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Old 10-23-2016, 08:39 PM
 
11,133 posts, read 8,540,714 times
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People don't need retirement plans in order to save money.
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Old 10-23-2016, 08:48 PM
 
Location: Living rent free in your head
31,070 posts, read 13,591,379 times
Reputation: 22130
Quote:
Originally Posted by charlygal View Post
People don't need retirement plans in order to save money.
That's only true if they have enough left after they cover their expenses to save, but unfortunately there are a lot of people in this Country who work hard and are lucky to have $20 left at the end of the month.
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Old 10-24-2016, 10:54 AM
 
8,855 posts, read 5,132,953 times
Reputation: 10123
Quote:
Originally Posted by TuborgP View Post
Did you read the article about money lost to fees and limited options? The article is about the quality of programs notvwho had the best retirement. It is about who is making the money off of their contributions and the bang for their dollars contributed
Yes, IMO, annuities should be illegal inside tax-advantaged plans.

However, most workers do not have access to any employer retirement plan, much less a pension. Teachers have the same access to IRAs that everyone else has. I strongly disagree that teachers have it "bad"; they have it far better than most.
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Old 10-24-2016, 10:56 AM
 
8,855 posts, read 5,132,953 times
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Originally Posted by matisse12 View Post
$150,000 income per year in retirement is no panacea?? How do you figure that? That would be way more than any retiree needs and would be an ultra luxurious very abundant life for most any retiree. Many retirees (if not most) live on a tiny or small fraction of that.
Most working people live on far less than that.
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Old 10-24-2016, 11:03 AM
 
8,855 posts, read 5,132,953 times
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Quote:
Originally Posted by Ultrarunner View Post
StealRabbit's home is in Washington State.

He built his home and his taxes have exploded over the years.

Washington State had it's own version of Prop 13 calle I-747 which enjoyed huge voter support and became law only to later be tossed out by a Judge.

I can relate...

My Washington Prop Tax went up 80% 18 months after I bought and I-747 was tossed... it went from $6800 to $12,000

In California my 700k assessed home has a $11,000 property tax... the previous owner were paying $1200... I have filed formal appeals several time and won all of them... it is at least 150k overvalued but spending time in perpetual appeal gets wearisome too...

11k taxes on a 550k home does not make California a low property tax State in my book because it works out to 2%

That said... Prop 13 is more important to me than ever... I have experienced what happened in Washington when my assessment jumped 80% and can only imagine what my 11k California Prop Tax would be if Prop 13 went away...
It's only 1%. If you're paying more than that, it's because voters in your district have approved direct assessments to property owners to fund <whatever>.
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Old 10-24-2016, 11:09 AM
 
26,589 posts, read 52,294,382 times
Reputation: 20418
Quote:
Originally Posted by Petunia 100 View Post
It's only 1%. If you're paying more than that, it's because voters in your district have approved direct assessments to property owners to fund <whatever>.
The 1% ONLY applies to the Statewide Levy...

You will not find a property with a straight 1% assessment in the State... there are hundreds of entities with the power to tax and the voters in my city have not seen a new tax they don't like... for the most part.

Voter approved or Statewide 1% it is all Property Tax that if left unpaid will result in the loss of the property.

California never makes the list of Low Tax states...
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Old 10-24-2016, 11:11 AM
 
8,855 posts, read 5,132,953 times
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Quote:
Originally Posted by jiminnm View Post
The last stats I saw from the DOL is that about 80% of full time workers have access to a 401k, and that about 80% of that number participate. For employers over 500 employees, availability was at 90%.
Are you referring to this? http://www.americanbenefitscouncil.o...b-966598903769

If you read it carefully, it says 80% of full-time employees in large companies have access to 401k or similar plans. That describes less than half of the workforce.
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Old 10-24-2016, 11:15 AM
 
8,855 posts, read 5,132,953 times
Reputation: 10123
Quote:
Originally Posted by Ultrarunner View Post
The 1% ONLY applies to the Statewide Levy...

You will not find a property with a straight 1% assessment in the State... there are hundreds of entities with the power to tax and the voters in my city have not seen a new tax they don't like... for the most part.

Voter approved or Statewide 1% it is all Property Tax that if left unpaid will result in the loss of the property.

California never makes the list of Low Tax states...
Oh yes, I am well aware of that. I'm paying quite a few special assessments myself.

Still, it is not the state taxing you, but your neighbors.
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Old 10-24-2016, 11:17 AM
 
Location: Central New Jersey
2,398 posts, read 912,016 times
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I wouldnt recommend getting into the LE field now either as their benefits are drastically changing.
Here in NJ the government has cracked down the last 5 years as far as the teachers and LE benefits and pensions.
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Old 10-24-2016, 12:49 PM
 
16,598 posts, read 14,075,580 times
Reputation: 20562
Quote:
Originally Posted by StealthRabbit View Post
Or local news did a 'Retired Teachers' 5 day report. Most of the interviews were overseas, (Tahiti, Belize, Riviera, Italy, France...) where double income, retiree couple (ex USA teachers) were having to 'get-by' on $120k to $200k pensions and they had full medical.

I'm sure things are changing!
Source?

I live in one of the most generous pension states, with top 5 salaries. We can expect to have a pension about 40% of our final salary, give or take. Most retirees are not making 6 figures when they retire, so its more like 35K a year.

If there are teachers making 6 figure pensions, they are far and away a tiny extreme outlier of the norm.
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