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we fire off a bunch less smart bombs and tomahawks , mind our own business more and the budget is closed . then the money sent to fund medicare and ss.
That's the federal budget, which will always be fine. The feds can more easily raise taxes or even print money if they have too.
Who would really have to worry is what is going to happen to the state budgets in Florida and NC when all those old people who moved there begin to get sicker and need nursing homes (especially with no younger people to help them). And not just nursing homes, there's other sorts of social services the poorer elderly will be taking like food stamps, home health aides, etc. Unlike when Florida first presented itself as the retirement haven for the Northeast and Midwest in the 70s, today elderly people live much longer. It may not be good for these states to take in all these poorer retirees.
I think WIHS2006 confused medicaid (for poor people) with medicare (for elderly people regardless of income or assets). He said North Carolina medicare budget is on the verge of bust. He likely really meant medicaid.
So now they are at the point where they want to tax out of state pensions to recoup costs and discourage them from moving there.
The thing is some people get delusional. NY is expensive, but that doesn't mean you can live for free or next to free in other places. In effect all these retirees moving to places like North Carolina will ultimately make taxes in those states go up as those states are forced to increase their own social services and health care spending.
social security and medicare/ medicaid are such an important part of americas existence that all state programs will have to be funded via federal money to do whatever it takes.
obviously most states are not that worried. almost all state's now offer long term care partnership plans for long term care insurance and now include perks beyond belief once the insurance runs out.
our agreement with our partnership plan with nys and gensworth calls for us taking only 3 years coverage for long term care insurance and in exchange we get ny's promise to not have a 5 year look back period , require no trusts or asset shifting , pay all our expenses for the home we choose with insurance money and once insurance runs out put us on a special form of medicaid called extended medicaid and pay those bills forever while protecting all assets we have...
there are not even income caps for the stay at home spouse like regular medicaid requires. if a wife has a husband in a nursing home on medicaid typically she can only have up to 2990 a month in income.
it is all well and good you put millions in to trusts to protect those assets but now try living off them beyond 2990.00 a month. our deal is no mandadory income cap. at this point we only have a request to keep 75% of whatever income we want but to consider giving 25% to medicaid. but it is not mandatory.
we wanted the perks more than the insurance coverage it gave us..
most states offer similiar deals no so obviously all these important programs will stay funded or face disater in this country.
Last edited by mathjak107; 04-05-2015 at 03:11 PM..
social security and medicare/ medicaid are such an important part of americas existence that all state programs will have to be funded via federal money to do whatever it takes.
it is all well and good you put millions in to trusts to protect those assets but now try living off them beyond 2990.00 a month. our deal is no mandadory income cap. at this point we only have a request to keep 75% of whatever income we want but to consider giving 25% to medicaid. but it is not mandatory.
we wanted the perks more than the insurance coverage it gave us..
most states offer similiar deals no so obviously all these important programs will stay funded or face disater in this country.
The federal government isn't forthcoming enough though. I looked it up NC already allowed tax breaks on private pensions to expire and taxes are higher on certain types of retirement income.
I don't think their fund will go broke but NC will be responsible for filling up any gaps in it's medicaid budget. Medicare is a federal program, while medicaid money is allocated to the states (and states have to put forward their share of the medicaid budget).
they will always work it out so they funded. no different than measures taken when un-employment insurance needed federal support for the states.
they may adjust benefits a bit or ages for things but as it stands these are programs to ingrained in american culture to have anything fail on them.
surprisingly even ny's pension system is quite healthy and while running at slightly negative it is in far better shape than most states.
but getting back to the subject , while i do like nyc for retiring i think if it wasn't for our family and friends being here we could just as easily find cheaper cities which meet our needs as well.
ny is expensive not only because of all the taxes and high prices but even soft costs like tolls. we spend almost 1200 bucks a year on just tolls to see the kids and that is only weekends . when we retire we may see them more . likely a few hundred dollars on parking meters going to the gym daily. there are fees and charges lurking everywhere you go .
Last edited by mathjak107; 04-06-2015 at 03:39 AM..
I think most of us agree that anywhere else in the country, a car is required.
Has anyone worked up the cost of car ownership and operation. I did it long ago and came up with the figure of $7000/year but I cannot even remember where I was at the time or what assumptions I made about time to keep the car, kind of car, cost of gas, annual mileage, parking?
Any reliable recent data?
What do YOU think is the real total cost figure for needing a car?
edit:
AAA says it costs $8876 this year down from $9122 last year presumably because of the fall in gas prices.
If that's accurate, then where is the NYC dumpster diver supposed to come up with this extra cash to enjoy life in rural America.
Last edited by Kefir King; 04-06-2015 at 06:56 AM..
working until 70 can be the silver bullet of retirement. sure many people can't but a whole lot more just don't want to by choice .
but the difference between 62 and 70 can really help an under funded retirement become a decent one.
Working until 70 seems like such a joke, seriously the baby boomer generation is the worse. Not only do you have to retire at such a later stage in life but you also expect future generation to pay a part of your retirement through social security in which has been documented to be underfunded for future generations. I honestly can't wait until the baby boomer generation is long gone and stops ruining this country. It will be up to future generations to clean up the mess left behind.
really ??? how about the fact many of those who delay to 70 never live to collect a penny .
how about those who retire early and end up on Medicaid and other social services because they ran out of money retiring early.
how about those who delay and are married who draw only a spousal benefit early on that may be a fraction of their own would have been if they filed for their early benefit.
really ??? how about the fact many of those who delay to 70 never live to collect a penny .
how about those who retire early and end up on Medicaid and other social services because they ran out of money retiring early.
how about those who delay and are married who draw only a spousal benefit early on that may be a fraction of their own would have been if they filed for their early benefit.
sorry , spin again , your logic is flawed.
In the past, corporations and business were liable for ensuring employees retirement and health benefits. That has since shifted and the burden of retirement has been placed on the individual and tax payers. Most people in that generation who don't have high paying jobs were not prepared for the consequences of what that would mean. You can name individual examples to try to disprove me, but it is a small sample size and irrelevant when you consider overall trend and the bigger picture.
I suggest you take your gripes to the political forum.
company pensions were long gone during my time frame too. we didn't even have 401k's yet to replace them.
as a boomer I was handed the YOYO retirement plan. your on your own.
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