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I believe rubbing Peter is a misdemeanor, if not a felony, especially when using it as a payment method.
It's only a crime if you didn't expressly ask Peter if wants to be rubbed, or he said NO to your rubbing him.
If, however, you PAY Peter to rub him, it becomes an entirely different crime.
Or if you PAY Peter to rub you.
It's best not to rub ANY Peter.
But be careful, if you rub Peter, he may spit on you.
Of course, not to be confused with rubber ducky, although some prefer that.
If you ROB Peter, well, there again, that's a different crime.
Oh, jeeze, if you PAY Paul....that could be a crime to.
Of course, with permission from both, of course you could RUB Peter, and PAY Paul.
Oh, wait, we're back to a different crime!
That would make Paul a pimp.
Of course you could legally pay Paul to pimp your ride.
Best is NOT to rub Peter, or pay Paul.
Unless you're married to Peter, then you might rub Peter.
Paul may be jealous of you rubbing Peter, so you might have to rub Paul also.
But if you're married to Peter and he catches you paying Paul, you might end up in divorce court!
And what happened to Mary? Here we have Peter and Paul, but no Mary?
PS, for the record, if I have, or have not rubbed Peter, I would never tell you, that's between me and Peter, and none of your business.
PSS the narcotics are kicking in...
Give me another drink, bartender...
This is a huge steaming pile. The 2022 tax brackets project to the 12% bracket extending to $83,550. The standard deduction $25,900. Social Security receives favorable tax treatment. With our projected $90k in Social Security benefit with me collecting at 70 and my wife collecting at 67, we’re still in the 12% bracket at $125k. The RMD at age 72 for $1 million is $39k. You’re not paying big taxes and, in our case, no state income tax on the $90k in Social Security income. With no mortgage payment on a paid-for house, no saving for retirement, no college fund or kid expenses, no payroll taxes, and all the favorable tax treatment, that spends like 90th percentile household income.
I look at the tax brackets I was in when I sheltered that retirement money. A lot of it was pre-Dubya money when I was in at least a 30% tax bracket. I’ll be in the 12% bracket when I take the distribution. Why should I be complaining about that? Even if it’s 22% bracket income, I’m still way ahead.
Not everyone would see close to that - we are certainly paying big taxes. For us, much of the RMD will go to taxes and IRMAA
Taxes on an RMD of $80,000 (approx $2M IRA) in 24% bracket as a couple - Federal income taxes on $80K at 24% adds $19,200, state (CA) at 9.3% adds $7440, Irmaa adds $5200. So taxes on the $80,000 is $31,800 - 40% of the RMD spent on taxes/IRMAA.
If single (one dies), same $80,000 puts into 32 - 35% bracket, Fed taxes $27,000, State $7440, IRMAA $3900 - total $38,340 or 48% lost to taxes/IRMAA.
Not everyone would see close to that - we are certainly paying big taxes. For us, much of the RMD will go to taxes and IRMAA
Taxes on an RMD of $80,000 (approx $2M IRA) in 24% bracket as a couple - Federal income taxes on $80K at 24% adds $19,200, state (CA) at 9.3% adds $7440, Irmaa adds $5200. So taxes on the $80,000 is $31,800 - 40% of the RMD spent on taxes/IRMAA.
If single (one dies), same $80,000 puts into 32 - 35% bracket, Fed taxes $27,000, State $7440, IRMAA $3900 - total $38,340 or 48% lost to taxes/IRMAA.
This is a silly argument. Of course, retirees have more wealth if they have saved during their 65 plus year lifetime. That does not mean they have a wealthy lifestyle. Far from it, the vast majority of retirees cannot afford to maintain their previous lifestyle and still be able to live for 20 or more years in retirement.
Where is the data on this statement "the vast majority of retirees cannot afford to maintain their previous lifestyle".
Most do not need to make as much retired as when working - not paying FICA or other payroll taxes, no commute costs, dry clean costs, lunches out, not contributing to 401K/IRA, less likely paying for kids, medical care less, many with house paid off, etc. There are a lot of costs that are less.
Most can make far less and maintain previous lifestyle - do not necessarily need a lot of savings with SS covering much of the need.
originally Posted by MI-Roger View Post
So does this foretell that 98% of future retirees will live in poverty or near poverty?
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not 98% ,but for those households which do not have $400 savings,they have a lot of catching up to do.
Where is the data on this statement "the vast majority of retirees cannot afford to maintain their previous lifestyle".
Most do not need to make as much retired as when working - not paying FICA or other payroll taxes, no commute costs, dry clean costs, lunches out, not contributing to 401K/IRA, less likely paying for kids, medical care less, many with house paid off, etc. There are a lot of costs that are less.
Most can make far less and maintain previous lifestyle - do not necessarily need a lot of savings with SS covering much of the need.
You left out prescription drug,dental bills,maids to clean house,house needs repair,car needs repair,we are not the only one who gets old.
hearing aids,walkers,dentures,glasses,lawn service,many cant afford nutritous meals,
You left out prescription drug,dental bills,maids to clean house,house needs repair,car needs repair,we are not the only one who gets old.
hearing aids,walkers,dentures,glasses,lawn service,many cant afford nutritous meals,
What I posted was about maintaining same style of living while healthy, not about what happens as age - about entering retirement at same level as working. What I listed was about reduced costs entering retirement so live at same level . The stuff you name is mostly years later and occurs during the upswing of retirement costs as health declines - even if working would see those costs increases - they are not costs of maintaining lifestyle as retire. Still nothing backing the claim of living less well when retire.
BTW - Most don't have maids when working, how is that living at the same level?
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