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I think we can all agree on one thing: thank God this thread is on page two so don't have to suffer that gigantic image someone felt compelled to upload.
I think for most people, an early modest mortgage, and paying into social security will leave you alright. But once you factor in economic weakness, job insecurity, it's wise to save up a stash.
Except that by the time most people retire, the crooks in Washington that stole the Social Security "Lock Box" Trust Fund and spent it every year, will have disqualified those of us who saved from getting ANY money back in return for the hundreds of thousands we will have dumped into Social Security taxes. It's called "Asset Testing" and it's a great way to limit the number of people who get anything back from taxes.
I'm not encouraging not saving for retirement, just saying that our glorious leaders will use it as an excuse to rob you.
I think we can all agree on one thing: thank God this thread is on page two so don't have to suffer that gigantic image someone felt compelled to upload.
Are you going to thank god for your slow internet connection too?
I met a guy with the same basic idea, except he knew he would not live that long.
I met him on his way to Iraq in 2006, he just hired on as a Corps of Engineers Civilian. He was about 55 or so and he looked ever one of those years. He was going to invest every dime in the stock market and in gold. Maybe he made enough in gold to off set his losses in stock. I think he could of save 5 or 10% a year in his 20s and not have worried about it, but to each his own
Except that by the time most people retire, the crooks in Washington that stole the Social Security "Lock Box" Trust Fund and spent it every year, will have disqualified those of us who saved from getting ANY money back in return for the hundreds of thousands we will have dumped into Social Security taxes. It's called "Asset Testing" and it's a great way to limit the number of people who get anything back from taxes.
I'm not encouraging not saving for retirement, just saying that our glorious leaders will use it as an excuse to rob you.
I sure hope they do not go to Asset Testing, that will just encourage even more people NOT to save for their retirement.
I sure hope they do not go to Asset Testing, that will just encourage even more people NOT to save for their retirement.
In order to qualify for a medicare nursing home you have to pass an assets test and an income test, if either is too high, you don't qualify. Because primary residences don't count as an asset, a person could own a $2M house (and little else) and qualify for medicare while a person in a modest $250K home with $400K in investments would have to spend that $400K down (which would take years) before he would qualify.
Moral of the story: Give away your assets and what you can't give away, ensure it is in the form of your primary residence. That way you qualify for medicare nursing homes from the taxes you paid anyway.
I thought nursing homes could take your house too.
In some (rare?) circumstances, yes, a lien can be placed on your house after you die to recoup the money the government spent. That's why it is a good idea to gift away as much as possible and get a nursing home insurance policy, maybe a state partnership LTC policy.
Are you going to thank god for your slow internet connection too?
12 down. It's not the speed, it's the irritation of the size.
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