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Old 02-27-2015, 05:58 AM
 
Location: Somewhere in USA
587 posts, read 499,008 times
Reputation: 542

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I have learned alot from these posts then i would have else where. Thanks all!
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Old 02-27-2015, 05:58 AM
 
Location: Subconscious Syncope, USA (Northeastern US)
2,367 posts, read 1,640,984 times
Reputation: 3814
I dont disagree with costs being subjective, but so is where you live. People live where they live because they want to, and can afford to. Simple as.
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Old 02-27-2015, 06:02 AM
 
Location: Subconscious Syncope, USA (Northeastern US)
2,367 posts, read 1,640,984 times
Reputation: 3814
Quote:
Originally Posted by mathjak107 View Post
whether they invest or not has nothing to do with ss.

where you live has a huge effect on what 110k a year represents. living in ny it certainly isn't a wealthy income by any yardstick.

if you want to start taxing more at low levels like that then my feeling is ss should pay them more. 110k pretax income is hardly a wealthy level in many areas.
I dont disagree with costs being subjective, but so is where you live. People live where they live because they want to and can afford to. Simple as.

The names I mentioned with what I said earn more like 110K a week or month. No one said that the 110K could not be adjusted. It already is adjusted with what I said. You would have to be earning MORE than 110K a year to even flinch over the change.

Where does it say anyone on SS or SSI should be able to live on Park Avenue - or even Bay Ridge, Bklyn, or Forrest Hills, Qns? Marin, or Orange, CA and so on? Why should rich people collect welfare?

How is it fair that the young low and middle class get to take up the wealthy's slack - and face never getting ahead, or maybe even never having SS & SSI available to them?

Last edited by ConeyGirl52; 02-27-2015 at 06:11 AM..
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Old 02-27-2015, 09:08 AM
 
530 posts, read 539,790 times
Reputation: 959
Quote:
Originally Posted by ameridreamNoT View Post
I have learned a lot from these posts then i would have else where. Thanks all!
Me, too! I'm past retirement age (65 1/2), and still working, mostly because we live in one of those high CoL places mentioned earlier. My DW's Family figures into it, too, though.
I'm going away with a lot more information than what I arrived with ...

Thanks to everyone who contributed to this thread - I 'ppreciate ya!

TC
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Old 02-27-2015, 09:13 AM
 
71,914 posts, read 71,971,035 times
Reputation: 49468
Quote:
Originally Posted by ConeyGirl52 View Post
I dont disagree with costs being subjective, but so is where you live. People live where they live because they want to, and can afford to. Simple as.
well if you are going to consider 110k wealthy you really have to keep it in perspective.
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Old 02-27-2015, 09:31 AM
 
Location: Omaha, Nebraska
7,332 posts, read 4,183,795 times
Reputation: 18405
Quote:
Originally Posted by Thulsa View Post
Planning to retire at 55 is an excellent idea. Maybe that's the best advice you could give anyone who is planning their finances.

Just don't actually retire at 55.
Agree!

I'm 52, and have about 1.4 million saved up between my personal investment accounts and my work retirement accounts. I'm also vested in a pension at work (about 200k), and have about 150k of home equity. But I'm not considering retiring for several reasons:

1. My house is not yet paid off. Also, I don't know for sure where I want to live when I'm retired.

2. My cash reserves are not large enough yet to safely ride out a bear market should one hit during in the early years of my retirement.

3. If I stay working for another 6 years, I'll vest into another, smaller pension program for highly compensated employees. If I stay on another 10 years, my hospital will pay for my malpractice tail insurance. I don't like the thought of unnecessarily leaving money on the table.

4. Health insurance. I'd like to give Obamacare more time to see how things shake out before I commit myself to relying on it.

5. (The BIGGIE!) My parents are still alive. Dad's 80, Mom's 79. Right now they're in good physical, mental, and financial shape - but for how much longer? I'd be foolish to quit a high-paying job now; the money I bring in may be needed to help pay for their care during their final years. Good nursing homes aren't cheap.

Still, it's nice to know that if things went south with my job, I could pull the plug on my medical career and would probably be OK.
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Old 02-27-2015, 09:53 AM
 
Location: Somewhere in USA
587 posts, read 499,008 times
Reputation: 542
Quote:
Originally Posted by Aredhel View Post
Agree!

I'm 52, and have about 1.4 million saved up between my personal investment accounts and my work retirement accounts. I'm also vested in a pension at work (about 200k), and have about 150k of home equity. But I'm not considering retiring for several reasons:

1. My house is not yet paid off. Also, I don't know for sure where I want to live when I'm retired.

2. My cash reserves are not large enough yet to safely ride out a bear market should one hit during in the early years of my retirement.

3. If I stay working for another 6 years, I'll vest into another, smaller pension program for highly compensated employees. If I stay on another 10 years, my hospital will pay for my malpractice tail insurance. I don't like the thought of unnecessarily leaving money on the table.

4. Health insurance. I'd like to give Obamacare more time to see how things shake out before I commit myself to relying on it.

5. (The BIGGIE!) My parents are still alive. Dad's 80, Mom's 79. Right now they're in good physical, mental, and financial shape - but for how much longer? I'd be foolish to quit a high-paying job now; the money I bring in may be needed to help pay for their care during their final years. Good nursing homes aren't cheap.

Still, it's nice to know that if things went south with my job, I could pull the plug on my medical career and would probably be OK.
well, this is why every one is different. I am 33 and I have a few things accomplished ahead of the game...but I rather stay working 'til 55 and perhaps my perspective will change by then. God forbid, health is the #1 priority and outweighs any other valuable stuff. I think I may as well get back on track with the gym.

