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Joined: Jan 2012
Posts: 45,037 Likes: 28
Campfire 'Bwana
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Campfire 'Bwana
Joined: Jan 2012
Posts: 45,037 Likes: 28 |
We pay a hell of a lot of tax. The dindu nuffins get all kinds of free Cshit. Seems fair, don’t it??? They dont need SS per LBJ,s great society programs for their entire life. All thought out back then. All for their votes...... Curse on those still alive who voted for him in 64......
Last edited by renegade50; 01/13/20.
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Joined: May 2003
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Campfire Ranger
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Campfire Ranger
Joined: May 2003
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Hanco: Indeed you WILL be "re-taxed" on your social security pension checks! Didn't used to be taxed but is now. IIRC my beloved President Ronald Reagan signed the bill that allowed this into law! Someone please correct me on that if need be. Its just a sadfuckin fact of life the politicians will spend every cent they can get their grubby hands on (and more!) and they WILL tax everything under the sun! And they will steal from the social security funds for their craven and idiotic spending projects, that are full of fraud and abuse. It should NOT be that way but sadly it is. Hold into the wind VarmintGuy
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Posts: 13,949
Campfire Outfitter
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Campfire Outfitter
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Something that is often not considered seriously nor made allowances for is "Murphy" doesn't give retirees on a fixed income a free pass nor senior citizen discounts.
What may be enough income to meet daily needs, responsibilities, emergencies and some wants now may not be enough in the future as most everything generally gets more expensive.
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Joined: Apr 2011
Posts: 152,258 Likes: 38
Campfire Savant
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OP
Campfire Savant
Joined: Apr 2011
Posts: 152,258 Likes: 38 |
Something that is often not considered seriously nor made allowances for is "Murphy" doesn't give retirees on a fixed income a free pass nor senior citizen discounts.
What may be enough income to meet daily needs, responsibilities, emergencies and some wants now may not be enough in the future as most everything generally gets more expensive
That’s why I’m still working. Every year adds 2.3% more to my pension. Hope to improve it some in the next two years.
Last edited by hanco; 01/13/20.
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Campfire Regular
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Campfire Regular
Joined: Aug 2019
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We pay a hell of a lot of tax. The dindu nuffins get all kinds of free Cshit. Seems fair, don’t it??? I find extreme humor in you being so fiscally stupid to post the question you initially did... but then post this as a self esteem booster... I hope it worked, because your still dumb as fug to think you wouldnt be taxed on income old man. PS - there is only a 1% slant of blacks to white receiving “social welfare”... that simple figure of 1% might be hard for someone your age that doesnt comprehend income tax to understand, so to better explain it to you... essentially your just as likely to get welfare as the “dindu notin”
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Joined: Aug 2019
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Campfire Regular
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Campfire Regular
Joined: Aug 2019
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Something that is often not considered seriously nor made allowances for is "Murphy" doesn't give retirees on a fixed income a free pass nor senior citizen discounts.
What may be enough income to meet daily needs, responsibilities, emergencies and some wants now may not be enough in the future as most everything generally gets more expensive
That’s why I’m still working. Every year adds more to my pension, 2.3%. Hope to improve it some in the next two years. Sounds like when it was time to study you “dindu nutin”
Last edited by Ejp1234; 01/13/20.
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Joined: Apr 2011
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Campfire Savant
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Campfire Savant
Joined: Apr 2011
Posts: 152,258 Likes: 38 |
I knew it was going to be taxed. I didn’t know if I was going to get a W-2 form or something like it to file my taxes. That was my question.
Last edited by hanco; 01/13/20.
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Campfire Regular
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Campfire Regular
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No, they want you to guess
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Campfire Tracker
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Campfire Tracker
Joined: Feb 2013
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Maybe I am not thinking about this fully, so let me know if this is BS.
My estimated benefit is about 20K per year. So if I take that at 62, I get 100K by 67 from SS. That is 100K that I don't remove from my 401K to live on.
