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Old 08-12-2014, 04:03 PM
 
Location: SW Florida
9,780 posts, read 7,067,088 times
Reputation: 14360

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Quote:
Originally Posted by freemkt View Post
Not complaining about the way money is being spent, rather about how it is being taxed.

I make minimum freaking wage and I pay income tax - WhoTF are all these people who pay no income tax?
Do you qualify for and collect the "earned income tax"? If so, you may get more earned income tax back than you paid in income taxes. If not, then one could conclude that you're not one of those not paying income tax.

https://en.wikipedia.org/wiki/Earned_income_tax_credit

There are also those who are paid for their work "under the table", ie, those whose employers pay them in cash which is not reported to the IRS, income from which federal, state taxes are not deducted, nor is Social Security or Medicare. Many of these workers are illegal aliens who send a good portion of that money back to their countries of origin, so it doesn't even stay in the local economy.
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Old 08-12-2014, 07:53 PM
JRR
 
Location: Middle Tennessee
3,690 posts, read 2,236,661 times
Reputation: 5245
Quote:
Originally Posted by TuborgP View Post
The legislative decision to fully tax pensions hasn't helped at first glance. However in the wash it may work out better for higher income pensioners which we will see next tax season. Also the corporate tax reform seems to be helping to attract and retain business. With so many states recruiting business from other states we have stiff competition especially with other Red states. Fortunately there are states just driving affluent retirees and business entities away to more tax friendly states. Hopefully we are high on that list and it will help our tax base and increase the opportunity to be able to fund services.
The changing of the taxing of retirement income has us rethinking about retiring to NC. I also believe that there was some talk about wanting to tax social security benefits at the same flat 5.75% but that was finally decided against for the present time. I can understand how the wealthy would be happy to see their rates dropped down from 7.75%, but it seems to be putting a bit more on the middle class.

We are now seriously looking at next door neighbor Tennessee. I wonder how many other retirees may be doing the same
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Old 08-12-2014, 08:15 PM
 
11,953 posts, read 20,430,746 times
Reputation: 19378
Quote:
Originally Posted by SandyJet View Post
I dont get early retirement. I love my job, why would I quit just to walk around the house in pajamas unshaven and waiting for the early bird special.

Up North is not expensive. If you are retired you dont have to live in trendy Manhattan or Brooklyn, you can just pick a surburb nearby and with no kids and schools not a worry pick one with lower property taxes and pay cash. Or just buy a coop or condo that is age restricted 55+ where you usually get a break on school taxes.

Sure the middle of nowhere is cheaper, but if the carry costs of lets say $1,000 a month in NY for a small property is too much you most likely cant retire much down South.
Who says you have to do that? You can take your experience with you and teach others your skills as a consultant. A PAID consultant -- and often make way more money than when you used to work full time, and work less.

You can volunteer places that might need your expertise, and do a great deal of good.

Or you can chuck it all and decide to write historical detective novels set in some exotic locale you have to visit frequently for research.

You can arrange what you want to do around a more leisurely schedule -- and take cool vacations at the drop of a hat when some bargain comes your way.

I agree with you that a life needs some sort of structure. I see a number of older people who spend half the day in their jammies frittering away the day... and it's not healthy.

But if your only structure is your work -- that's sad, too. If the above comment I bolded is truly your idea of retirement, you need to find your avocation. Find what you love. When you retire, you will have something exciting to retire to.
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Old 08-12-2014, 08:22 PM
 
29,838 posts, read 34,924,704 times
Reputation: 11760
Quote:
Originally Posted by JRR View Post
The changing of the taxing of retirement income has us rethinking about retiring to NC. I also believe that there was some talk about wanting to tax social security benefits at the same flat 5.75% but that was finally decided against for the present time. I can understand how the wealthy would be happy to see their rates dropped down from 7.75%, but it seems to be putting a bit more on the middle class.

We are now seriously looking at next door neighbor Tennessee. I wonder how many other retirees may be doing the same
Those are great observations
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Old 08-12-2014, 11:29 PM
 
Location: brooklyn, new york, USA
899 posts, read 932,703 times
Reputation: 1300
Quote:
Originally Posted by HappyTexan View Post
I had a co-worker that was like that.
Put 3 kids through private college, paid for 2 weddings for his sons (the girls' families didn't have money), took lavish trips and then wondered at 64 why he had no money saved. He did live life to its fullest and it cost him dearly.

He was amazed that I was taking an early retirement and didn't need to work anymore.
now his kids have to come back and give him a great life. put him in a nicer home, shower him with luxuries of life. i have no clue why parents do so much for their kids in america yet expect nothing back when they are old and broken.

Last edited by Hairy Guy; 08-13-2014 at 12:34 AM..
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Old 08-13-2014, 12:22 AM
 
33,046 posts, read 22,116,650 times
Reputation: 8970
Quote:
Originally Posted by anifani821 View Post
You can try to play the obtuse card all you want. If you want to believe that Section 8 housing isn't typically a hotbed of crime (where I live) then continue in ignorant bliss, my friend.

The majority of folks on Sec 8 where I live are not hard working individuals who are trying to get a leg up and better themselves. Nor are they the elderly. Nor are they the temporarily displaced or underemployed.

We have a terribly disturbing phenomena here in my city. The crackheads, thugs and gangstas move in on their girlfriends, their baby mommas, their elderly (and frightened) grandparents . . . and deal drugs, steal from the neighbors, jack cars, get drunk or wacked out on drugs and get violent, etc, causing problems for the decent folk trying to simply live their lives.

Doesn't matter to me if you believe me or not. I am the one dealing with it. If it is different in your hood, good for you.

Sounds like the problem lies not with the property, but the management. Specifically, it's easy to blame greedy landlords.
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Old 08-13-2014, 12:26 AM
 
33,046 posts, read 22,116,650 times
Reputation: 8970
Quote:
Originally Posted by anifani821 View Post
If you qualify as being in poverty, when you file your taxes, you will get a refund. However, as I noted earlier, such things as paying for FICA/SS and FICA/Medicare, should be something that all people pay. After all, you are paying into a system that (supposedly) you will one day use.

Of course, I understand that you may have your doubts as to whether or not you will actually see that money. It is what it is. No different than my sending my kids to private school (or having no children to take advantage of K-12 education) but still having to pay taxes which underwrite my local school system.

I never see my tax refunds because the Dept of Education grabs them - and charges me a 20% fee for the privilege!
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Old 08-13-2014, 01:19 AM
 
Location: Oregon, formerly Texas
5,459 posts, read 3,776,993 times
Reputation: 9277
Who has the money to save? It took me 7 years of living off of half a paycheck to pay off my student loans and save up for a down payment. Now I have home repair bills.

Whenever I save there is something that comes up that eats it up.
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Old 08-13-2014, 03:39 AM
 
Location: Florida
19,853 posts, read 19,959,826 times
Reputation: 23320
freemkt. You've made about a million posts and gotten about 3 million suggestions, every single one of which you reject with one excuse or another.
For this particular thread you are a poster child of why some will never have any savings because they won't do one damn thing to change their circumstances except blame them on everything but themselves.
It's true that low income workers will probably never retire with a million in the bank but what they save should be relative to what they've earned and help maintain at least a more stress free retirement.
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Old 08-13-2014, 03:47 AM
 
16,437 posts, read 19,166,218 times
Reputation: 9520
Quote:
Originally Posted by haprunstance View Post
I doubt many people have enough saved to retire. The best thing to do is lower expenses, so that you can survive on social security.
That is practicaly impossible. And now with same sex couples piling on to the already strained system, spousal and survivor benefits will go away.
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