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I would love to see elimination of property taxes for retirees... if you know of a place, let me know! In realty, that has less than 0% of happening... true you could lose money in your retirement fund if there is a great economic collapse or the fall of a major corporation... but keep in mind this is for people who rely SOLELY ON SOCIAL SECURITY for retirement... which is clearly NOT ENOUGH... the government will RAISE your social security to make up for the deficit... who do you want to pay for Person A's retirement... YOU or Person A? I am saying Person A should be responsible... all of you are saying YOU should be responsible for Person A's retirement... Do you guys even understand it? Most people who don't prepare for retirement (those who only have social security) are more likely to WASTE that money instead of putting it into retirement... I am not letting them waste it... It wouldn't affect you if you already HAVE a retirement plan...
I would love to see elimination of property taxes for retirees... if you know of a place, let me know! In realty, that has less than 0% of happening... true you could lose money in your retirement fund if there is a great economic collapse or the fall of a major corporation... but keep in mind this is for people who rely SOLELY ON SOCIAL SECURITY for retirement... which is clearly NOT ENOUGH... the government will RAISE your social security to make up for the deficit... who do you want to pay for Person A's retirement... YOU or Person A? I am saying Person A should be responsible... all of you are saying YOU should be responsible for Person A's retirement... Do you guys even understand it? Most people who don't prepare for retirement (those who only have social security) are more likely to WASTE that money instead of putting it into retirement... I am not letting them waste it... It wouldn't affect you if you already HAVE a retirement plan...
And what if the retirement plan was a negligible contribution, say 1% of income with no matching employer contribution? What about a pension plan requiring payment to the company stock, and the company goes under (Enron)?
I think I put in at the beginning that it is a mandatory 10%, not 1%. Are you saying that in addition to their SS plan, they have an alternate plan with 1%? That goes into more detail than I would of liked, it is by no means a complete picture and I am not trying to give a complete picture but as the foundation of the plan. If they put 1%, I would say if that 1% is more than what the average American puts in at 10% (say for 45k median salary, that's 4.5k into the 401k)... so if the 1% exceeds 4.5k, then they are fine with no need for mandatory contribution, if not, then they are required to put more or be faced with a mandatory 10% (or $4.5k minimum) 401k plan... Pension plans (like Enron) are not commonplace events and although tragic, these people would need to start over (NO bailouts). This is NOT a socialized program. We are not burdening everyone for the few... we place the responsibility back upon those people... the 401k plan is not a pension plan, it is diversified unless you choose to put everything in gold and real estate (like someone here) but it is YOUR choice and if you go under than you have no right to complain about retirement... in general 401k plans are safe because it is well diversified and will provide most people with an ample capital for retirement, especially when joined with their SS benefits.... who knows, if the plan goes well, we may well reduced SS back to 2% or eliminate it completely...
Yes evil, I was discussing it as an alternative plan. BTW, my dad had a pension that was required to be funded in support of his employer, and the firm went down the tubes after 23 years of his working there. His pension, which should be about $700 per month, is $62 per month. It happens.
As you see from your response in posting #43, the devil (kind of a play on your name there pal) is in the details.
Yeah, but it isn't a pension plan... the 401k is diversified... it is not a put everything into ONE company plan... if the company tanks you take a smaller hit then a pension plan... You can't really compare a pension plan because it really is not diversified... that's like investing 100% in bucky balls... a 401k might invest 1% in bucky balls... that $700 month might be $650 a month in a 401k whereas the pension would be at $62 a month... there is less risk compared to a pension plan and I wouldn't put anyone in a pension plan...
What idea is that?? What plan out there that does not tax everyone or make someone else pay for someone else's retirement? What plan? I have never heard of any ideas, what do you have in mind?
You don't want to retire? I would say you are a minority... sorry but the system isn't perfection, you are already paying social security, are you planning never to collect? retirement doesn't bar you from working either... your retirement 401k returns your money to you... all of it plus interest... your social security may not necessarily return the money you put into it... would you rather we raise social security tax to 30%? Or would you rather people who don't plan ahead for retirement pay for their own retirement? You are basically TELLING the government to RAISE social security tax...
Yes, I'm planning never to collect. I am planning to work until the day I die. In fact, if I'm told that I cannot work, that will mean an end to my life. Work is the purpose to life.
I would love to see elimination of property taxes for retirees... if you know of a place, let me know! In realty, that has less than 0% of happening... true you could lose money in your retirement fund if there is a great economic collapse or the fall of a major corporation... but keep in mind this is for people who rely SOLELY ON SOCIAL SECURITY for retirement... which is clearly NOT ENOUGH... the government will RAISE your social security to make up for the deficit... who do you want to pay for Person A's retirement... YOU or Person A? I am saying Person A should be responsible... all of you are saying YOU should be responsible for Person A's retirement... Do you guys even understand it? Most people who don't prepare for retirement (those who only have social security) are more likely to WASTE that money instead of putting it into retirement... I am not letting them waste it... It wouldn't affect you if you already HAVE a retirement plan...
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[SIZE=2]https://www.retirementliving.com/RLtaxes.html[/SIZE]
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[SIZE=2]Most states give residents over a certain age a break on their property taxes. With some taxes, you'll need a relatively low income to qualify. Forty states provide either property tax credits or homestead exemptions that limit the value of assessed property subject to tax.[/SIZE]
[SIZE=2]There may be other tax breaks available, depending on where you live. All 50 states offer some type of property tax relief program, such as freezes that will lock in the assessed value of your property once you reach a certain age, or deferral of taxes until the homeowner moves or dies. They ultimately have to be paid. In addition, counties and municipalities often have their own property tax relief plans.[/SIZE]
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Wow, never stop working? I can't wait to stop working! I want to stay home, play games, mess around with my wife, go travel, and live a leisurely life... I can't imagine working and then dying... for me the purpose of life is .... having enough to do whatever I want, whenever I want... probably come close but never fully... unless I inherit Donald Trump or some wealthy person's money or something... yeah, not going to happen.. I know that website very well, there are drawbacks to a lot of those places, low property tax, high income tax... I would like to work in the same city I can retire in... There are states that are great for retirement but aren't great to work in... then there are states that are great to work in but not great to retire in.... and my wife likes "metropolitan" cities... which are not great to retire or to work in...
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