With 62 start, I break even at 80, than I start to lose compared to 67 start date. That is done by comparing issued funds. But that 100K, 5years X 20K, was saved in my 401K. So that 100K sits in my stock account until I'm 80, so in 13 years of compounding, I think it will double. Again this is very rough estimate but I think withdrawing 100K and missing 13+ years of compounded growth is huge. That 100K should double in 13+ years to the break even point at 80. So I would have an extra 100K in savings by spending SS money instead of savings. So maybe the break even point is 85 when you look at loss of income from that 100K.
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Joined: Apr 2011
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Campfire Savant
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Campfire Savant
Joined: Apr 2011
Posts: 152,258 Likes: 38 |
I would guess about 30% in the tax bracket I’m in.
I have it going in a savings account until we figure our taxes out. I would probably be better off not taking it. That extra money may cause me to pay a higher Medicare penalty.
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Campfire Regular
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7% average gain
10yrs for money to make a flip.
In theory your $100k could/should be $200k in 10yrs.
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Campfire Savant
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Campfire Savant
Joined: Apr 2011
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Maybe I am not thinking about this fully, so let me know if this is BS.
My estimated benefit is about 20K per year. So if I take that at 62, I get 100K by 67 from SS. That is 100K that I don't remove from my 401K to live on.
With 62 start, I break even at 80, than I start to lose compared to 67 start date. That is done by comparing issued funds. But that 100K, 5years X 20K, was saved in my 401K. So that 100K sits in my stock account until I'm 80, so in 13 years of compounding, I think it will double. Again this is very rough estimate but I think withdrawing 100K and missing 13+ years of compounded growth is huge. That 100K should double in 13+ years to the break even point at 80. So I would have an extra 100K in savings by spending SS money instead of savings. So maybe the break even point is 85 when you look at loss of income from that 100K. You wouldn’t be taking the 100,000 out at once. A little each month??
Last edited by hanco; 01/13/20.
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Campfire Tracker
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Campfire Tracker
Joined: Jan 2009
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tax on ss? I assumed i am done with it. Since I have a Ford pension, I wind up claiming nearly 30% (maybe a little less) of my SS as taxable income. I paid SS taxes my whole life and now I’m paying income tax on that same friggin’ money.
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Campfire Tracker
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Campfire Tracker
Joined: Feb 2013
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Maybe I am not thinking about this fully, so let me know if this is BS. . You wouldn’t be taking the 100,000 out at once. A little each month?? I was considering that by age 67 I would have pulled out 100K, So you can consider age 67 the "simple start point" of the loss of interest, although that is an under estimate. So now at age 67 you are down 100K, and it could have earned 7% for 13 years until the magic age 80 break even point. And as EJP said, that 100K of investment should at least double. So Ill say another 5 years extended on the break even point because you have earned 100K+ in interest. So I say 62 is better than 67. Or maybe 62 ain't that bad when you consider not missing 100K of compounded growth for 13+ years.
Last edited by Terryk; 01/13/20.
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Joined: Dec 2002
Posts: 26,072 Likes: 15
Campfire Ranger
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Campfire Ranger
Joined: Dec 2002
Posts: 26,072 Likes: 15 |
We pay a hell of a lot of tax. The dindu nuffins get all kinds of free Cshit. Seems fair, don’t it??? I find extreme humor in you being so fiscally stupid to post the question you initially did... but then post this as a self esteem booster... I hope it worked, because your still dumb as fug to think you wouldnt be taxed on income old man. PS - there is only a 1% slant of blacks to white receiving “social welfare”... that simple figure of 1% might be hard for someone your age that doesnt comprehend income tax to understand, so to better explain it to you... essentially your just as likely to get welfare as the “dindu notin” Dindu notins come in colors other than black.
People who choose to brew up their own storms bitch loudest about the rain.
