Entry level California home costs up 88% since 2020.

[CloverKnollFarms]

Pensions and 401k will be the majority of our income. Haven't started collecting yet, but we will sit down and do the math, all things considered.
It helps when you look at your worth, and figure out how much you can spend in the time you expect to have left. My math uses 83-85 as a longevity number for investment money, as pensions and SS will easily carry us further. I figured we won't be spending/traveling etc much after 80ish.

401k and IRAs will be the bulk of ours.

I doubt we will touch the principle before RMDs come into play. Then we will have to find things to spend money on.

 

[jyoutz]

Isn't the limit for the full deduction like $150k per couple?

I mean, at some point the wealthy need to pay their fair share, or so I've heard.

“Congress on Thursday passed the legislative package that President Donald Trump dubbed the One Big Beautiful Bill, including a temporary $6,000 deduction for seniors who earn as much $75,000 a year, or $12,000 for joint filers earning as much as $150,000.”

 

[Runner]

“Congress on Thursday passed the legislative package that President Donald Trump dubbed the One Big Beautiful Bill, including a temporary $6,000 deduction for seniors who earn as much $75,000 a year, or $12,000 for joint filers earning as much as $150,000.”

News article also says this:
A single senior receiving the average $24,000 in annual Social Security income will see deductions exceed their taxable amount. Married seniors with a combined $48,000 in benefits will also see full exemption from federal income taxes.

If I'm reading that right (and assuming the info. is correct), if you are married and your SS income is not more than $48000, then you don't pay any tax on the SS income (regardless of how much income you have OTHER than SS). And, the $48,000 is the total SS income, as long as you are married, regardless of whether it is one or both in the couple that are on SS.

Right or wrong?

 

[JJT]

“Congress on Thursday passed the legislative package that President Donald Trump dubbed the One Big Beautiful Bill, including a temporary $6,000 deduction for seniors who earn as much $75,000 a year, or $12,000 for joint filers earning as much as $150,000.”

Seniors is defined as 65 and older. Us younger retirees don't see any benefit.

 

[arto98607]

Same. Paid off in 2014.

It will be interesting to see what the rebuild in California looks like after the fire. High building costs, red tape and 7% mortgages to people who had no fire insurance?

Maybe they will go back to an agrarian society

Same, paid off in 2020 and no more loans of any type!

 

[CloverKnollFarms]

News article also says this:
A single senior receiving the average $24,000 in annual Social Security income will see deductions exceed their taxable amount. Married seniors with a combined $48,000 in benefits will also see full exemption from federal income taxes.

If I'm reading that right (and assuming the info. is correct), if you are married and your SS income is not more than $48000, then you don't pay any tax on the SS income (regardless of how much income you have OTHER than SS). And, the $48,000 is the total SS income, as long as you are married, regardless of whether it is one or both in the couple that are on SS.

Right or wrong?

Yeah it looks like the vast majority won't pay any tax on the benefit.

 

[Oaktree]

“Congress on Thursday passed the legislative package that President Donald Trump dubbed the One Big Beautiful Bill, including a temporary $6,000 deduction for seniors who earn as much $75,000 a year, or $12,000 for joint filers earning as much as $150,000.”

Key word here: temporary. The government giveth, and the government can taketh away.

 

[not2old]

We have those on radar, except Florida. Only because of the high humidity. I figured it would be OK during winter season, but if things change, we would sell our VT property and live southern full time. No way Fla in summer. Part of the seasonal move would be for tax purposes, although DT helped with the SS tax break. Not sure we could rent 6 months a year for what we want in a location. Still looking, sorta...
5 years ago, we wanted close proximity to beach. Now, 30ish minute drive is OK. Everything else is a must. I can only take so much peace, quite, tranquility etc. we have here. Only took 5ish years to figure out. But don't want fulltime in a semi busy area either.

We live in a resort area and look forward to seeing all the people starting in June, and by the time Sept. rolls around we are quite happy to see them leave.

 

[CloverKnollFarms]

Key word here: temporary. The government giveth, and the government can taketh away.

Expires when Trump leaves office. The next administration can extend it, or tell seniors it's raising their taxes

 

[Dftodd]

Just for curiosity I looked up childhood tract home folks bought new for 16,500 Dec 1959.

At current value it’s at a million dollars… boggles the mind… 3 bedroom, 2 bath 1100 square feet.

Before covid. Those were selling all day long locally for $100k or under.