U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 08-11-2014, 10:00 AM
 
8,860 posts, read 5,141,353 times
Reputation: 10144

Advertisements

Quote:
Originally Posted by Escort Rider View Post
We have been through this discussion before. I wonder what percentage of the non-savers has a secure pension adequate to live on in retirement. That would make a HUGE difference, although I am not advocating that people with pensions do not (ideally) need savings as well.
That's a good point. Also, some people have no "retirement savings" at all, yet have quite a bit of other savings. My mother, for example, has never had an IRA, 401k, etc. in her life. She retired with a paid for home, very low property taxes, T-Bills, CDs, and her SS benefits. She has done just fine.

This study would include my mother as someone who has no retirement savings.
Reply With Quote Quick reply to this message

 
Old 08-11-2014, 10:02 AM
 
Location: State of Being
35,885 posts, read 67,186,293 times
Reputation: 22375
Quote:
Originally Posted by TuborgP View Post
I hear you and accept your position. Unfortunately there are ideology hounds who reject your acceptance and want someone to provide for you down the road. There are a lot of people who accept ownership and consequences for their decisions. The reality is there are pundits and related sorts who don't. I keep hearing people complain about lower income people in the South voting against their own self interest by voting Republican. The reality is they value their independence and don't want government handouts or someone else's money unless they voluntarily contribute.
And there you have it.My parents, for example, qualify for all sorts of senior services, including home assessment that allows for additional insulation, possibly new windows (now that program may not be in place, but 10 years ago, they qualified for it when it was in place and refused to take advantage of it). Same for Meals on Wheels, senior transport services, etc.

Why do they refuse? Because they feel it is morally wrong to accept subsidized services when they can figure out a way to pay for those services out of pocket. And most of all, they believe you make your own way and if that means "doing without" - then you do without. They will "do without" while still tithing to their church, b/c to them, that is what it means to be a responsible human being.

You "give back" to your community and you don't ever "take away" anything that you can either scrape up the money to pay for yourself or forego. And their peers are very much of the same mindset.

I grew up hearing my father recite "Esse Quam Videri" - our state motto. "To be rather than to seem (to be)."

You have what you have worked to have . . . and you make do with what you have. You don't live over your means and you don't take more than you give, and you give your fair share, for as long as you are able to give.

Not many folks think that way these days, but that IS what NC used to be like, anyway.

Last edited by brokensky; 08-11-2014 at 10:10 AM..
Reply With Quote Quick reply to this message
 
Old 08-11-2014, 10:05 AM
 
8,860 posts, read 5,141,353 times
Reputation: 10144
Quote:
Originally Posted by mathjak107 View Post
1/2 the country doesn't earn enough to pay income tax at any point in their life.,

And the articles point???????????
This would mean a single person never earns more than $10,150 (2014 number, adjusted annually) in their entire life, a MFJ couple never more than $20,300. Half the country will never earn this much? I find this hard to believe. Can you point me in the direction of a source for this statement?
Reply With Quote Quick reply to this message
 
Old 08-11-2014, 10:11 AM
 
Location: Near a river
16,042 posts, read 18,985,208 times
Reputation: 15649
Quote:
Originally Posted by TuborgP View Post
bUU, you can moralize all you want but reality is reality and there is a large chunk of people who don't want to pay for other peoples decisions. They can and do flee high tax states with good social programs for low tax states with not so good social programs. For what ever reason many in this forum have fled higher taxes for lower taxes. It is reality and one that plays out in the voting booth with resulting fiscal policy at the local, state and federal level. We could agree as much as we want or disagree as much as we want but I am staking my well being on a read of the tea leaves and not what I might want to see happen. Heck I admit it I transplanted from a Democratic Liberal State with great social programs to a conservative now Republican state that didn't expand Medicaid and taxes were a reason. I am guilty as are many others in this forum. Regardless of intent we have taken our taxable income from one state to another and one needy population to another not being as well served. So enjoy your willingness to pay taxes but understand and observe many others don't and that's my point.
The higher taxes in Mass. are as well due to top-heavy city and town administration with overly high salaries (we won't mention pensions) for their actual function. Most people in this state know this.

It is a shame that the legitimately poor people in NC have no voice and fewer and fewer resources for aid. What are your job training programs?
Reply With Quote Quick reply to this message
 
Old 08-11-2014, 10:19 AM
 
Location: Great State of Texas
86,093 posts, read 72,534,315 times
Reputation: 27566
Quote:
Originally Posted by Petunia 100 View Post
This would mean a single person never earns more than $10,150 (2014 number, adjusted annually) in their entire life, a MFJ couple never more than $20,300. Half the country will never earn this much? I find this hard to believe. Can you point me in the direction of a source for this statement?
Misconceptions and Realities About Who Pays Taxes — Center on Budget and Policy Priorities
Close to half of U.S. households currently do not owe federal income tax. The Urban Institute-Brookings Tax Policy Center estimates that 46 percent of households will owe no federal income tax for 2011
Reply With Quote Quick reply to this message
 
Old 08-11-2014, 10:33 AM
 
Location: Tennessee
23,601 posts, read 17,589,896 times
Reputation: 27682
Quote:
Originally Posted by mlb View Post
We are not affluent either - nor do we have children..... but if you are not paying for their education (public schools) you will pay for their incarceration (jail).

Which do you prefer?
This is an extremely dumb point and infers that people with poor education are criminals.

Many, many millions of people in this country have had a relatively lackluster education by today's standards, yet did not become criminals.
Reply With Quote Quick reply to this message
 
Old 08-11-2014, 10:33 AM
 
8,860 posts, read 5,141,353 times
Reputation: 10144
Quote:
Originally Posted by HappyTexan View Post
Misconceptions and Realities About Who Pays Taxes — Center on Budget and Policy Priorities
Close to half of U.S. households currently do not owe federal income tax. The Urban Institute-Brookings Tax Policy Center estimates that 46 percent of households will owe no federal income tax for 2011

Not owing any taxes this year is not the same as never earning enough to owe any taxes. Children grow up; child tax credits and dependent exemptions disappear.
Reply With Quote Quick reply to this message
 
Old 08-11-2014, 10:42 AM
 
71,676 posts, read 71,801,099 times
Reputation: 49257
it has been the same way for decades. in fact a 65 year old retired couple today can earn 22k with no kids and pay zero tax just based on standard exemptions and deductions.

43k runs about 1800 bucks in taxes.
Reply With Quote Quick reply to this message
 
Old 08-11-2014, 10:47 AM
 
8,860 posts, read 5,141,353 times
Reputation: 10144
Quote:
Originally Posted by freemkt View Post
Because SO MANY people in this forum seem to think minimum wage workers can adequately save for retirement, and I would like them to quantify that expectation.
I don't think that at all. I do, however, think that a minimum wage worker is perfectly capable of acquiring skills and education to reach a point they no longer need to work for minimum wage.
Reply With Quote Quick reply to this message
 
Old 08-11-2014, 10:52 AM
 
8,860 posts, read 5,141,353 times
Reputation: 10144
Quote:
Originally Posted by mathjak107 View Post
it has been the same way for decades. in fact a 65 year old retired couple today can earn 22k with no kids and pay zero tax just based on standard exemptions and deductions.
Right. Once you get beyond 22k, there is going to be some income tax to pay. You're saying half of US households will never get beyond 22k of taxable income (for MFJ couples). That's what I'm questioning.

Quote:
Originally Posted by mathjak107 View Post
43k runs about 1800 bucks in taxes.
Right. $1800 > $0.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top