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Joined: Apr 2011
Posts: 152,258 Likes: 38
Campfire Savant
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Campfire Savant
Joined: Apr 2011
Posts: 152,258 Likes: 38 |
Yes they do, lots of cracker don’t do nothings. I don’t like them either. I get behind them in the grocery store. They try to hide their Lone Star cards.
Last edited by hanco; 01/14/20.
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Joined: Aug 2002
Posts: 19,131 Likes: 4
Campfire Ranger
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Campfire Ranger
Joined: Aug 2002
Posts: 19,131 Likes: 4 |
OK, just to look at this from another angle. My Wife's and my income, without social security, would not be liable for any other income tax, other than what is held out monthly. When Social Security is added in, I have to cut a check for between 20% and 25% of what Social Security we draw during the year. It does vary a little from year to year, but not by any noticeable amount. The way it is figured is hard to follow, but they have a step by step guide so that you will not underpay. If you will read the History of SS, you will see another great government lie. They said at first that SS would never be subject to income tax. miles
Look out for number 1, don't step in number 2.
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Joined: Dec 2013
Posts: 44,696 Likes: 23
Campfire 'Bwana
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Campfire 'Bwana
Joined: Dec 2013
Posts: 44,696 Likes: 23 |
It seems many here are only thinking about spending money on the fun things. My father in law did that too. Bought Cadillacs even had a bumper sticker on them saying he was spending his children's inheritance. Funny! He and his wife went on many cruises and trips all over the world etc when they were in their 60s and early 70s. Then, when they hit their late 80s & 90s and had dementia and needed assisted living and nursing homes they ran out of savings and, yet, while their expenses exceeded their SS and pension income they made too much to qualify for Medicaid. So, his children who had their own retirement and expenses had to all chip in and bail them out. But hey, he had those Cadillacs and trips that they couldn't remember having. The fun things are nice but are so damn unimportant compared to those things that actually do matter when you are old and no longer able to meet expenses. Maybe you have kids who'll look after you and maybe you don't or they won't. I'd rather be smart and make sure my income and savings are enough to last as long as I might need it. Should have just gone completely broke and thrown his problem at the feet of .gov... like the rest of his illegal immigrant neighbors. Shame on him for working his ass off all his whole life to have a little fun..
Slaves get what they need. Free men get what they want. Rehabilitation is way overrated. Orwell wasn't wrong. GOA member disappointed NRA member 24HCF SEARCH
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Joined: Dec 2013
Posts: 44,696 Likes: 23
Campfire 'Bwana
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Campfire 'Bwana
Joined: Dec 2013
Posts: 44,696 Likes: 23 |
tax on ss? I assumed i am done with it. Since I have a Ford pension, I wind up claiming nearly 30% (maybe a little less) of my SS as taxable income. I paid SS taxes my whole life and now I’m paying income tax on that same friggin’ money. One of THE biggest crimes perpetrated on us by our "leaders" in Congress, IMHO.. And them with their cushy retirement and healthcare.
Slaves get what they need. Free men get what they want. Rehabilitation is way overrated. Orwell wasn't wrong. GOA member disappointed NRA member 24HCF SEARCH
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Joined: Dec 2013
Posts: 44,696 Likes: 23
Campfire 'Bwana
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Campfire 'Bwana
Joined: Dec 2013
Posts: 44,696 Likes: 23 |
We pay a hell of a lot of tax. The dindu nuffins get all kinds of free Cshit. Seems fair, don’t it??? They dont need SS per LBJ,s great society programs for their entire life. All thought out back then. All for their votes...... Curse on those still alive who voted for him in 64...... IMHO, hanging would have been too good for him. Add in what he did in Vietnam and the ante goes up to burned at the stake..
Slaves get what they need. Free men get what they want. Rehabilitation is way overrated. Orwell wasn't wrong. GOA member disappointed NRA member 24HCF SEARCH
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