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.
Short of floating people out to sea on an iceberg when their money runs out, I'm not sure what the solution is aside from saving money like a fiend in your working life. But instituting yet another massive entitlement system on top of whatever we have now just isn't the problem.
In the short run, boosting immigration of prime working-age adults would help.
the real problem is 1/2 the country who works does not even earn enough to pay income tax . they can spare nothing to invest...
I think I'd rephrase what you wrote as follows:
the real problem is 1/2 the country who works add so little value to society such that they do not even earn enough to pay income tax . they can spare nothing to invest...
It also includes people who voluntarily chose to take early retirement and receive a reduced benefit amount, instead of waiting until full retirement age.
Sounds like me. I semi-retired in my 40s and fully retired before 50. But I'm not yet old enough to collect SS. When I reach that age, I'll have a reduced benefit amount - but that is my choice.
Sounds like me. I semi-retired in my 40s and fully retired before 50. But I'm not yet old enough to collect SS. When I reach that age, I'll have a reduced benefit amount - but that is my choice.
I'll be losing $250 per month by not working between the ages of 46 and 62.
[T]hey live in California where Property Tax is predictable... the day I bought my home the property tax went from $1200 to $8800...
One of my more persistent worries is how the younger generations will manage property taxation. Already, in many parts of the Northeast, the constant demands for better schools and more town-provided amenities have led to ruinous property taxes. Little fishing cottages with five-figure tax bills. Cape cod saltboxes in upstate towns with $20,000 property taxes despite 50,000 median household earnings.
If that type of cancer spreads to other parts of the US, notably California, we could see a wholesale disaster for the elderly. I would love to see a constitutional amendment limiting property taxation to 1% of FMV.
One of my more persistent worries is how the younger generations will manage property taxation. Already, in many parts of the Northeast, the constant demands for better schools and more town-provided amenities have led to ruinous property taxes. Little fishing cottages with five-figure tax bills. Cape cod saltboxes in upstate towns with $20,000 property taxes despite 50,000 median household earnings.
If that type of cancer spreads to other parts of the US, notably California, we could see a wholesale disaster for the elderly. I would love to see a constitutional amendment limiting property taxation to 1% of FMV.
Taxes and Insurance are the obstacles most I know face in retirement... of course all bets are off if Health is a problem.
One of my more persistent worries is how the younger generations will manage property taxation. Already, in many parts of the Northeast, the constant demands for better schools and more town-provided amenities have led to ruinous property taxes. Little fishing cottages with five-figure tax bills. Cape cod saltboxes in upstate towns with $20,000 property taxes despite 50,000 median household earnings.
If that type of cancer spreads to other parts of the US, notably California, we could see a wholesale disaster for the elderly. I would love to see a constitutional amendment limiting property taxation to 1% of FMV.
It depends on the state. Massachusetts has Proposition 2 1/2. The total mill rate is capped at $25 per thousand and no city or town is close to it. The tax increase is also capped town-wide though assessments on individual homes can go up more than that. The mill rate in my town is $10 per thousand. I'm not going to ever see a 5 figure property tax on my little fishing cottage.
The difference? Prop 2 1/2 passed in the late 1970's. Towns have had to control spending since then. A teacher's union can't go on strike for more money because there isn't more money unless the town holds a special election to override Prop 2 1/2. That happens for capital spending like new schools, fire stations, and police stations but it pretty much never happens to give what are already very well compensated public school teachers a raise. It's also reigned in the excesses of public sector pensions. Town workers today don't get the same deal people got in 1975. There is no pension spiking. It's still very good total compensation but it's not absurd like in many places.
Other Northeast Corridor states don't have that kind of constitutional amendment so there has been little constraint on spending.
Taxes and Insurance are the obstacles most I know face in retirement... of course all bets are off if Health is a problem.
Not enough money is the obstacle I face in retirement unless I work until something close to FRA.
I was unemployed last year. My COBRA health insurance was $10K. It's tough to feel comfortable retiring before I hit 65 and I'm Medicare-eligible. I don't trust that ACA exchange insurance will be viable. I've structured things so property taxes on my primary residence won't crush me. $10 mill rate town. Small house.
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.
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.
