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)
Reply Start New Thread
 
Old 04-14-2015, 12:26 PM
 
2,298 posts, read 1,571,476 times
Reputation: 2747

Advertisements

Quote:
Originally Posted by Linda_d View Post
I avoid political BS. I especially avoid political BS by would-be Republican presidential candidates almost a year before the primaries begin.
Most issues like this are "political", Linda. Certan parties lean certain ways. I always get a big chuckle out of people who t hink issues aren't political.
Reply With Quote Quick reply to this message

 
Old 04-14-2015, 12:40 PM
 
Location: Central Mexico and Central Florida
7,123 posts, read 3,487,289 times
Reputation: 10223
Quote:
Originally Posted by Linda_d View Post
I agree. They are NOT going to change the rules for people who are within a few years of retirement!

What's more likely is that they would change the formulas for younger workers a decade or more in advance just as they did for retirement ages back in the 1980s or 1990s.
In 1983 Congress passed a law (then signed by Reagan), to tax social security on persons making what they considered to be high incomes. SS had never been taxed before.

In 1984, IRS began taxing social security. There was no decades long waiting period.
Reply With Quote Quick reply to this message
 
Old 04-14-2015, 01:18 PM
 
530 posts, read 540,900 times
Reputation: 959
Well ... In Late 2007, I found myself suddenly unemployed from a contracting agency, working at a Tech-industry site (Sillycon Valley).
Unemployment Compensation was meager, and when my DW was RIF'd from her position at another Tech-industry company, we were both wondering what-to-do. We almost sold everything and moved away.

A close friend of mine had begun taking his Social Security early (at 62), so after my Unemployment payments ran out, he recommended that I look toward Social Security to at least pay our bills.

I've been collecting SS Benefits ever since (beginning at 62), even though I'm (again) working in a full-time-contractor position, 6 years later.
...
Reply With Quote Quick reply to this message
 
Old 04-14-2015, 04:07 PM
 
Location: Myrtle Creek, Oregon
12,356 posts, read 12,575,240 times
Reputation: 19624
Quote:
Originally Posted by LS35a View Post
I figured out if I waited till I was 63 or 64 to take my SS it would take me till I was 78 years old to recover what I didn't collect those years.

So that's why I'm taking SS at 62.

I think means testing for SS is inevitable at some point.

But I think it unlikely they will exclude people who are already getting it.
How many years will it take you to catch up to the money you didn't earn by retiring too early? I used that 5 years to use "catch up" provisions to stash another $120,000 in my retirement account. Of course, I'm healthy and active, and judging from my relatives I'll live well into my 90s. Still, justifying early retirement on the theory that you will end up financially better off is just nonsense.
Reply With Quote Quick reply to this message
 
Old 04-14-2015, 04:15 PM
 
Location: Myrtle Creek, Oregon
12,356 posts, read 12,575,240 times
Reputation: 19624
Quote:
Originally Posted by bpollen View Post
I doubt they do means testing. But even if they do, it'll be targeted at the wealthy, which I am not.

Social Security is not in trouble financially. It's Medicare that has the big issues. They're getting ready to make some big changes in that, and that can't be good.
Exactly. Many young people don't realize that people on Medicare already pay premiums for their health coverage. At the minimum, I expect those premiums to double and triple, and expect those premiums to be means tested.

SSDI is broke, but that's a welfare program not funded by the retirement account. If congress wants to have national disability insurance, let congress figure out how to pay for it.
Reply With Quote Quick reply to this message
 
Old 04-14-2015, 04:17 PM
 
29,905 posts, read 34,959,090 times
Reputation: 11807
Quote:
Originally Posted by Larry Caldwell View Post
How many years will it take you to catch up to the money you didn't earn by retiring too early? I used that 5 years to use "catch up" provisions to stash another $120,000 in my retirement account. Of course, I'm healthy and active, and judging from my relatives I'll live well into my 90s. Still, justifying early retirement on the theory that you will end up financially better off is just nonsense.
Not necessarily, taking SS early for that reason I would agree with. But in the world of variables you can be better off financially retiring early. Consider folks with pensions who no longer have to pay in to their pension fund, SS and assorted other cost associated with work. Also possible savings from transplanting and continuing to work can be a hmmmm really? At some point increasing retirement fund savings can have a decreasing life quality added value. Fire Calc can be a reality check in multiple ways.
Reply With Quote Quick reply to this message
 
Old 04-14-2015, 04:53 PM
 
Location: Proxima Centauri
4,853 posts, read 2,008,201 times
Reputation: 5329
Quote:
Originally Posted by Burkmere View Post
A financial show I listen to regularly (Hanson and McClain on KFBK out do Sacramento..fee only advisors) advise to take SS early if you DONT need it at 62. Their reason is that they think it will be means tested down the road.

I'm curious to know if anyone is going to take it at 62 or before FRA for that reason primarily? I'd hate to wait u til 70 to discover I won't get as much as I thought!
Take a look at post number three. I agree with that person. This will be a strong case for hiding assets in trusts in the future. Your house in Florida, in a trust. Anything that you made on your house up North, in a trust. Those are no longer your assets. If anyone knows if you can put 401-Ks / IRAs in a trust, please speak up.
Reply With Quote Quick reply to this message
 
Old 04-14-2015, 04:57 PM
 
29,905 posts, read 34,959,090 times
Reputation: 11807
Quote:
Originally Posted by Tonyafd View Post
Take a look at post number three. I agree with that person. This will be a strong case for hiding assets in trusts in the future. Your house in Florida, in a trust. Anything that you made on your house up North, in a trust. Those are no longer your assets. If anyone knows if you can put 401-Ks / IRAs in a trust, please speak up.
Income based and wealth based means testing are very different. 10 million in a taxable account and in one year you spend 500k might not impact your SS at all. It would depend on the taxable income owed on that 500k.
Reply With Quote Quick reply to this message
 
Old 04-14-2015, 05:30 PM
 
2,298 posts, read 1,571,476 times
Reputation: 2747
Quote:
Originally Posted by TuborgP View Post
Income based and wealth based means testing are very different. 10 million in a taxable account and in one year you spend 500k might not impact your SS at all. It would depend on the taxable income owed on that 500k.
If Christie's plan or similar is implemented it'll certainly affect those taking distributions from their deferred comp accounts...and later on undoubtedly the Roths possibly, also. Who knows?
Reply With Quote Quick reply to this message
 
Old 04-14-2015, 06:19 PM
 
Location: Los Angeles area
14,018 posts, read 17,788,557 times
Reputation: 32309
Quote:
Originally Posted by Larry Caldwell View Post
Exactly. Many young people don't realize that people on Medicare already pay premiums for their health coverage. At the minimum, I expect those premiums to double and triple, and expect those premiums to be means tested.
.....................
If you are referring to the Medicare Part B premiums, they are already means tested. There are four or five tiers of premiums, based on "modified adjusted gross income" from our federal tax returns. Now what may well happen is that the tipping points for triggering the higher premiums will be adjusted downward. Right now we all pay the minimum premium until our yearly MAGI reaches $85,000 for a single filer or $170,000 for a married couple filing jointly. (That was from memory, but I'm fairly certain of it).
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