Retirement Planning - Lessons Learned

[goeduck]

Can't squeeze blood out of a turnip.

You can pobably squeeze cocaine, meth, dope etc out of a whole lot of that 61% that do not pay taxes. You can probably even squeeze vacation money out of many of them. Many of what you call poor would be poor no matter how much money they earned or (these days) were given. Enablers are making things worse. 39% should not be footing the bill for all.

 

[KennyG]

I did a little research based on the earlier post about an elderly immigrant collecting social security. I found that someone who has never paid into SS can indeed collect SS but the under only very special conditions. A parent can collect survivor benefits based on a deceased childs SS account if it can be shown that the child paid over half of the parents expenses prior to death. A little obscure but I can see the logic in that.

 

[arto98607]

I did a little research based on the earlier post about an elderly immigrant collecting social security. I found that someone who has never paid into SS can indeed collect SS but the under only very special conditions. A parent can collect survivor benefits based on a deceased childs SS account if it can be shown that the child paid over half of the parents expenses prior to death. A little obscure but I can see the logic in that.

Yes there is a logic in case like that, otherwise qualifying for SS benefits seems pretty straightforward:

 

[MoKelly]

I did a little research based on the earlier post about an elderly immigrant collecting social security. I found that someone who has never paid into SS can indeed collect SS but the under only very special conditions. A parent can collect survivor benefits based on a deceased childs SS account if it can be shown that the child paid over half of the parents expenses prior to death. A little obscure but I can see the logic in that.

Interesting. I think there are quite a few children who are supporting parents these days. I know quite a few folks who either have parents living with them or are paying for longer term care facilities.

MoKelly

 

[Larry Caldwell]

They aren't turnips... they are leeches.

That's capitalism for you. With a little effort we can set ourselves up to suck money out of the system for nothing. My wife and I rake in over $90k/year and haven't worked in years. We're nickel and dime amateurs compared to the real leeches, who rake in $millions a day while producing nothing.

 

[Larry Caldwell]

Not sure of your point. You get salgam from squeezing a turnip. Are you suggesting that it's healthy for people to not work?

I'm just pointing out that taxing people who don't have enough money to live on is not productive. The reason so many people don't pay taxes is that they don't have any money. Despising the poor for being poor is only helpful if you need someone to feel superior to.

Meanwhile, vast numbers of people are eager to pay taxes. The Great Resignation is under way. Over 11 million people have quit their jobs in the last 3 months. We'll see what the business community does if it loses 1/3 of it's workforce. Maybe they will offer taxable income as an incentive to stick around.

 

[Macinnis]

I did a little research based on the earlier post about an elderly immigrant collecting social security. I found that someone who has never paid into SS can indeed collect SS but the under only very special conditions. A parent can collect survivor benefits based on a deceased childs SS account if it can be shown that the child paid over half of the parents expenses prior to death. A little obscure but I can see the logic in that.

On top of that, you don’t even need a social security number…to get…social security “benefits”.

 

[Macinnis]

That's capitalism for you. With a little effort we can set ourselves up to suck money out of the system for nothing. My wife and I rake in over $90k/year and haven't worked in years. We're nickel and dime amateurs compared to the real leeches, who rake in $millions a day while producing nothing.

I don’t think you know what capitalism is Larry.

 

[Larry Caldwell]

I don’t think you know what capitalism is Larry.

Sure I do. Pile up capital and collect your playchecks. I get several of them a month. Money for nothing.

 

[Steppenwolfe]

Retirement planning is well documented. Sure, save early. Easier said than done for some.

I grew up in a nice neighborhood in the 60's and 70's. Dad was an engineer, so I became one too. Go figure. Life has been great, big house and bigger 401K

As I skated through life, doing somethings right, some things wrong, I always had parents, grand parents, MIL/FIL and spouses grand parents to fall back on. I/we never did need much of any help. But it was there! So buying my first pc of land at 21 years old on contract, was a huge privilege.

I'm a very lucky person. I have always recognized much of my opportunity was due to my placement on this planet. Thanks Giving has always been a special day for me.

For many people, USA and the globe, their birth locations and economic position, make change very difficult. I really hate it when people say, " just pick yourself up by your boot straps". Easier said than done for some.

Yes... you are indeed one of the lucky ones. As far as the "bootstraps" go, I wish I would have had that much to start with. But... deep south, white trash poverty was my luck of the draw; the kind grace of God, a very strong back, and the best wife on the planet made everything else possible. Yeah... most people could do it, but the brutal climb up knocks out many cause they decide it isn't worth it. You've got to want it real bad.

 

[Steppenwolfe]

Sure I do. Pile up capital and collect your playchecks. I get several of them a month. Money for nothing.

