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 06-17-2008, 02:24 PM
 
Location: Forests of Maine
30,739 posts, read 49,563,378 times
Reputation: 19175

Advertisements

Quote:
Originally Posted by cousinsal View Post
Sure - they have a lot to invest and to retire on - NOT. The median income in the U.S. is only $45K a year per household. Just think - 50% are below that. People live paycheck to paycheck, in many cases.

Wages have been stagnant for decades.
Each person has as much money to invest with, as that person budgets. Nobody ever has more than that.

Your investment money is not dependent on your income.

Most folks have very little effect over their gross income. What is under your control, is how you spend your money.

If 30% goes out to taxes, that is the individual's choice.

If 50% goes out to housing, that is the individual's choice.

Wages going up, only forces prices to go up.
Reply With Quote Quick reply to this message

 
Old 06-18-2008, 11:32 AM
 
16,437 posts, read 19,176,404 times
Reputation: 9525
Quote:
Originally Posted by forest beekeeper View Post
If 30% goes out to taxes, that is the individual's choice.

.
You know something I don't obviously! How do I choose to avoid taxes?
Reply With Quote Quick reply to this message
 
Old 06-18-2008, 12:02 PM
 
Location: Forests of Maine
30,739 posts, read 49,563,378 times
Reputation: 19175
Quote:
Originally Posted by Bideshi View Post
You know something I don't obviously! How do I choose to avoid taxes?
I am certain that there exist many methods of doing this.

What comes most readily to mind are:
1. Choose a career field where your US salary is tax-free.

or
2. Choose a profession where most of your living expenses are considered tax write-offs.

or
3. Choose to take a few IRS courses to study tax-planning, and then practice the 'art' of tax-planning in your lifestyle. Living a meticulously budgeted lifestyle with heavy investing.



I had a profession where my take-home pay was tax-free in the US.

I had a profession that when I was subject to US taxes; where most of my living expenses were write-offs.

I choose to take a few IRS courses to study tax-planning, I practiced tax-planning in my lifestyle, and I lived a meticulously budgeted lifestyle with heavy investing.

Alas then I retired.
Reply With Quote Quick reply to this message
 
Old 06-19-2008, 07:13 AM
 
Location: DC Area, for now
3,517 posts, read 12,067,058 times
Reputation: 2141
Making choices to avoid paying taxes is an option for some. It is not and never will be an option for the vast majority of people because the govt needs tax money to run. If a large proportion of the population figured out how to not pay any taxes, the legislatures will move to close the loopholes, because they would have to. That is the real bottom line.
Reply With Quote Quick reply to this message
 
Old 06-19-2008, 07:35 AM
 
1,861 posts, read 3,027,611 times
Reputation: 559
Quote:
Originally Posted by forest beekeeper View Post
I am certain that there exist many methods of doing this.

What comes most readily to mind are:
1. Choose a career field where your US salary is tax-free.

or
2. Choose a profession where most of your living expenses are considered tax write-offs.

or
3. Choose to take a few IRS courses to study tax-planning, and then practice the 'art' of tax-planning in your lifestyle. Living a meticulously budgeted lifestyle with heavy investing.



I had a profession where my take-home pay was tax-free in the US.

I had a profession that when I was subject to US taxes; where most of my living expenses were write-offs.

I choose to take a few IRS courses to study tax-planning, I practiced tax-planning in my lifestyle, and I lived a meticulously budgeted lifestyle with heavy investing.

Alas then I retired.
That's just silly thinking. It's unrealistic for most.

I want to see some more realistic ways that people can save when they make less than their bills require. Wages have STUNK for at least 30 years - everything goes up except wages. I used to pay 25% of my salary for housing, now I pay 60%.

