MoKelly
Super Member
- Joined
- Oct 30, 2009
- Messages
- 8,449
- Tractor
- Bobcat CT235, Bad Boy z-turn, Suzuki Vinson 500 and F-150
Holy Cow!
That is have a kid at 16 and that kid has a kid at 16!
And that was the average?
MoKelly
Retirement Planning - Lessons Learned
- Thread starter polarred21
- Start date
- Views: 219785
Holy Cow!
That is have a kid at 16 and that kid has a kid at 16!
And that was the average?
MoKelly
ultrarunner
Epic Contributor
- Joined
- Apr 6, 2004
- Messages
- 29,290
- Tractor
- Cat D3, Deere 110 TLB, Kubota BX23 and L3800 and RTV900 with restored 1948 Deere M, 1949 Farmall Cub, 1953 Ford Jubliee and 1957 Ford 740 Row Crop, Craftsman Mower, Deere 350C Dozer 50 assorted vehicles from 1905 to 2006
It is generational repeating... and becomes a way of life.
Yes, there are 30 year old Grandmothers!
NorTracNY
Platinum Member
I'm just going to shake my head at some of these post.
As for borrowing money, it's VERY important for people to understand that they can get into BIG trouble if they have leveraged too much. There were a lot of people in 2008 that had borrowed beyond their means. People need to have significant reserves to handle potential downturns. It's not just the risk of a housing crash, stock market crash, or losing their income. When things go bad, will you be able to survive it. If you don't need to borrow the money, then you're likely in the best shape to use that credit. Just be aware of how much you are leveraging.
As for borrowing money, it's VERY important for people to understand that they can get into BIG trouble if they have leveraged too much. There were a lot of people in 2008 that had borrowed beyond their means. People need to have significant reserves to handle potential downturns. It's not just the risk of a housing crash, stock market crash, or losing their income. When things go bad, will you be able to survive it. If you don't need to borrow the money, then you're likely in the best shape to use that credit. Just be aware of how much you are leveraging.
Macinnis
Gold Member
61% of Americans paid no federal income taxes in 2020, Tax Policy Center says
The Tax Policy Center said 107 million households, or 61% of taxpayers, owed no income taxes in 2020. That's up from 76 million, or 44% of taxpayers, in 2019.
www.cnbc.com
61% of this country does not pay federal income tax.
MoKelly
Super Member
- Joined
- Oct 30, 2009
- Messages
- 8,449
- Tractor
- Bobcat CT235, Bad Boy z-turn, Suzuki Vinson 500 and F-150
61% of Americans paid no federal income taxes in 2020, Tax Policy Center says
The Tax Policy Center said 107 million households, or 61% of taxpayers, owed no income taxes in 2020. That's up from 76 million, or 44% of taxpayers, in 2019.
61% of this country does not pay federal income tax.
I am in the minority.
MoKelly
Fuddy1952
Elite Member
- Joined
- Apr 17, 2018
- Messages
- 4,332
- Location
- South Central Virginia
- Tractor
- 1973 Economy and 2018 John Deere 3038E
This really gets me:
My best friend years ago moved to LA (Palos Verdes). He marries a lady born in China who moved to the USA 40 years ago. Friend and wife both work (at retirement age but can't retire...mortgage, etc.).
They bring her mother over from China 10 years ago...she doesn't speak English at all.
Mom lives with them a few years, doesn't work out well so friend finds 78 y.o. Mom a place. Get this!:
Mom has a beach front studio apartment. She gets all utilities, SS, Medicare, health care, food stamps, etc. ALL FOR FREE!
Mom never worked one day in America.
Mom has so much money left over she took them on European vacation!
Where's my (or our) free stuff?!?
WE paid taxes, born, worked in America all our life...but no free perks.
My best friend years ago moved to LA (Palos Verdes). He marries a lady born in China who moved to the USA 40 years ago. Friend and wife both work (at retirement age but can't retire...mortgage, etc.).
They bring her mother over from China 10 years ago...she doesn't speak English at all.
Mom lives with them a few years, doesn't work out well so friend finds 78 y.o. Mom a place. Get this!:
Mom has a beach front studio apartment. She gets all utilities, SS, Medicare, health care, food stamps, etc. ALL FOR FREE!
Mom never worked one day in America.
Mom has so much money left over she took them on European vacation!
Where's my (or our) free stuff?!?
WE paid taxes, born, worked in America all our life...but no free perks.
KennyG
Super Member
This really gets me:
My best friend years ago moved to LA (Palos Verdes). He marries a lady born in China who moved to the USA 40 years ago. Friend and wife both work (at retirement age but can't retire...mortgage, etc.).
They bring her mother over from China 10 years ago...she doesn't speak English at all.