You are welcome...

 

[MoKelly]

That's capitalism for you. With a little effort we can set ourselves up to suck money out of the system for nothing. My wife and I rake in over $90k/year and haven't worked in years. We're nickel and dime amateurs compared to the real leeches, who rake in $millions a day while producing nothing.

Share with us who the real leeches are who rake in $millions a day while producing nothing.

MoKelly

 

[Paddy]

Yes... you are indeed one of the lucky ones. As far as the "bootstraps" go, I wish I would have had that much to start with. But... deep south, white trash poverty was my luck of the draw; the kind grace of God, a very strong back, and the best wife on the planet made everything else possible. Yeah... most people could do it, but the brutal climb up knocks out many cause they decide it isn't worth it. You've got to want it real bad.

Steppenwolfe,

Yes, in many cases we can be born in "less than ideal" conditions and by true grit make a prosperous great life.
So many people also have made a bad decision and got caught, served their country and came back damaged or grew up in an abused family and so on. Only to image how close all of us are to be in the same boat. One miss red light, job losses, spouse gets sick and sucks every penny out of your bank account

Without a doubt, there are people out there that just gave up and could have got their Stuff together.
I can't judge a homeless person to be a slacker, he could have served his country and watched his buddy die in a horrific event.

 

[NorTracNY]

I'm just pointing out that taxing people who don't have enough money to live on is not productive. The reason so many people don't pay taxes is that they don't have any money. Despising the poor for being poor is only helpful if you need someone to feel superior to.

Meanwhile, vast numbers of people are eager to pay taxes. The Great Resignation is under way. Over 11 million people have quit their jobs in the last 3 months. We'll see what the business community does if it loses 1/3 of it's workforce. Maybe they will offer taxable income as an incentive to stick around.

I do not know many people that don't have enough money to live on. I do know and see people all the time that CHOOSE to not hold a stable job. Of course there are ALWAYS exceptions, but the number of people who can live off of the government teat or acquire what they desire through immoral or illegal methods is sad. People do not value what they do not earn. It's bad for the soul to not have an honest means of living. I am always for helping those that need it, but NEVER for supporting someone that doesn't.

 

[ultrarunner]

Ot

I didn't lose a cent in 2008 because I didn't sell a single share of anything I owned. Only those that choose to sell low lose in a down market.

Or hang on hoping it comes back only to be delisted...

Since I didn't sell I guess I didn't loose?

 

[MoKelly]

People do not value what they do not earn. It's bad for the soul to not have an honest means of living. I am always for helping those that need it, but NEVER for supporting someone that doesn't.

This is very very wise.

I believe this 1000%.

I’ve seen the opposite with some kids of friends who were given cars (that they abused and destroyed) and education (which was also abused and not taken seriously).

MoKelly

 

[ultrarunner]

What I don't get is how poor often equates to filth and lawlessness...

The trash generated for no reason when free disposal goes unused can only be explained as purposeful or mental illness...

Back in the run up on 2008 I know people that mortgaged to the hilt with refi and the walked as in leaving the country taking hundreds of thousands in cash with them...

One lady said it was her retirement and if the lenders are so stupid who am I to question?

As simple as it sounds... your health is your wealth rings true... so how does anyone explain otherwise healthy people that live on hand outs unless it is the same... if they are stupid enough to offer it... why not?

When you subsidize something you encourage more of it...

 

[RickB]

Ot

Or hang on hoping it comes back only to be delisted...

Since I didn't sell I guess I didn't loose?

Funny thing, I didn't comment on your portfolio, just mine. Diversity is very important to me. And I know that if I can't stand the heat I shouldn't hang around in the kitchen.

 

[ultrarunner]

Funny thing, I didn't comment on your portfolio, just mine. Diversity is very important to me. And I know that if I can't stand the heat I shouldn't hang around in the kitchen.

I can't stand the heat...

My misunderstanding... I read into only those that sold in 2008 lost...

I didn't sell anything but still lost.

Ever notice endless parade of company 401k advisors that get reshuffled with every market downturn.

They don't leave the industry... they simply move around.

Its the only investment where no matter what happens it is always my fault... either holding on too long and not cutting my loss or selling and missing gains...

Many in my circle were feeling real good on the run up taking early retirement, etc... then their portfolios dropped 50% and it was a what happened moment...

Eventually time runs out for everyone...

I tip my hat to those that can and have done well at the same time knowing those it ruined.

 

[Doughknob]

...I don't see a negative being debt free in retirement...

That depends on what one views as a "negative." I see "missed opportunity" as a negative. If i can hold cheap debt and invest that money making much more, i'd feel like i wasn't doing my best with money management.