That's the way it is for most of us. You're just bragging about your great plan to avoid taxes and being able to "heavily invest". Not realistic for most. Give me something more plausible for people.
Reply With Quote Quick reply to this message
 
Old 06-19-2008, 08:45 AM
 
Location: Forests of Maine
30,739 posts, read 49,563,378 times
Reputation: 19175
Quote:
Originally Posted by Tesaje View Post
Making choices to avoid paying taxes is an option for some. It is not and never will be an option for the vast majority of people because the govt needs tax money to run. ...
Respectfully I must dis-agree.

For over 150 years our nation operated without the majority paying income taxes. Income taxes were reserved for the uber-wealthy only.

Even today individual income tax revenues only amount to under 40% of the Federal government's revenue.

When the Fed spends a dollar, only 40 cents of it came from tax payers.
Reply With Quote Quick reply to this message
 
Old 06-19-2008, 08:46 AM
 
Location: Forests of Maine
30,739 posts, read 49,563,378 times
Reputation: 19175
Quote:
Originally Posted by cousinsal View Post
That's just silly thinking. It's unrealistic for most. ...
Anyone can learn how to file taxes.
Reply With Quote Quick reply to this message
 
Old 06-19-2008, 09:30 AM
 
Location: Florida
19,864 posts, read 19,980,401 times
Reputation: 23343
Since this is the retirement forum, I agree that hints on "choosing your profession" may not apply to many of us that are already or very close to retiring.
Moving north to cold Maine isn't exactly my idea of a joyful retirement locale either.

We thought we had it pretty well taken care of for a modest lifestyle.
Ha! So now we are battening down the hatches and having to stay in the 'frugal' mode.....something we figured we could be more relaxed about .

I will say this...I am glad we know HOW to live more conservatively.....HOW to budget and make contingency plans...and...unfortunately, even plan now for what my be worse to come.
My kids(40's)? I have no idea what they are going to look like financially by next year.
The other thread mentions your kids helping you out.
Again...HA! We'll be lucky if they aren't knocking on our door for help.
They both got through school, show signs of intelligence, passed math and still can add and subtract.
But can't seem to apply that to living nor can they yet grasp the difference between want and need.
So, we have pretty much scrapped the plan we had last year and refiguring.
Reply With Quote Quick reply to this message
 
Old 06-19-2008, 09:44 AM
 
Location: Florida
19,864 posts, read 19,980,401 times
Reputation: 23343
"Your investment money is not dependent on your income"

Excuse the totem posting but noticed this on refresh.
These days it very well may be.
Even those that have a systematic savings plan may very well see daily expenses rise so high in this short period of time, that they may need that previously set aside amount just to keep going.
Even with only 3 basic things......food, heating fuel and auto gas.....those alone may well equal the amounts going into some lower and middle income retirement accounts
Reply With Quote Quick reply to this message
 
Old 06-19-2008, 11:32 AM
 
Location: Forests of Maine
30,739 posts, read 49,563,378 times
Reputation: 19175
Quote:
Originally Posted by old_cold View Post
Since this is the retirement forum, I agree that hints on "choosing your profession" may not apply to many of us that are already or very close to retiring.
Moving north to cold Maine isn't exactly my idea of a joyful retirement locale either.
I do not mean to imply that 'cold' Maine is an ideal location for everyone.

I enjoy it, though for us we have lived much further North previously.



Quote:
... We thought we had it pretty well taken care of for a modest lifestyle. Ha! So now we are battening down the hatches and having to stay in the 'frugal' mode.....something we figured we could be more relaxed about .

I will say this...I am glad we know HOW to live more conservatively ..... HOW to budget and make contingency plans...and...unfortunately, even plan now for what my be worse to come. My kids(40's)? I have no idea what they are going to look like financially by next year. The other thread mentions your kids helping you out. Again...HA! We'll be lucky if they aren't knocking on our door for help. They both got through school, show signs of intelligence, passed math and still can add and subtract. But can't seem to apply that to living nor can they yet grasp the difference between want and need. So, we have pretty much scrapped the plan we had last year and refiguring.
I hear you.
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
Similar Threads
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