I see that not many prefer to retire young and NOT to sit around. Even having hobbies can be bored at times.
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Old 03-02-2015, 04:25 PM
 
Location: Subconscious Syncope, USA (Northeastern US)
2,367 posts, read 1,640,984 times
Reputation: 3814
Quote:
Originally Posted by mathjak107 View Post
whether they invest or not has nothing to do with ss.

where you live has a huge effect on what 110k a year represents. living in ny it certainly isn't a wealthy income by any yardstick.

if you want to start taxing more at low levels like that then my feeling is ss should pay them more. 110k pretax income is hardly a wealthy level in many areas.
Im not sure you can get much more expensive to live in than where I live. Not that Im wealthy or anything, but this is the families neighborhood. They go way back in the general area. I dont make half of 110K. We live modestly.

I understand, and can empathize. But, if its essentially a tax for social welfare, how is it fair, with my meager income that I pay tax on 100%, yet wealthy people stop paying at 110K which is a salary that I and thousands like me will never see in our lifetimes - and probably will never have in our retirement funds.


Its all relative.

Funny when I was a kid, they used to proudly call it 'the price of doing business'...or something like that.


P.S. I am in no way suggesting that the low to mid wage earner doesnt need to pay that 100%. just spread the love.

Last edited by ConeyGirl52; 03-02-2015 at 04:45 PM..
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Old 03-02-2015, 05:59 PM
 
685 posts, read 565,989 times
Reputation: 1004
Quote:
Originally Posted by Escort Rider View Post
I often take the road less travelled, so this may not be very helpful to the original poster, but he asked and here is my answer:

I am 70 and I have NEVER in my life "budgeted" in the sense of having a list of categories of monthly expenditures. However, I am aware of my monthly TOTAL expenditures (discretionary and non-discretionary together) over time and also of my average monthly income. Since the former has always been less than the latter, I have never found it necessary to get into greater detail.

Now that probably makes it sound like I've been used to having a rather high monthly income. But the strange part is that no, I have had a lifetime very modest income as a high school teacher who sometimes worked moonlighting jobs. It also probably makes it sound like I've never done much in the way of hobbies, travel, etc. Also not true.

The seeming contradiction is resolved by the fact that I have always kept my spending on basics to a minimum. That is, my housing, clothing, food, and car expenses were (and are) marked by frugality - not through discipline (although I guess one could call it that) but through natural inclination. I have no interest in designer clothes, wine costing more than $10 a bottle, or cars at the level or BMW or Mercedes or similar.

The same pattern continued after I retired from full-time work almost ten years ago. My pension plus part-time work (the latter just screwing around at stuff I enjoy, not any serious attempt to earn money) totaled the same or a little better than the (small) amount I made before retiring. My expenses continued also at more or less the same level - I still travelled some, but in a more or less frugal manner as always. I started splurging a bit on the best available seats for live classical music concerts, but I only go once or twice a month, so the total over a year's time is not at all outrageous.

Still no "budgeting", and still income exceeds expenditures - not every single month, but on the average.

I wouldn't be surprised if most people think I'm crazy. But my method has worked for me, and has given me a lifetime of total financial security and comfort, with no stress or agonizing about money.
We don't have a budget. But we do have an overall picture of our spendings vs. income. Today's excitement came when I found romaine lettuce for $1.00+ less than where I usually buy it (and the place is closer by a couple of miles). We have small pets who go through two packages a week. They're part of our entertainment since we don't go out much these days. Laughing is important and the little ones and my hearing dog (he's adorable) provide a lot of that for us and others.

We never budgeted and took a potshot at how much we'd need to get through each year (after our move leveled off to get a realistic picture). We're simply more frugal and have alway purchased cars we could afford that got decent gas mileage.

I've done little jobs for folks around here for a few extra bucks and even trade - like bartering. We're women in our early 60s and mid 60s now. We're also limited to how much we can take out of our IRAs until I hit 66 and that's creating a problem in and of itself.

Asheville has a number of free or very cheap events like outdoor concerts and such. We're now trying to plan our first vacation (a cheap one) in years. It's sort of a juggling act most months and my own medical expenditures were over 10% of my income (deductible) for two years in a row. This year's medical and dental expenses should be closer to 1% of my earnings. That will allow us breathing room.

We're both concerned about having enough $$ to get us through to the end of our lives. I don't know if we'll have it. But it's the way it is.
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Old 03-03-2015, 08:45 AM
 
Location: Tennessee
23,685 posts, read 17,651,107 times
Reputation: 27772
Quote:
Originally Posted by Aredhel View Post
Agree!

I'm 52, and have about 1.4 million saved up between my personal investment accounts and my work retirement accounts. I'm also vested in a pension at work (about 200k), and have about 150k of home equity. But I'm not considering retiring for several reasons:

1. My house is not yet paid off. Also, I don't know for sure where I want to live when I'm retired.

2. My cash reserves are not large enough yet to safely ride out a bear market should one hit during in the early years of my retirement.

3. If I stay working for another 6 years, I'll vest into another, smaller pension program for highly compensated employees. If I stay on another 10 years, my hospital will pay for my malpractice tail insurance. I don't like the thought of unnecessarily leaving money on the table.

4. Health insurance. I'd like to give Obamacare more time to see how things shake out before I commit myself to relying on it.

5. (The BIGGIE!) My parents are still alive. Dad's 80, Mom's 79. Right now they're in good physical, mental, and financial shape - but for how much longer? I'd be foolish to quit a high-paying job now; the money I bring in may be needed to help pay for their care during their final years. Good nursing homes aren't cheap.

Still, it's nice to know that if things went south with my job, I could pull the plug on my medical career and would probably be OK.

At $1.4 million, you should be perfectly fine with just your own expenses, but how are your parents holding up? It seems like your primary reason to keep working is to keep them solvent.
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