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For those that don't believe in a retirement crisis, what are your views on current wages? All these comfortable, well to do retirees had to fund all this "abundance" somehow.
With the latest increases to the Minimum-Wage, today MW workers gross more money than what I get in my pension.
Granted I own my home with no debt. Our vehicles are paid off. We live in an extremely low tax area, and we produce most of our own food.
I have been on pension for 18 years, we choose to live in a low COL rural area and to be active gardeners. We wanted this lifestyle.
For anyone who reaches retirement age, and who does not own their home and vehicles, and who relies on stores to supply their food, living on a pension that is below Minimum-Wage, it could be rough.
Man that was tough. I hope things get better for you in the future. I think many people don’t realize how something unexpected can up end your whole life.
Yes not to mention that it is almost impossible to find another 'career track' job if you have a large employment gap especially if you are over 40.
Not really. Married, the 12% tax bracket extends to a bit over $100K AGI. At that income level, Social Security is 85% taxed. You're paying less than 10% effective Federal income tax on that Social Security check. If your check is $30K per year, you're putting $27K of it in your pocket. You'd barely feel the income tax. That's a far cry from "they might not give you SS".
I'm Single and we get slammed harder- not to mention that I live in a greedy state where your Federal AGI (including the taxable portion of SS) is equal to your State AGI, with a few minor adjustments. I'm getting $22K/year in Survivor benefits and about 25% of that is clawed back in the form of Federal and State taxes. That's over $450/month in additional taxes.
Yeah, I know- I have significant assets producing investment income and a couple of small, non-COLA pensions so I'm not just scraping by- but basically it's a "needs" test for SS and I'm afraid it's going to get worse.
It's as easy to say there's no retirement crisis as it is to say there is one. Anecdotal proof I see is four households I know are living on SS alone, no pensions. As long as SS stays as it currently is, they'll be fine. If SS changes, they might not be.
I suspect SS will stay the same as it is today, or very similar, because there are too many Americans who depend on it. Major changes will likely impact those who are 40 years old or less. That's how they rolled out the Reagan changes and it was a somewhat successful update to the program.
I suspect SS will stay the same as it is today, or very similar, because there are too many Americans who depend on it. Major changes will likely impact those who are 40 years old or less.
And those who actually saved for their retirement.
SS is going nowhere, it will always be here. What I have noticed is those with the least are the ones predicting it will be eliminated. Defeatist attitudes lead to defeat. So many people wallowing in self pity these days.
Location: Small community in the California Sierra Mountains
119 posts, read 119,880 times
Reputation: 230
Quote:
Originally Posted by Submariner
With the latest increases to the Minimum-Wage, today MW workers gross more money than what I get in my pension.
Granted I own my home with no debt. Our vehicles are paid off. We live in an extremely low tax area, and we produce most of our own food.
I have been on pension for 18 years, we choose to live in a low COL rural area and to be active gardeners. We wanted this lifestyle.
For anyone who reaches retirement age, and who does not own their home and vehicles, and who relies on stores to supply their food, living on a pension that is below Minimum-Wage, it could be rough.
A few questions come to mind. Are you going to be ok when you age and cannot produce your own food? Hopefully you also receive Social Security? Maybe some medical benefits through your former job? Your choices of a low COL area seem very wise. We are currently open to moving to Oregon for that very reason
A few questions come to mind. Are you going to be ok when you age and cannot produce your own food? Hopefully you also receive Social Security? Maybe some medical benefits through your former job? Your choices of a low COL area seem very wise. We are currently open to moving to Oregon for that very reason
I believe that we will be fine.
As we get older one day we will both become eligible for Social Security.
The US Navy currently provides full medical coverage for both of us.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,655 posts, read 57,732,068 times
Reputation: 46100
Quote:
Originally Posted by MrsLakota
A few questions come to mind. Are you going to be ok when you age and cannot produce your own food? Hopefully you also receive Social Security? Maybe some medical benefits through your former job? Your choices of a low COL area seem very wise. We are currently open to moving to Oregon for that very reason
Portions of OR are more affordable, but the similar places in WA (income tax free) may be better, as is ID, MT, NV, and SD
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