Retirement Planning - Lessons Learned

[goeduck]

Can't squeeze blood out of a turnip.

You can pobably squeeze cocaine, meth, dope etc out of a whole lot of that 61% that do not pay taxes. You can probably even squeeze vacation money out of many of them. Many of what you call poor would be poor no matter how much money they earned or (these days) were given. Enablers are making things worse. 39% should not be footing the bill for all.

 

[KennyG]

I did a little research based on the earlier post about an elderly immigrant collecting social security. I found that someone who has never paid into SS can indeed collect SS but the under only very special conditions. A parent can collect survivor benefits based on a deceased childs SS account if it can be shown that the child paid over half of the parents expenses prior to death. A little obscure but I can see the logic in that.

 

[arto98607]

I did a little research based on the earlier post about an elderly immigrant collecting social security. I found that someone who has never paid into SS can indeed collect SS but the under only very special conditions. A parent can collect survivor benefits based on a deceased childs SS account if it can be shown that the child paid over half of the parents expenses prior to death. A little obscure but I can see the logic in that.

Yes there is a logic in case like that, otherwise qualifying for SS benefits seems pretty straightforward:

 

[MoKelly]

I did a little research based on the earlier post about an elderly immigrant collecting social security. I found that someone who has never paid into SS can indeed collect SS but the under only very special conditions. A parent can collect survivor benefits based on a deceased childs SS account if it can be shown that the child paid over half of the parents expenses prior to death. A little obscure but I can see the logic in that.

Interesting. I think there are quite a few children who are supporting parents these days. I know quite a few folks who either have parents living with them or are paying for longer term care facilities.

MoKelly

 

[Larry Caldwell]

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

That's capitalism for you. With a little effort we can set ourselves up to suck money out of the system for nothing. My wife and I rake in over $90k/year and haven't worked in years. We're nickel and dime amateurs compared to the real leeches, who rake in $millions a day while producing nothing.

 

[Larry Caldwell]

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

I'm just pointing out that taxing people who don't have enough money to live on is not productive. The reason so many people don't pay taxes is that they don't have any money. Despising the poor for being poor is only helpful if you need someone to feel superior to.

Meanwhile, vast numbers of people are eager to pay taxes. The Great Resignation is under way. Over 11 million people have quit their jobs in the last 3 months. We'll see what the business community does if it loses 1/3 of it's workforce. Maybe they will offer taxable income as an incentive to stick around.

 

[Macinnis]

I did a little research based on the earlier post about an elderly immigrant collecting social security. I found that someone who has never paid into SS can indeed collect SS but the under only very special conditions. A parent can collect survivor benefits based on a deceased childs SS account if it can be shown that the child paid over half of the parents expenses prior to death. A little obscure but I can see the logic in that.

On top of that, you don’t even need a social security number…to get…social security “benefits”.

 

[Macinnis]

That's capitalism for you. With a little effort we can set ourselves up to suck money out of the system for nothing. My wife and I rake in over $90k/year and haven't worked in years. We're nickel and dime amateurs compared to the real leeches, who rake in $millions a day while producing nothing.

I don’t think you know what capitalism is Larry.

 

[Larry Caldwell]

I don’t think you know what capitalism is Larry.

Sure I do. Pile up capital and collect your playchecks. I get several of them a month. Money for nothing.

 

[Steppenwolfe]

Retirement planning is well documented. Sure, save early. Easier said than done for some.

I grew up in a nice neighborhood in the 60's and 70's. Dad was an engineer, so I became one too. Go figure. Life has been great, big house and bigger 401K

As I skated through life, doing somethings right, some things wrong, I always had parents, grand parents, MIL/FIL and spouses grand parents to fall back on. I/we never did need much of any help. But it was there! So buying my first pc of land at 21 years old on contract, was a huge privilege.

I'm a very lucky person. I have always recognized much of my opportunity was due to my placement on this planet. Thanks Giving has always been a special day for me.

For many people, USA and the globe, their birth locations and economic position, make change very difficult. I really hate it when people say, " just pick yourself up by your boot straps". Easier said than done for some.

Yes... you are indeed one of the lucky ones. As far as the "bootstraps" go, I wish I would have had that much to start with. But... deep south, white trash poverty was my luck of the draw; the kind grace of God, a very strong back, and the best wife on the planet made everything else possible. Yeah... most people could do it, but the brutal climb up knocks out many cause they decide it isn't worth it. You've got to want it real bad.