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Re: Retirement. [Re: Blaine County] #7029418
10/27/20 02:53 PM
10/27/20 02:53 PM
Joined: Oct 2018
Posts: 5,570
Dunbar, Wisconsin
P
Pike River Offline
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Pike River  Offline
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Joined: Oct 2018
Posts: 5,570
Dunbar, Wisconsin
Originally Posted by Blaine County
Originally Posted by SundanceMtnMan
I have a question for all who support retiring early. Once you have collected all the money you and your employer have put into S.S. plus a reasonable amount of interest are you not on public welfare like everyone else who receives money they have not earned? This is a question I have thought about every time someone supports retiring early.


We have argued about this before on T-Man.

Yes. Same goes for SSDI.

One of the first threads I ever read on this forum was one over SSDI. I was surprised at how many admitted to milking it.

Re: Retirement. [Re: Bob] #7029425
10/27/20 03:00 PM
10/27/20 03:00 PM
Joined: Jul 2018
Posts: 202
KS
K
ks wolfer Offline
trapper
ks wolfer  Offline
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K

Joined: Jul 2018
Posts: 202
KS
Originally Posted by Bob
Ks wolfer, you’re very right, you have to live in the now, but do it wisely. Don’t steal your future to fund your now. A lot of people do die before retirement, but a lot more live to retirement and spend their last years in poverty because they didn’t plan on a future.

Agreed--- failure to plan is a plan for failure--- just keep in mind that the future is uncertain

Re: Retirement. [Re: coonman220] #7029430
10/27/20 03:03 PM
10/27/20 03:03 PM
Joined: Jul 2017
Posts: 1,791
IA
T
teepee2 Online content
trapper
teepee2  Online Content
trapper
T

Joined: Jul 2017
Posts: 1,791
IA
Best advice I ever got "You don't make a living ,you live on what you make."

Re: Retirement. [Re: coonman220] #7029480
10/27/20 03:39 PM
10/27/20 03:39 PM
Joined: Jul 2008
Posts: 2,414
Idaho Falls, Idaho
F
Furvor Offline
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Furvor  Offline
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F

Joined: Jul 2008
Posts: 2,414
Idaho Falls, Idaho
Quote
Was told at 62 old, can get $1000 roughly after taxes. Soacil security, not much a month, can work up to $18 k a year without worries deductions,


That $18,000 is total gross household income. If anyone else living in your house has an income that counts against the $18k.

If you will be getting a W2 form for working after retirement social security and medicare taxes will still be deducted.

If you choose Medicare part B coverage the monthly deduction from gross SS benefit is about $100.

Last edited by Furvor; 10/27/20 03:43 PM.
Re: Retirement. [Re: coonman220] #7029498
10/27/20 03:55 PM
10/27/20 03:55 PM
Joined: Mar 2008
Posts: 5,947
n.e, iowa
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coonman220 Offline OP
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coonman220  Offline OP
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Joined: Mar 2008
Posts: 5,947
n.e, iowa
So they take out your soacil security check on taxes. ? Well have to see how doing at the time. About retire 62, never know. Am single, some guys work long time. Some not, Peter out late 50 s or mid 60s,late 60 s is when watch out

Re: Retirement. [Re: coonman220] #7029593
10/27/20 05:47 PM
10/27/20 05:47 PM
Joined: Dec 2011
Posts: 10,308
MT
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snowy Offline
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snowy  Offline
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Joined: Dec 2011
Posts: 10,308
MT
Bob weren't you in eastern montana at one time?? There was a bob on here, that was from eastern montana and he worked in the oil industry.


Give me a fish, I will eat for a day. Teach me to fish, I will eat for a lifetime
Re: Retirement. [Re: coonman220] #7029602
10/27/20 06:02 PM
10/27/20 06:02 PM
Joined: Jun 2012
Posts: 3,829
KY.usa
rex123 Offline
trapper
rex123  Offline
trapper

Joined: Jun 2012
Posts: 3,829
KY.usa
when did they start taking taxes out of your ssa check?

Re: Retirement. [Re: coonman220] #7029668
10/27/20 07:07 PM
10/27/20 07:07 PM
Joined: May 2010
Posts: 10,421
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 10,421
mn north of blakely
Dave, I know you won't listen but if you are only going to get about 1k a month at 62 you can't afford to start Social Security.

The cold hard facts are you should wait until you are 67.

When you get to be 75 that 1,000 a month won't even pay your taxes and medicare.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Retirement. [Re: coonman220] #7029813
10/27/20 08:35 PM
10/27/20 08:35 PM
Joined: Nov 2012
Posts: 1,057
midland, michigan
M
midlander Offline
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midlander  Offline
trapper
M

Joined: Nov 2012
Posts: 1,057
midland, michigan
Bob, sounds like you are doing a great job saving and investing. Dont pay the naysayers any mind.....

