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Old 08-10-2019, 05:08 AM
 
2,373 posts, read 830,217 times
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Quote:
Originally Posted by mathjak107 View Post
why are we so obsessed with what others supposedly have or don't have .... there is trillions of dollars in an underground economy out there .. no one knows what anyone really has .
Because when people (of any age) don't have enough money to live in they want the gubmint to bail them out. In the case of seniors, it's "extra help" on Medicare (apparently some sort of subsidy for the premiums), subsidized senior housing, Meals on Wheels, etc. I see all the whiny e-mails from AARP which I joined to get the Medicare supplement) and the posts on FaceBook. Dental care, vision care and hearing aids should all be fully covered by Medicare. Uh-huh.

And if there's an "underground economy"- that's relevant, too. If they're hiding income and still qualifying for government bennies, that costs us all.

Quote:
Originally Posted by ACWhite View Post
SS is subject the federal income tax, ie one can’t merely automatically exclude it as “tax free” implies, but for certain individuals, such as in your case, you may have enough exclusions and deductions to reduce your income tax liability to zero.
There are virtually no exclusions or deductions in the calculation of Federal taxes on SS. The calculation is based on your Adjusted Gross Income and not reduced by the standard deduction or any itemized deductions. Contributions to an HSA (if you qualify- I don't) and direct donations from your IRA to a qualified charity don't enter into your AGI. Those are about the only breaks you get. And the greedy %$$#@!s in my state use that AGI as a basis for state taxes,

Last edited by athena53; 08-10-2019 at 05:59 AM..
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Old 08-10-2019, 05:44 AM
 
Location: Texas or Cascais, Portugal
3,473 posts, read 3,225,535 times
Reputation: 8427
I know several boomers with no savings, no home equity, nothing but their monthly social security check to live on. It is not all that uncommon. These tend to be folks who never earned a lot of money and are used to “ just getting by”. I also know plenty of folks in their 30s and 40s who are not saving for retirement. So, the statistics don’t surprise me at all. Plenty of folks continue to struggle day-to-day and have nothing left over to pay themselves for retirement.
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Old 08-10-2019, 06:53 AM
 
Location: NC Piedmont
4,018 posts, read 2,940,215 times
Reputation: 6510
Quote:
Originally Posted by Mistermobile View Post
A little off topic but necessary to put out there is all those youngsters out there waiting for those employed geezers to retire. Get out of the way. Take a hike.


Geezers hanging on in a job because they can get their wrinkled old a**e* out of bed and out the door is not reason for them to block everyone "below" them from advancement.


"From a geezer."
You're right - way off topic. You should start a new thread. I have an opinion I would post in it.
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Old 08-10-2019, 06:56 AM
 
72,795 posts, read 72,628,690 times
Reputation: 50311
Quote:
Originally Posted by athena53 View Post
Because when people (of any age) don't have enough money to live in they want the gubmint to bail them out. In the case of seniors, it's "extra help" on Medicare (apparently some sort of subsidy for the premiums), subsidized senior housing, Meals on Wheels, etc. I see all the whiny e-mails from AARP which I joined to get the Medicare supplement) and the posts on FaceBook. Dental care, vision care and hearing aids should all be fully covered by Medicare. Uh-huh.

And if there's an "underground economy"- that's relevant, too. If they're hiding income and still qualifying for government bennies, that costs us all.



There are virtually no exclusions or deductions in the calculation of Federal taxes on SS. The calculation is based on your Adjusted Gross Income and not reduced by the standard deduction or any itemized deductions. Contributions to an HSA (if you qualify- I don't) and direct donations from your IRA to a qualified charity don't enter into your AGI. Those are about the only breaks you get. And the greedy %$$#@!s in my state use that AGI as a basis for state taxes,
the truth is we can't control the gubmint payouts , they are what they are .. so i doubt that is why people care what others have to retire on . i have no interest because they may or may not raise my taxes ..they are what they are regardless .

they are either just poking their nose in to the pockets of others or they just want to feel better about having less or more than they do ......
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Old 08-10-2019, 07:01 AM
 
