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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 .
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.
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.
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.
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!
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.
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.
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."
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.
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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