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.
We were very frugal and we invested a lot. We accumulated a fairly large portfolio, of which I was rather proud. However our portfolio has been lost with this recession. It is now gone, completely gone.
We were very frugal and we invested a lot. We accumulated a fairly large portfolio, of which I was rather proud. However our portfolio has been lost with this recession. It is now gone, completely gone.
Leaving me with my pension.
Wow sorry to hear that. Ours dropped but only by about 30% and is now just about back where it was. We are about 50% bonds at our age.
What were you invested in that you lost 100% of your portfolio?
Wow sorry to hear that. Ours dropped but only by about 30% and is now just about back where it was. We are about 50% bonds at our age.
What were you invested in that you lost 100% of your portfolio?
We were buying / collecting apartment buildings.
One at each location where I was stationed. When I approached my employer's mandatory pension age we sold some and consolidated into one property. Specifically the one property which looked like it had the best future. Some large employers are in the area and it was going through a boom cycle. Workers were being recruited and shipped into the area from out-of-state and over-seas.
But then it crashed, the area's big employers have been going through severe lay-offs and our tenants have all lost their jobs.
We were thinking it was a short-term down-cycle, we carried the mortgage ourselves out of our savings. Until our savings ran out and we still have no tenants in the building.
You can lower rents and lower rents; but below a point you no longer can cover the mortgage. The area today has a huge surplus of housing, not enough jobs. People are slowly leaving the area.
Our mortgage company has been threatening to foreclose since November. We had it on the market and three short-sale bids were received but the mortgage company refused all attempts at a short-sale.
Our mortgage company has been threatening to foreclose since November. We had it on the market and three short-sale bids were received but the mortgage company refused all attempts at a short-sale.
Eventually they will foreclose and take it.
Ohhhhhhhhh. Now I understand. Must be awfull for you.
Sorry to hear that fb - I have single family rentals plus a duplex - I've had several vacancies and a lot of repairs - this is the most I've ever had and I had some of them during the 1980s Texas Real Estate, S&L and Oil Bust.
The good news is that I put all of them on short notes of 5 to 7 years, acquiring one every two or three years. The last two I bought together and put them on one note. Fortunately there are only 18 months left on that one so I should be o.k. The area hasn't suffered any loss of value and some streets are going up due to improving schools (getting IB in the high school and feeders). I am even contemplating buying one more .. RE can be like crack!
The last several years I have not been buying properties, just been trying to max out 401K and Roth..believe me I have made a lot of sacrifices to do this and manage the properties. It's a good thing you have a pension - I don't - most of us without them are very jealous as we learn through the years just how valuable those are..also I will have to get my own healthcare/insurance if I retire from the "real job" before 65.
My sister and a lot of friends live out in SoCal and I know some Floridians - having gone through the bust here in the 80s I am very cautious and had a feeling that was going to happen in those states but I don't like to butt in..however I tried to be subtle when I SLIGHTLY butted in...not gloating at all about what happened out there because I have been through it here...back in those days I had to move back in with my parents to keep my first three properties.
Back to OP, I really don't think it's fair that SS is taxed at all!
Last edited by Lakewooder; 06-24-2010 at 03:11 PM..
Agreed that the retirement benefits are not welfare, as people pay into SS all their working lives to receive these, but how about disability payments and survivor benefits? They are really pretty much like welfare.
I just called Social Security since I will have a medical review of my disability at age 63. I will inherit some investments in 2 years and I need to prepare for what happens if I am determined to no longer be disabled.
The agent explained that if I am taken off disablity I can choose to try to return to work or switch over the social security and my benefit would not be the same as my disability benefit, it would be lower and maybe alot lower, because if it stayed the same, there would be no need for a medical review. I'd need to approach my investments as if I will be receiving the lower of the two benefit amounts, and assume I'll be taken off disability at age 63.
Now, to address the question by Escort Rider about disability being welfare, I went further with this social security agent. She volunteered that due to my birthdate, my "full retirement age" is 66, not 65 and not 70.
I asked, if I am determined to still be disabled at age 63 medical review, and then I reach age 66 full retirement, what happens? The answer was I would receive the same amount but instead of my benefit coming out of the "disability fund" my benefit would come out of the "s.s. fund".
As maybe has been mentioned on other pages, we all pay into these funds during our working life time.
I get statements each year from SSA which project what my SS benefit will be when I become old enough to get it. At those current projections my SS benefit will be less than my pension.
quote]
I am on disability and when I ask for a statement........
(so I can see "what" my s.s. benefit will be, compared to my disability benefit if I am taken off disability)
.........they won't send me one. The letter says no statement because you are already on benefits.
Well, excuse me s.s. but if I am taken off disability and I lose my poverty level $1060 a month and my s.s. will be less than $1060, alot less, I need to know, so I can try to make some plans, investments, etc.
Finally they have agreed after 2 years of request, to send me a statement of what my s.s. would be at age 63 if I am determined no longer disabled and switch over to s.s. at age 63. When I get the amount, I am estimating, based on my employment history and previous statements that my s.s. would be around $900 and at age 59, I have 4 years to try to figure out where to get another $200-$300 a month to at least have the comfort of knowing that the $1060 I get now will not be lower. My s.s. might be lower, but I will have done something to create another $200-$300 supplement. Unfortunately, none of my jobs offered a pension and it looks like I may have to sell an inherited house so some can be used for extra income. No need sitting in a huge house with poverty level income. I need a smaller house and more income.
Taxes on s.s.? They should go back into the fund....!!.....for heavens sakes.
To Naeem5 regarding your post #76: In a subsequent and more detailed post I admitted that my characterization of disability benefits as welfare was hasty and inaccurate.
To Naeem5 regarding your post #76: In a subsequent and more detailed post I admitted that my characterization of disability benefits as welfare was hasty and inaccurate.
I saw your detailed post after I had submitted my most recent.
Sorry and I apologize for repeating.
I have a friend, rather an acquantance, who said, back in 2004, "that he and I were brought up better than to file for disability"
I was forced to, with no choice. Luckily S.S. was there, or I am not sure how my basic bills would have gotten paid these last 6 years and unable to work.
Alot of workers under age 50 become disabled for a short time and return to work.
The government has to over haul the system or it will go broke in under 20 years.
Naeem5,
I know I'm gonna regret this, but here goes -
I have NEVER heard of anyone's benefits decreasing when he is moved from Title2 (disability) benefits to full retirement benefits. This is why so many folks closing in on retirement choose to apply for Title2 benefits. The reason the benefits do not drop is because SSA pretends you are not only still working and contributing FICA taxes but that your pretend wages are also increasing each year you are disabled. If your predicted full retirement amount turns out to be less than what you are receiving in Title2 benefits, you will need to have the benefits recalculated. I suppose SSA could err and fail to retroactively adjust your pretend wages since it took so long for you to be awarded benefits. Also, unless you are working - or SSA radically changes its regulations, there is almost a zero chance you will be found capable of working at age 63. Please believe me on this one - I am (temporarily I hope) working for a component of a big nameless agency that conducts hearings regarding such matters.
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.
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.
