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Old 03-17-2016, 08:11 AM
 
71,594 posts, read 71,751,865 times
Reputation: 49209

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Quote:
Originally Posted by HappyTexan View Post
My brother bought a house in LI about 35 years ago.
Says though that when he retires they are going to sell the house and move.
His taxes are near $20K a year.
yep , so the fact a 30k or 40k mortgage is now paid really amounts to peeing in the ocean as far as making life here more affordable .

the good news though is real estate taxes are not high in a vacuum . they are high because values are high . your brother can sell that house , relocate to cheapsville and be in very nice financial shape .
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Old 03-17-2016, 09:07 AM
 
Location: Florida and New England
1,233 posts, read 1,418,186 times
Reputation: 1681
Quote:
Originally Posted by HappyTexan View Post
My brother bought a house in LI about 35 years ago.
Says though that when he retires they are going to sell the house and move.
His taxes are near $20K a year.
This is why many are leaving these expensive tax locations in the north and moving to Dixie. I am now domiciled in Florida, far earlier in life than I once thought I would.

My property taxes on the house (which I currently rent out) in Connecticut are above 18k now. That's 1500 per month. More than a mortgage payment.
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Old 03-17-2016, 09:12 AM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
Quote:
Originally Posted by westender View Post
This is why many are leaving these expensive tax locations in the north and moving to Dixie. I am now domiciled in Florida, far earlier in life than I once thought I would.

My property taxes on the house (which I currently rent out) in Connecticut are above 18k now. That's 1500 per month. More than a mortgage payment.
I have a new neighbor from NY escaping 15-17k property taxes.
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Old 03-17-2016, 09:13 AM
 
Location: Forests of Maine
30,682 posts, read 49,455,573 times
Reputation: 19134
Quote:
Originally Posted by westender View Post
This is why many are leaving these expensive tax locations in the north and moving to Dixie. I am now domiciled in Florida, far earlier in life than I once thought I would.

My property taxes on the house (which I currently rent out) in Connecticut are above 18k now. That's 1500 per month. More than a mortgage payment.
We had a tri-plex in Connecticut, it's taxes were pretty high too.

After I retired, we migrated North and found much lower home prices and lower property taxes.
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Old 03-17-2016, 01:05 PM
 
2,132 posts, read 1,005,162 times
Reputation: 8673
Quote:
Originally Posted by Mircea View Post
29% of households 65 and older have only Social Security as income.

You can read the GAO report the article is based on here:

http://www.gao.gov/assets/680/670153.pdf
You're comparing apples to oranges. The poster didn't say 50% of older citizens are getting ALL of their income from SS. They said that they are getting most of their income from SS. Personally I would EXPAND that, not cut it down, by saying over 50% of people drawing SS count on that income to make ends meet.

Plus your quote is WRONG. This is what the GAO report says, and in fact it supports exactly what the other poster said:

Quote:
among households age 55 and older, about 29 percent have neither retirement savings nor a DB plan,
Nowhere does it say that 29% of households 65 and older have "only social security as income".

What it DOES say about households 65 and over is this, which is EXACTLY what the other poster said:

Quote:
Social Security provides most of the income for about half of households age 65 and older.
You're wrong. The OP was correct. I'm guessing you were betting on no one bothering to actually ready your link, LOL!
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Old 03-17-2016, 01:27 PM
 
71,594 posts, read 71,751,865 times
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According to the ss administration 46% of singles and 23% of married couples get 90% of their income from social security
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Old 03-17-2016, 01:41 PM
 
Location: Great State of Texas
86,093 posts, read 72,515,954 times
Reputation: 27565
Here's SSA's opinion regarding SS as part of your entire retirement plan:

https://www.ssa.gov/planners/retire/r&m6.html
Most financial advisors say you'll need about 70 percent of your pre-retirement earnings to comfortably maintain your pre-retirement standard of living. If you have average earnings, your Social Security retirement benefits will replace only about 40 percent. The percentage is lower for people in the upper income brackets and higher for people with low incomes. You'll need to supplement your benefits with a pension, savings or investments.
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Old 03-17-2016, 01:54 PM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
Quote:
Originally Posted by HappyTexan View Post
Here's SSA's opinion regarding SS as part of your entire retirement plan:

https://www.ssa.gov/planners/retire/r&m6.html
Most financial advisors say you'll need about 70 percent of your pre-retirement earnings to comfortably maintain your pre-retirement standard of living. If you have average earnings, your Social Security retirement benefits will replace only about 40 percent. The percentage is lower for people in the upper income brackets and higher for people with low incomes. You'll need to supplement your benefits with a pension, savings or investments.
Bada Bing!
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Old 03-17-2016, 05:14 PM
 
Location: Proxima Centauri
4,817 posts, read 1,989,023 times
Reputation: 5262
Quote:
Originally Posted by Vision67 View Post
I've read lots of articles about how much people should save for retirement and about how few actually are successful reaching that goal. This article demonstrates how dependent retirees actually are on Social Security.

"Based on this data, only the top quarter of all savers and only the top 12% of all retirees in this age range can count on a minimum of $16,000 in income each year from their nest eggs."

US retirement savings vary widely - Business Insider
According to statisticians the average male who reaches 65 will live another 19.9 years. Assuming that they had a job that gets them 2,000 a month on SS and they start collecting at 66 they will get paid a total of $453,600. That sounds like a good deal to me and it doesn't even include COLA raises.
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Old 03-17-2016, 06:04 PM
 
71,594 posts, read 71,751,865 times
Reputation: 49209
Average life expectancy is only the 50% point where half die and 1/2 go on longer. A 65 year old man has a 42% chance of seeing 85 and a 21% chance of seeing 90.

A 65 year old woman has a 54% chance of seeing 85 and almost a 33% chance of seeing 90.

But the real issue is couples . A 65 year old couple has a 73% chance of one of them seeing 85 and almost a 50% chance of seeing 90. Couples take on much longer life expectancy since either one can out live the other and you have two horses in the race with one bet

Last edited by mathjak107; 03-17-2016 at 06:15 PM..
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