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Old 09-19-2011, 07:35 PM
12,671 posts, read 21,054,320 times
Reputation: 2625


Well I am not retired yet but I am still planning and making changes as needed.

Education and patience is the key.

Of course, I may not be the best planner that would suit my life so I am doing what I can from my control.

On the bankruptcy part, you just don't have credit for 7 years and with $0 in debt. It maybe a better bargain if you are struggling to pay the medical bills with interest and other fees? The key here is financial independance right? What do you mean by cheating creditors? You are doing something legally.

60's? Lol. I was born in the late 70's.

There is disability insurance. Lot of employers give this for free too but you can buy additional amount.

If one is self-employed then they should be earning a lot more then someoe who is working for someone else. Isn't that the goal?

Did you employer offer a Pension?

Enron and Worldcom are just 2 companies. I actually trade stocks with a broker. I keep up with the market everyday. With Mutual Funds, you are diversified so no need to worry about these 2 companies going bust.

Why not have both spouses working? Thats the best route to build wealth.

Most employers offer free basic disability insurance. If you buy more, its like a dollar or two per month.

So they did not buy the RIGHT kind of policy to protect them from other disasters.

Originally Posted by Texas User

You must have lived a very charmed life, indeed, to have everything so well planned out. I salute you for having all the answers. Very few people can stand in judgment of everyone else without appearing to be a fool and a hypocrite.

I am aware of all the happenings in life. I thought you can file bankruptcy on medical bills?

Now there's a thought. Just skip out on what you legitimately owe everyone, lose your house, and ruin your credit. Great idea. I will be sure and pass that on, especially to anyone who is over 60 and won't mind losing everything they own and have worked a lifetime to acquire - and who don't mind feeling smug about cheating creditors on legitimate debt.

It should be smart to do a pre-nuptial agreement don't you think you protect yoru assets?

Maybe you are an attorney and learned about such things back in the 60s, but I never even heard the term at the time I got married the first time.

Most companies do 401K's and Roth 401K's now which has a far more chance of a greater return at retirement plus tax advantages.

Very true! But we are talking about folks who have already retired or forced to leave work due to disability, cutting off their earning years and time needed to build up such accounts. And for those of us who are self-employed, there isn't anyone out there matching funds. Many people do not work for companies that offer any type of retirement funding. I have been earning a paycheck since 1969, and I was employed by only 1 employer in all those years that offered any such plan - and that was on a temporary assignment of less than a year.

With proper education and patience, you should not have to worry about losses in the stock market.

You wouldn't happen to be my former stock broker? Can we say Enron and Worldcom? LOL

Why rely on your spouse alone for money?

Just b/c a person has a job, or even a career, it doesn't mean the money is enough to live off (or save up for retirement) if one's spouse dies. To think otherwise is just silly and condescending.

There is disability insurance and attractive ones.

Have you ever looked into how much it costs to buy a decent policy when not purchased through a group situation? Obviously NOT. Everyone is not employed at a business that offers such plans, and I have never seen one that paid off that was cheap, even when offered by an employer.

I thought you can get insurance to protect yourself from lawsuits? How come they did not get proper insurance?

I know very few folks who have a balloon policy on their homeowners insurance, other than the very wealthy. Most people are not in the position to pay for more insurance annually, especially at the age of 85. As I stated in that little story, the couple did have homeowner's insurance but HO insurance isn't going to indemnify folks from such extraordinarily large settlements and all costs included w/ lawsuits. It all depends on the policy coverage, the state in wh/ you live, etc.

Old 09-19-2011, 07:37 PM
12,671 posts, read 21,054,320 times
Reputation: 2625
Originally Posted by Boompa View Post
I didn't plan on being shot in Vietnam How stupid of me

I paid into Social Security for over 30 years why wouldn't I collect
You were in Military?
Yes, of course you should collect SS.
Old 09-19-2011, 07:43 PM
12,671 posts, read 21,054,320 times
Reputation: 2625
Like I said before, I do have sympathy for the unfortunate. People in our country are still so much better off then the 3rd world.

I think our system have to protect someone who NEEDS the health care to atleast get on their feet and start working. I am willing to pay the taxes for this.

