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Old 02-15-2018, 08:14 AM
6,253 posts, read 4,731,924 times
Reputation: 12844


I have never had anyone---young or old---ask about my financial details. Nor have I discussed the details with friends or family.

Sometimes I have been more than curious but I also keep my questions to myself. I have relatives who count every penny and every anticipated expense. They constantly complain about being on a "fixed" budget. We think they are worth many millions and have no heirs so the frugality is puzzling. They have a least enough money to spend summers in Europe living on their houseboat.
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Old 02-15-2018, 08:15 AM
10,334 posts, read 9,379,305 times
Reputation: 15922
If/when asked how much money I have I just give a half chuckle and say, "Not enough." That ends the topic fast.

People can ask anything - it's my choice to answer or not.
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Old 02-15-2018, 08:22 AM
Location: SW Florida
9,756 posts, read 7,035,798 times
Reputation: 14295
Originally Posted by pamjedlicka View Post
I agree. I have asked general questions of friends and others who have recently retired - more geared to how they determine how much they will need to meet expenses, etc. I don't think anyone really wants to get in your business, but as retirement approaches, I know I am interested in hearing about the experiences of those who are or who have recently retired. As an example, a friend of mine said she was surprised at how much was taken out of her pension in taxes. Well, to me, that is something you could calculate beforehand by contacting whatever agency in your area handles that. I've asked some how they are doing with Medicare and whether they have the supplemental plan. Some retirement plans pay for medical, and once Medicare kicks in, will pick up the cost of the supplemental plan, but you have to ask for that just prior to going on Medicare. They won't give it to you if you realize you forgot and ask later. My questions have more to do with planning than actual dollars. And taxes
I don't know if this is the case with all, or most pension plans, but with mine the retiree sets the amount of tax deducted from the monthly amount he/she gets, from no taxes to whatever amount is specified.The plan may have a default amount for taxes if the retiree doesn't specify the amount to be deducted, but I'd say the amount of deduction would depend on the retirees other income, and taxes coming out of those. And of course, how much ( in the case of other, possibly untaxed, income) the retiree wants to owe Uncle Sam at tax time.

It's the same ( or was, at least when I signed up) for SS. You can choose not to have taxes deducted from what you get ( and you probably would not if SS was your only source of income), or you can choose tax deductions in increments of 5, 10, 15 and so on percents. I chose 10% for SS, and have them take out about 25% from my state pension ( which is not a princely amount, but I am grateful for it), so we're not slammed by a big tax bill at tax time from my untaxed income as an educational consultant- for which I pay income taxes, SS and Medicare deductions at a rate of 15% or so.
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Old 02-15-2018, 08:26 AM
11,446 posts, read 8,437,960 times
Reputation: 7085
Some years back I, too, was a little more than curious regarding the income of some friends of my mom's.

California built a low income seniors building in the San Francisco area. Mom's bingo bunch up at Lake Tahoe all signed up for an apartment. These widows owned multi million dollar houses in SF and also in Lake Tahoe. Yet they qualified for the housing by giving the SF properties to their kids to sell.

That building filled up fast with a bunch of retired people who should or could have had millions in assets.

Another scam nobody cared about. To hell with truly low income seniors.
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Old 02-15-2018, 08:43 AM
Location: Paranoid State
13,047 posts, read 10,439,740 times
Reputation: 15683
Just respond that you're a purveyor of child pornography, a meth dealer, and a bitcoin miner.
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Old 02-15-2018, 08:49 AM
Location: Chicago area
14,396 posts, read 7,923,957 times
Reputation: 53504
Meh, ask me whatever you want and I will give you an honest answer.
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Old 02-15-2018, 09:13 AM
6,806 posts, read 3,864,772 times
Reputation: 15515
Originally Posted by luv4horses View Post
He probably has no one to talk to and needs some financial guidance. Just give him general answers such as "Some people" do this, some do that, "I know of one guy who....". He is just looking for options and you look like a smart, friendly lady. He probably is not trying to get up in your personal business.

^^^ This
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Old 02-15-2018, 09:41 AM
10,604 posts, read 14,202,393 times
Reputation: 17203
Originally Posted by tijlover View Post
After my Medicare deduction, I have $1077 left to spend. So when I hear of someone in worse shape than me, it makes my day!

The fact that misery loves company could be what's behind the nosiness!
That was my guess, too.

And some people think they're missing out on some tricks or scams.
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Old 02-15-2018, 09:50 AM
Location: Philadelphia/South Jersey area
2,875 posts, read 1,404,432 times
Reputation: 10088
Ok I'm going to be the outlier here.

Maybe one of the reasons so many folks are in horrible financial situations is because in general we treat talking about finances as taboo?? we act like it's some sort of secret, men in black, government society stuff.

Maybe they are genuinely interested in trying to better their situation.

Personally I find that is how I get answers, let's say one of my coworkers just purchased a car Im interested in, yes I asked them how much they paid for their car. I'm trying to get the best prices, not figure out if they are having nookie every night.

you don't have to give a blow by blow of you entire financial life but what is wrong with telling someone how much you pay in rent? Many seniors are on a fixed budget so finding ways to afford what they want could be really important.
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Old 02-15-2018, 09:53 AM
167 posts, read 74,404 times
Reputation: 253
We moved to a new town about 3 months ago. I've noticed people ask if we are retired, which is normal since most people are there. But they also start him hawing about finances, one even asked me outright can I afford to live in my house. I joikingly said "NO" and laughed. This is actually true, we will eventually need to downsize though it's not that nice of a house. Just too much for us.
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