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 02-16-2017, 09:07 PM
 
Location: Los Angeles area
14,018 posts, read 17,744,100 times
Reputation: 32309

Advertisements

Quote:
Originally Posted by 1aberrousa View Post
I hate paying federal taxes due to the wealth redistribution welfare system. I will gladly be poor, and be happy not paying into that welfare system.
The knowledge that my money is not being used to support the leeches that live in this country, makes me very happy.
I understand your point of view, even though I don't share it. I would prefer NOT to be poor, even at the cost of having to contribute financially to something which is unjust (supporting leeches). There are so many injustices in the world in addition to the one you pointed out that I try not to get myself worked up about them. When I was younger I was so often outraged and angry. But guess what? That didn't change a thing. Serenity works better for me in old age.

Besides, my taxes support deserving people in addition to the leeches.
Reply With Quote Quick reply to this message

 
Old 02-19-2017, 03:59 PM
 
Location: Straddling two worlds
2,540 posts, read 805,242 times
Reputation: 1780
Quote:
Originally Posted by Escort Rider View Post
Your interpretation would make the statement make sense, so I would say you are probably correct. However, the poster did write "taxes". Thanks for pointing out something that had not ocurred to me.
Right. I think it's around $16k this year but definitely a small amount before they start deducting. I looked into this because I may be forced to retire early (I'm 64) later this year and my current ss plus the $16k will only add up to around $36k.
Reply With Quote Quick reply to this message
 
Old 02-19-2017, 04:50 PM
 
Location: Planet Woof
3,139 posts, read 3,510,190 times
Reputation: 9889
A comfortable lifestyle can be had on 36K in most places.
Reply With Quote Quick reply to this message
 
Old 02-19-2017, 05:09 PM
 
Location: Close to an earthquake
890 posts, read 677,754 times
Reputation: 2390
Had a client years ago who started collecting Social Security benefits early so had to be mindful of the earnings limit. He had a clever approach to handle the consulting income he earned from his former employer.

He formed a corporation and put both him and his wife on the payroll. The corporation paid both of them generous non-taxable employee fringe benefits and maybe there was a pension, I can't recall. In any event, these benefits and other corporation expenses sucked up a lot of the consulting income and allowed his W-2 wage to be below the earnings limit. And as a result of those expenses, the corporation had little taxable income and, thus, paid little or no tax.

After the earnings limit no longer mattered, he dissolved the corporation.
Reply With Quote Quick reply to this message
 
Old 02-19-2017, 06:22 PM
 
Location: Straddling two worlds
2,540 posts, read 805,242 times
Reputation: 1780
Quote:
Originally Posted by FeelinLow View Post
A comfortable lifestyle can be had on 36K in most places.
Yes it can and I will have to compromise if / when the time comes but right now looking for a town where I can park the car for the winter and walk everywhere and also be able to hop on a train and get to NYC in around an hour. Tall order, but I know it's out there if I just keep digging
Reply With Quote Quick reply to this message
 
Old 02-19-2017, 06:29 PM
 
Location: Straddling two worlds
2,540 posts, read 805,242 times
Reputation: 1780
Quote:
Originally Posted by borninsac View Post
Had a client years ago who started collecting Social Security benefits early so had to be mindful of the earnings limit. He had a clever approach to handle the consulting income he earned from his former employer.

He formed a corporation and put both him and his wife on the payroll. The corporation paid both of them generous non-taxable employee fringe benefits and maybe there was a pension, I can't recall. In any event, these benefits and other corporation expenses sucked up a lot of the consulting income and allowed his W-2 wage to be below the earnings limit. And as a result of those expenses, the corporation had little taxable income and, thus, paid little or no tax.

After the earnings limit no longer mattered, he dissolved the corporation.

That's brilliant!
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