Originally Posted by anifani821 View Post
My point is . . . it is what it is. It doesn't matter WHY a person is struggling. If he or she is struggling, then that is the reality of their lives, regardless how they got to that point. There is no need to be judgmental, period.

They may be a felon and just out of prison . . . they may be an AIDs patient and lost everything and have no insurance and no one to help support them and their medical costs . . . they may be a widow whose hubby gambled the money away and left her w/ debt at his death. Or a person may have spent his entire life on gubment welfare, living in subsidized apartments, medicaid and food stamps.

What does it matter? Poverty is poverty, regardless how you got there.
Old 09-19-2011, 08:02 PM
12,671 posts, read 21,054,320 times
Reputation: 2625
Originally Posted by Cattknap View Post
I'm appalled at the OP's tone.......life happens and sometimes people have absolutely no control over adverse circumstances....and some people, Heaven forbid, actually make mistakes that they can't fully reverse. I believe there are many people who rely primarily on social security for their income - we don't know why that is and really it isn't our business is it? Forty years ago no one would have blinked if you told them that you were relying on social security to be your primary support in your retirement years.
People still don't have to rely on SS alone.
Old 09-19-2011, 08:12 PM
12,671 posts, read 21,054,320 times
Reputation: 2625
Welfare program should be for the disabled not for lazy bums who are capable of working but don't.

Mississippi and Lousiana are 2 major Welfare states.

Originally Posted by Escort Rider View Post
It matters to me because it has a lot to do with how we may respond, both as individuals and as a society, to people who are crying the blues. Take the example you gave of "a person [who] may have spent his entire life on ...welfare, living in subsidized apartments.." etc. If my taxes, taken from me against my will, have already gone to support such a deadbeat, then my attitude towards further support beyond Social Security retirement benefits will be vastly different from the example of someone who has suffered through not fault of his own. Why would my attitude be the same in both cases? How could it possibly be the same? If I have worked hard, gotten up for years and years whether I felt like it or not, to support myself and to support others who couldn't be bothered to get up when they didn't feel like it, then I'm supposed to just say "poverty is poverty"? Unfettered support of deadbeats by the state will just lead to more deadbeats. The question of why, and how, we have so many people in poverty is indeed an important and critical one. If it's something structural in government and/or in society which needs to be changed, that would be one conclusion flowing from the question of why and how.
If you wish to support every down-and-outer of your own free will, with your own money, be my guest. You should be able to find such people to support in the centers of major cities everywhere. You will be supporting lots of drug and alcohol habits. I do not choose to support people's drug and alcohol habits if I have a choice in the matter; one important reason is because I don't think I am helping them with that kind of support.
Old 09-19-2011, 08:22 PM
Location: State of Being
35,885 posts, read 67,154,265 times
Reputation: 22373
Originally Posted by lenora View Post
Finally, we want to make sure the Section 8 homeownership program is fully implemented. This is a program that provides vouchers for first-time home buyers which they can use for down payments and/or mortgage payments. - George W Bush.

HUD Archives: President George W. Bush Speaks to HUD Employees on National Homeownership Month (6/18/02)

Hardly the latest "gubmint scam." The program started in October 2000 but wasn't fully funded until GW took office.

For further research, here are the regulations:
2003 CFR Title 24, Volume 4

If you wish to discuss this further, I will be happy to address your complaint in the politics forum.
I will research your links but we are talking about two different aspects of HUD, at first glance.
Old 09-19-2011, 08:27 PM
Location: SW MO
23,605 posts, read 31,475,774 times
Reputation: 29071
Originally Posted by Texas User View Post
You were in Military?
Yes, of course you should collect SS.
Whew! This old combat vet (a decade or so before you were even born) can now rest easy and rid himself of the guit that accompanies every Social Security check I receive lest I benefit from something I payed into but didn't earn.

I'm SOOOOO relieved!
Old 09-19-2011, 09:11 PM
12,671 posts, read 21,054,320 times
Reputation: 2625
The country is head in a right direction and the best years are yet to come. Obama has saved our country from a collapse. He passed a very important stimilus plan and raised the debt ceiling. Obama will get re-elected. Most people liked his Health Reform and most Americans want his Jobs proposal to pass. This will lower our SS taxes to 3.1%.