Mom lives with them a few years, doesn't work out well so friend finds 78 y.o. Mom a place. Get this!:
Mom has a beach front studio apartment. She gets all utilities, SS, Medicare, health care, food stamps, etc. ALL FOR FREE!
Mom never worked one day in America.
Mom has so much money left over she took them on European vacation!
Where's my (or our) free stuff?!?
WE paid taxes, born, worked in America all our life...but no free perks.
I have to question some of this. I don't think you can get SS and Medicare unless you have worked and paid into the system. If you are indigent and a legal immigrant, you can get Medicaid, food stamps, and reduced cost housing. However, beachfront living with cash left over seems improbable.
KennyG
Super Member
Although the % that does not pay income tax should go down when we "return to normal", it may never go below 50% again. There are concerns about a system where majority vote rules and a minority are required to pay for it.61% of Americans paid no federal income taxes in 2020, Tax Policy Center says
The Tax Policy Center said 107 million households, or 61% of taxpayers, owed no income taxes in 2020. That's up from 76 million, or 44% of taxpayers, in 2019.
61% of this country does not pay federal income tax.
Fuddy1952
Elite Member
- Joined
- Apr 17, 2018
- Messages
- 4,332
- Location
- South Central Virginia
- Tractor
- 1973 Economy and 2018 John Deere 3038E
You are correct. She gets Medicaid not Medicare. The SS all I know is she gets some sort of income, more than enough to live on since she has no rent, utilities, etc.
Money left over paid for their vacation.
I'll be talking to my friend this afternoon and find out what that money is called.
I was writing quickly, just trying to make a point. The gist is she gets free things, and a money surplus.
Larry Caldwell
Super Member
Gotta love those vague memories, even if they make no sense.
Larry Caldwell
Super Member
Can't squeeze blood out of a turnip.61% of Americans paid no federal income taxes in 2020, Tax Policy Center says
The Tax Policy Center said 107 million households, or 61% of taxpayers, owed no income taxes in 2020. That's up from 76 million, or 44% of taxpayers, in 2019.
61% of this country does not pay federal income tax.
MoKelly
Super Member
- Joined
- Oct 30, 2009
- Messages
- 8,449
- Tractor
- Bobcat CT235, Bad Boy z-turn, Suzuki Vinson 500 and F-150
Macinnis
Gold Member
Why buy a cow when you can get the milk for free?
Steppenwolfe
Super Member
- Joined
- Apr 11, 2012
- Messages
- 7,086
- Location
- The Blue Ridge Mountains
- Tractor
- Kubota MX5400, 1140 RTV
HA!!! I'm not biting on that one again...61% of Americans paid no federal income taxes in 2020, Tax Policy Center says
The Tax Policy Center said 107 million households, or 61% of taxpayers, owed no income taxes in 2020. That's up from 76 million, or 44% of taxpayers, in 2019.
61% of this country does not pay federal income tax.
Steppenwolfe
Super Member
- Joined
- Apr 11, 2012
- Messages
- 7,086
- Location
- The Blue Ridge Mountains
- Tractor
- Kubota MX5400, 1140 RTV
They aren't turnips... they are leeches.
NorTracNY
Platinum Member
Not sure of your point. You get salgam from squeezing a turnip. Are you suggesting that it's healthy for people to not work?
Fuddy1952
Elite Member
- Joined
- Apr 17, 2018
- Messages
- 4,332
- Location
- South Central Virginia
- Tractor
- 1973 Economy and 2018 John Deere 3038E
I just got off the phone with Ca. friend who's MIL gets all the free stuff. He said it took lots of time, lots of paperwork, etc. but it is SS she receives. She had to get citizenship but being poor and at her age everything is free.
It makes no sense to me working and paying into SS all those years, then someone from another country never working here getting all those perks.
Sigarms
Super Star Member
I learned a valuable lesson from both of my parents, which didn't make sense when I was younger, but makes more sense now as I'm older.
The lesson?
Don't worry about what other people do, worry about what YOU do.
Anyone with half a brain should not rely on social security (the government) to have a great life after you retire, that's only common sense, even back in the 80's...
The lesson?
Don't worry about what other people do, worry about what YOU do.
Anyone with half a brain should not rely on social security (the government) to have a great life after you retire, that's only common sense, even back in the 80's...
Steppenwolfe
Super Member
- Joined
- Apr 11, 2012
- Messages
- 7,086
- Location
- The Blue Ridge Mountains
- Tractor
- Kubota MX5400, 1140 RTV
I just pulled my info from SS.GOV; started paying taxes when I was 15, been paying for the last 48 years. I will still be paying when I turn 66.8 months old for "full" retirement payments. If I live for 20 years past that, maybe get new gubment knee replacements, I should come out even...
