady born in China who moved to the USA 40 years ago. Friend and wife both work (at retirement age but can't retire...mortgage, etc.).
They bring her mother over from China 10 years ago...she doesn't speak English at all.
Mom lives with them a few years, doesn't work out well so friend finds 78 y.o. Mom a place. Get this!:
Mom has a beach front studio apartment. She gets all utilities, SS, Medicare, health care, food stamps, etc. ALL FOR FREE!
Mom never worked one day in America.
Mom has so much money left over she took them on European vacation!
Where's my (or our) free stuff?!?
WE paid taxes, born, worked in America all our life...but no free perks.

 

[KennyG]

This really gets me:
My best friend years ago moved to LA (Palos Verdes). He marries a lady born in China who moved to the USA 40 years ago. Friend and wife both work (at retirement age but can't retire...mortgage, etc.).
They bring her mother over from China 10 years ago...she doesn't speak English at all.
Mom lives with them a few years, doesn't work out well so friend finds 78 y.o. Mom a place. Get this!:
Mom has a beach front studio apartment. She gets all utilities, SS, Medicare, health care, food stamps, etc. ALL FOR FREE!
Mom never worked one day in America.
Mom has so much money left over she took them on European vacation!
Where's my (or our) free stuff?!?
WE paid taxes, born, worked in America all our life...but no free perks.

I have to question some of this. I don't think you can get SS and Medicare unless you have worked and paid into the system. If you are indigent and a legal immigrant, you can get Medicaid, food stamps, and reduced cost housing. However, beachfront living with cash left over seems improbable.

 

[KennyG]

61% of Americans paid no federal income taxes in 2020, Tax Policy Center says

The Tax Policy Center said 107 million households, or 61% of taxpayers, owed no income taxes in 2020. That's up from 76 million, or 44% of taxpayers, in 2019.

www.cnbc.com

61% of this country does not pay federal income tax.

Although the % that does not pay income tax should go down when we "return to normal", it may never go below 50% again. There are concerns about a system where majority vote rules and a minority are required to pay for it.

 

[Fuddy1952]

I have to question some of this. I don't think you can get SS and Medicare unless you have worked and paid into the system. If you are indigent and a legal immigrant, you can get Medicaid, food stamps, and reduced cost housing. However, beachfront living with cash left over seems improbable.

You are correct. She gets Medicaid not Medicare. The SS all I know is she gets some sort of income, more than enough to live on since she has no rent, utilities, etc.
Money left over paid for their vacation.
I'll be talking to my friend this afternoon and find out what that money is called.
I was writing quickly, just trying to make a point. The gist is she gets free things, and a money surplus.

 

[Larry Caldwell]

you are forgetting child care, food stamps, medicaid, the list just goes on and on. Free internet so they can look for a job?

the best one was they were having pizza delivered on food stamps while they squat on the couch to watch jerry springer, that was portland. had to stop that.

article 10 years ago said single gal with 2 kids would need to make $65K per year to just break even. they don't qualify for a $65K job and....who's gonna do that anyway?

another good one was/is....in some areas, if you are on medical weed and on welfare, you get a huge discount and.......wait for it.....they deliver it to you.

A few years ago i read the average age for a grandmother in one federal housing project is 32. that's a career choice with no other options.

food stamps have a direct and indisputable link to the obesity epidemic....that from the dept of ag web site.

then, look into corp welfare and govt employment. lots of folks willing to take what they can.

It's hard to blame people, the welfare queens or the Warren Buffetts for taking advantage of any situation, that's exactly what people do.

It's the govt and their band aid after the fact knee jerk reactions.

It's the government, not the people.

I have no idea why you people are so obsessed with politics. I know a guy who runs a water delivery service. His wife has cancer, and has a medical marijuana card. Her pot is way cheaper than recreational pot, because it's not taxed. What part of that do you not like?

 

[Larry Caldwell]

Holy Cow!

That is have a kid at 16 and that kid has a kid at 16!

And that was the average?

MoKelly

Gotta love those vague memories, even if they make no sense.

 

[Larry Caldwell]

61% of Americans paid no federal income taxes in 2020, Tax Policy Center says

The Tax Policy Center said 107 million households, or 61% of taxpayers, owed no income taxes in 2020. That's up from 76 million, or 44% of taxpayers, in 2019.

www.cnbc.com

61% of this country does not pay federal income tax.

Can't squeeze blood out of a turnip.

 

[MoKelly]

Gotta love those vague memories, even if they make no sense.

Lots of what is posted online makes no sense.

MoKelly

 

[Macinnis]

Can't squeeze blood out of a turnip.

Why buy a cow when you can get the milk for free?

 

[Steppenwolfe]

61% of Americans paid no federal income taxes in 2020, Tax Policy Center says

The Tax Policy Center said 107 million households, or 61% of taxpayers, owed no income taxes in 2020. That's up from 76 million, or 44% of taxpayers, in 2019.

www.cnbc.com

61% of this country does not pay federal income tax.

HA!!! I'm not biting on that one again...

 

[Steppenwolfe]

Can't squeeze blood out of a turnip.

They aren't turnips... they are leeches.

 

[NorTracNY]

Can't squeeze blood out of a turnip.

Not sure of your point. You get salgam from squeezing a turnip. Are you suggesting that it's healthy for people to not work?

 

[Fuddy1952]

You are correct. She gets Medicaid not Medicare. The SS all I know is she gets some sort of income, more than enough to live on since she has no rent, utilities, etc.
Money left over paid for their vacation.
I'll be talking to my friend this afternoon and find out what that money is called.
I was writing quickly, just trying to make a point. The gist is she gets free things, and a money surplus.

I just got off the phone with Ca. friend who's MIL gets all the free stuff. He said it took lots of time, lots of paperwork, etc. but it is SS she receives. She had to get citizenship but being poor and at her age everything is free.
It makes no sense to me working and paying into SS all those years, then someone from another country never working here getting all those perks.

 

[Sigarms]

I learned a valuable lesson from both of my parents, which didn't make sense when I was younger, but makes more sense now as I'm older.

The lesson?

Don't worry about what other people do, worry about what YOU do.

Anyone with half a brain should not rely on social security (the government) to have a great life after you retire, that's only common sense, even back in the 80's...

 

[Steppenwolfe]

I just got off the phone with Ca. friend who's MIL gets all the free stuff. He said it took lots of time, lots of paperwork, etc. but it is SS she receives. She had to get citizenship but being poor and at her age everything is free.
It makes no sense to me working and paying into SS all those years, then someone from another country never working here getting all those perks.

I just pulled my info from SS.GOV; started paying taxes when I was 15, been paying for the last 48 years. I will still be paying when I turn 66.8 months old for "full" retirement payments. If I live for 20 years past that, maybe get new gubment knee replacements, I should come out even...