Obama is very people oriented. He actually goes out there and talks to middle class folks.

Also do you live in an expensive city?
Are you talking about TARP?

Obama also still has that Making Work Pay credit.

After the 2008 Financial meltdown. The requirements are strict on credit. Why should creditors give loan to just about anyone when the foreclosures are at all-time high?

Obama wants to raise the taxes on very high income earners. The less earners are paying more then the very high income. This makes sense

I see people who pay with food stamps but has a brand new Iphone lol.

I do agree somewhat with what you said. Lazy people who are capable of working should not be rewarded. I see people in 20's and 30's on Welfare. Its not my fault they had child after child and cannot support them.

Originally Posted by anifani821 View Post
Trust me, I am with you as far as how I FEEL knowing my tax dollars go to ANYONE sitting on his/her arse. I resent it mightily.

However, I have decided that since it appears this country is going to hell in a handbasket w/ a brazen (and successful!) attempt by this administration with shifting wealth and making sure those who haven't worked for crap manage a middleclass lifestyle whilst I bust my butt to maintain that same lifestyle . . . it isn't gonna do me any good to distinguish why someone is elderly and in poverty. It just makes me angry and raises my blood pressure. I can't do a darned thing about it.

The latest "gubment scam" involves a HUD program that this administration has pushed to fund to the max and it is so shocking no one believes me when I tell them about it. It is now possible for a person who receives a HUD voucher to use that voucher (your tax dollars!) to pay for a mortgage. Yep. I can't remember whether it is Fannie or Freddie who is making the loans (Frannie, maybe?) . . . and get this . . . to be qualified for the mortgage . . . the applicant does not have to show he/she has worked in 2 years. And . .. there is yet another program that will issue ANOTHER voucher to "make up the difference" if the mortgage is not covered by the original voucher. So this Prez has figured out how to take your tax dollars and hand them over to someone else who will then use your tax dollars to pay for their mortgage, while you may very well be upside down on your own mortgage, or even worse, have lost your own home to foreclosure. So while you are out renting b/c your credit is screwed and you can't afford another home b/c the job you replaced the one you lost with pays 1/2 the salary, someone else, on food stamps and medicaid may have bought your foreclosed home with vouchers!!!! GO FIGURE.

Thus, I have decided - I don't even want to know why someone is struggling (if they are retired). It just doesn't matter cause no one cares what the tax payers of this country think. Gubment programs are out there creating generational poverty at your and my expense and there is nothing we can do about it. Instead of addressing this entitlement society and the folks who think the rest of us owe them a "lifestyle" (not talking about people with LEGITIMATE NEED, such as disability, eldercare, etc) . . . the President is figuring out ways to shift more money from my pocket to someone else's who has spent a lifetime with their hands out . . . and now that entitlement burden is so high - the solution is "adjust" social security payments.

I have given up. I just want to make sure my generation gets the benefits of a system we not only paid into - but some kind of benefit from all the other tax dollars that were taken out of our checks to fund the bottom feeders of this country who haven't put in SQUAT but will continue to receive THEIR payout til the day they die, including subsidized rent, subsidized food, subsidized healthcare, subsidized heat, subsidized winterizing of their subsidized home, etc etc etc.

So yes, it doesn't matter to me why someone is in a bad financial situation in retirement any longer. It just matters to me how I, and my peers, are gonna survive.
Old 09-19-2011, 09:13 PM
12,671 posts, read 21,054,320 times
Reputation: 2625
Originally Posted by Hillrunner View Post
I wonder why some people choose to play passive-aggressive, Monday morning Quarterback. Judging from your questions and answers, your idealistic youth and wet behind the ears attitude tells me that our future does not look bright.
Its just a general relaxed questions.

USA's best years are yet to come.
Future looks very bright.
Old 09-19-2011, 09:14 PM
12,671 posts, read 21,054,320 times
Reputation: 2625
Originally Posted by anifani821 View Post
I am absolutely convinced that the "real" plan to reduce the federal debt has a lot more to do with hoping Boomers die off quickly than it does with piling more taxes on the "ultra rich" (not my term! Someone has to making more money than $250K/year to be anything other than "pseudo rich" in my book, lol).
I don't see how high income is based on being rich. You can make $1 Million a year and be in debt.
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