72,795 posts, read 72,628,690 times
Reputation: 50311
Quote:
Originally Posted by ACWhite View Post
Thanks, but you substituted “...” for the part of my response that was quite specific to the previous poster, and also specifically mentioned deductions and took issue with the use of the term “tax free.” His/her income (at least $51600, and the post was ambiguous, but he may have been talking about take home rather than gross) was higher than what you are describing and likely did not include all of his and his wife’s income. SS is subject the federal income tax, ie one can’t merely automatically exclude it as “tax free” implies, but for certain individuals, such as in your case, you may have enough exclusions and deductions to reduce your income tax liability to zero.




Quote:
Originally Posted by athena53 View Post


There are virtually no exclusions or deductions in the calculation of Federal taxes on SS. The calculation is based on your Adjusted Gross Income and not reduced by the standard deduction or any itemized deductions. Contributions to an HSA (if you qualify- I don't) and direct donations from your IRA to a qualified charity don't enter into your AGI. Those are about the only breaks you get. And the greedy %$$#@!s in my state use that AGI as a basis for state taxes,
yep , this is the way it works .. it is called magi or modified adjusted gross income . it is pre most deductions and even includes adding back in municipal bond interest .

because of the way ss is taxed you have two moving targets .... you can have situations where you pull an extra 1k out of an ira and see an effective tax rate on that 1k of alnmost half it .
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Old 08-10-2019, 07:08 AM
 
2,684 posts, read 4,565,558 times
Reputation: 2163
Quote:
Originally Posted by athena53 View Post



There are virtually no exclusions or deductions in the calculation of Federal taxes on SS. The calculation is based on your Adjusted Gross Income and not reduced by the standard deduction or any itemized deductions. Contributions to an HSA (if you qualify- I don't) and direct donations from your IRA to a qualified charity don't enter into your AGI. Those are about the only breaks you get. And the greedy %$$#@!s in my state use that AGI as a basis for state taxes,
I think you are misunderstanding what I said and the essence of the points the other posters and I were addressing. Please check the two posts to which I was replying.

As a (long ago) IRS auditor who does our taxes every year and helps other family members, I’m (sadly) aware of the tax laws.
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Old 08-10-2019, 08:24 AM
 
Location: SoCal
13,840 posts, read 6,596,086 times
Reputation: 10417
Quote:
Originally Posted by mathjak107 View Post
the truth is we can't control the gubmint payouts , they are what they are .. so i doubt that is why people care what others have to retire on . i have no interest because they may or may not raise my taxes ..they are what they are regardless .

they are either just poking their nose in to the pockets of others or they just want to feel better about having less or more than they do ......
I agree with this post. It’s the do gooders who are always worrying about other people, they don’t know that poor people are resourceful . Take the lady in my bridge club, she said she is never going to retire, she’s a widow, at 66, works 3 part time jobs, but every time I play bridge, she’s always smiling, having a good time, always bring in some food from Costco, she works there. She’s not only look healthy, she’s darn attractive for a 66 year old. I’m surprised she has not gotten married yet.
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Old 08-10-2019, 08:29 AM
 
7,529 posts, read 8,778,685 times
Reputation: 9665
Just bring up the subject of early-retirement and watch the meltdowns occur. Better yet, watch someone who is under 50 yrs old bring up the topic. hehehehe.
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Old 08-10-2019, 08:33 AM
 
1,215 posts, read 325,892 times
Reputation: 2515
Quote:
Originally Posted by NewbieHere View Post
Collecting cans is so yesterday, itís driving Uber now.
That might be yesterday pretty soon too:

Uber lost $5.2 billion last quarter and posts disappointing sales
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Old 08-10-2019, 08:37 AM
 
Location: SoCal
13,840 posts, read 6,596,086 times
Reputation: 10417
Quote:
Originally Posted by SoCal_Native View Post
They have always lost money, but they still need drivers today. Maybe in 10 years, it will be driving by robots.
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