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Old 03-19-2010, 07:01 PM
 
29,782 posts, read 34,876,173 times
Reputation: 11705

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Quote:
Originally Posted by MadManofBethesda View Post
Oh, pleeeease.

If you're subject to the phaseout of itemized deductions, that means you have an AGI of over $166,000. And that would be after contributions to a 401(k). So, you're gross income could be over $200,000. If you have no money left after living expenses, you have a serious problem - and it has nothing to do with taxes.

Did you actually expect to garner any sympathy with that sob story?

Obscene amount of taxes my eye. What's obscene is whining that you aren't able to take a vacation while earning well into six figures.

Oh, and BTW, before we retired, my wife and I were in the same situation as you with regard to taxes and the phaseout of deductions. The difference being that we've been financially responsible all of our lives, so that in addition to being able to purchase luxury items and travel around the world on vacations, we also were able to plan for our retirement.

No money left over after living expenses.... Try explaining that to people who are managing to do quite well on less than 1/2 of your income.

http://tbdetermined.files.wordpress....hambulance.jpg
Well said and very true
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Old 03-19-2010, 07:01 PM
 
Location: southern california
55,668 posts, read 74,637,859 times
Reputation: 48179
not impossible but great efforts must be made to prepare for it.
certainly those that think paying for their 30 year old kid's car, college and insurance is normal, that is going to pose a problem.
and the refi fevor that has swept the nation and caused millions of walk aways should have never never ever been a consideration. its not a leverage tool, its your home and keeps you from sleeping in the street.
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Old 03-19-2010, 07:05 PM
 
Location: Sierra Vista, AZ
16,133 posts, read 20,829,122 times
Reputation: 8293
Years ago you would have had a company pension but now you have a 401K. You would probably have had Health care with it but the Insurance companies have destroyed that. Government Employees and union members now have pensions and Health care because they were behind the curve privatizing these things. So now it's their fault instead of the theives who stole the money from your 401 and raised your insurance premiums by hundreds of percent.
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Old 03-19-2010, 07:34 PM
 
48,516 posts, read 83,955,483 times
Reputation: 18050
No everyone else want cash yearly. the government workers want benefits for later is the way I see it. The UAW wanted both and milked the cows dry.
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Old 03-19-2010, 08:54 PM
 
Location: SoCal desert
8,093 posts, read 13,236,672 times
Reputation: 14870
Quote:
Originally Posted by Huckleberry3911948 View Post
and the refi fevor that has swept the nation and caused millions of walk aways should have never never ever been a consideration. its not a leverage tool, its your home and keeps you from sleeping in the street.
And sad to say that many haven't learned the lesson.

Go over to the Moving Forum and you'll see post after post saying "I want to buy in a neighborhood where the property is on the way up, so I can sell for a profit in 5 years."

GAH!!

Homes aren't investments.
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Old 03-20-2010, 04:44 AM
 
48,516 posts, read 83,955,483 times
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From wah was released yesterday lmany that are left do not in fact qaulify for refiancing at all. The freoclousres will increase.Lokig at the mortgage forums there still are people looking for )% down and those that thnk that 3% is a huge amount.Its the same with credit cards;good thing governamnt has actually passed consumer protection that will guard folls form themsleves.
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Old 03-20-2010, 07:52 AM
 
Location: Sierra Vista, AZ
16,133 posts, read 20,829,122 times
Reputation: 8293
I love it, all these people who didn't want employer based or union based pensions and were going to handle their own retirement with 401Ks are now whining about Union Pensions
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Old 03-20-2010, 08:29 AM
 
71,651 posts, read 71,777,271 times
Reputation: 49241
i dont know a sole who wouldnt take an employer based pension... unfourtunetly most companies died under the crush of legacy benefits....

we are all responsible for paying our own way now like it or not except for ss but basically we payed that into the system as well from our pay..
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Old 03-20-2010, 08:44 AM
 
9,807 posts, read 13,462,004 times
Reputation: 8158
Quote:
Originally Posted by elfinowl View Post
I stayed at home and raised my children in a place where jobs weren't easily available and there was no child care. I worked free-lance at home for low wages while I raised the children. Then, when they were in school, I went to work full-time for woman's wages, lower than men's, and have worked full-time since. My children are all successful. I am not, and I will not be able to retire because I cannot afford to retire. I did what was promoted for women at the time by the church and Republican party, and I will die in poverty as a result.
Quit blaming --"the Church and the Republican party"

No where did you mention the words--husband- or --father of the children.

That person should have been earning a good wage supporting his kids and you should be entitled to half his SS when you retire.

Did --"the Church and the Republican party"---encourage you to have kids without the financial support of a husband ?

I highly doubt it !
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Old 03-20-2010, 08:54 AM
 
9,807 posts, read 13,462,004 times
Reputation: 8158
Quote:
Originally Posted by Huckleberry3911948 View Post
not impossible but great efforts must be made to prepare for it.
certainly those that think paying for their 30 year old kid's car, college and insurance is normal, that is going to pose a problem.
and the refi fevor that has swept the nation and caused millions of walk aways should have never never ever been a consideration. its not a leverage tool, its your home and keeps you from sleeping in the street.

Good post !

I can never figure out why it is the parents obligation to foot the entire 4 year bill for college for their adult children.

I helped my children through college ( bought them a cheap car so they could have a job while in college, paid the auto insurance) but never even considered footing the entire bill for my adult children.

Even politicians ( Obama) use that phrase------" afford to send their kids to college"

When a kid is 18,they are a legal adult and have to find ways to pay for things they want.

A " helping hand" is different than footing the bill.

By the way, I didn't foot the bill when my kids bought their first house either.
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