Re: Retirement. [Re: Steven 49er] #7029814
10/27/20 08:36 PM
10/27/20 08:36 PM
Joined: Dec 2006
Posts: 7,475
WI>>>MN >>>WI
T-Rex Offline
trapper
T-Rex  Offline
trapper

Joined: Dec 2006
Posts: 7,475
WI>>>MN >>>WI
Originally Posted by T-Rex
I took early SS retirement.

If I am lucky enough to die in the next ten years, I win.

Originally Posted by Steven 49er
Dave, I know you won't listen but if you are only going to get about 1k a month at 62 you can't afford to start Social Security.

The cold hard facts are you should wait until you are 67.

When you get to be 75 that 1,000 a month won't even pay your taxes and medicare.


Negative, Steven 49er.
Maybe that works for you, Maybe not.

Remember there are five full years of income when you are still young enough to enjoy it, before age 67. My accountant did the math. In my case age 83 is where the lines cross.

BTW, Bob:
You present some pretty decent information. My suggestion to you is try to mix in a little reading about diplomacy and people skills in with your Wall Street Journal.


Man who mistake shillelagh for fairy wand; see pixie dust, also.
Re: Retirement. [Re: Steven 49er] #7029830
10/27/20 08:47 PM
10/27/20 08:47 PM
Joined: Aug 2008
Posts: 16,170
ny
U
upstateNY Offline
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upstateNY  Offline
trapper
U

Joined: Aug 2008
Posts: 16,170
ny
Originally Posted by Steven 49er
Dave, I know you won't listen but if you are only going to get about 1k a month at 62 you can't afford to start Social Security.

The cold hard facts are you should wait until you are 67.

When you get to be 75 that 1,000 a month won't even pay your taxes and medicare.


How old are you,,and how old are you going to be when you die?


the wheels of the gods turn very slowly
Re: Retirement. [Re: coonman220] #7029832
10/27/20 08:51 PM
10/27/20 08:51 PM
Joined: May 2010
Posts: 10,421
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 10,421
mn north of blakely
TRex, is you first name Dave? If it is I apologize if you thought I was referring to you. The OP's name is Dave, from reading his posts over the years he's not going be able to live of his social security when he gets too old to work. That is all he's going ot have


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Retirement. [Re: coonman220] #7029833
10/27/20 08:51 PM
10/27/20 08:51 PM
Joined: Dec 2006
Posts: 7,475
WI>>>MN >>>WI
T-Rex Offline
trapper
T-Rex  Offline
trapper

Joined: Dec 2006
Posts: 7,475
WI>>>MN >>>WI
Retirement is something non of us will ever have to worry about.

The new Socialist government will take care of all our needs, cradle to grave.

Relax.

At least that's true for most of us. Bob, you might want to keep all that loot kind of transparent, so as not to have the government grab it.


Man who mistake shillelagh for fairy wand; see pixie dust, also.
Re: Retirement. [Re: upstateNY] #7029835
10/27/20 08:53 PM
10/27/20 08:53 PM
Joined: May 2010
Posts: 10,421
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
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S

Joined: May 2010
Posts: 10,421
mn north of blakely
Originally Posted by upstateNY
Originally Posted by Steven 49er
Dave, I know you won't listen but if you are only going to get about 1k a month at 62 you can't afford to start Social Security.

The cold hard facts are you should wait until you are 67.

When you get to be 75 that 1,000 a month won't even pay your taxes and medicare.


How old are you,,and how old are you going to be when you die?


What difference does it make how old I am, lets just say I'm in the last half of my life. Again, Dave's only retirement is going to be his SS and maybe a small 401k.

If he gets a 1k a month from SS and this is a complete long shot another 1k from a 401 type plan the question is can one live on that.

The answer is no.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Retirement. [Re: coonman220] #7029838
10/27/20 08:55 PM
10/27/20 08:55 PM
Joined: Aug 2011
Posts: 45,265
james bay frontierOnt.
B
Boco Online content
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Boco  Online Content
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Joined: Aug 2011
Posts: 45,265
james bay frontierOnt.
Depending on where you live 1g a month could be way more than you need to live good.


Forget that fear of gravity-get a little savagery in your life.
Re: Retirement. [Re: coonman220] #7029842
10/27/20 08:58 PM
10/27/20 08:58 PM
Joined: May 2010
Posts: 10,421
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 10,421
mn north of blakely
Not in the USA.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Retirement. [Re: coonman220] #7029847
10/27/20 09:05 PM
10/27/20 09:05 PM
Joined: Jan 2007
Posts: 3,960
Northern Nevada
B
Bob Offline
trapper
Bob  Offline
trapper
B

Joined: Jan 2007
Posts: 3,960
Northern Nevada
Stephen 49er, I agree with you on coonmans situation. If he had a paid for home, a 3 to six month emergency fund saved and no debt whatsoever maybe he could survive on 2k a month, but by reading his posts here I know that’s not his situation. He wouldn’t be able to really live, but he could survive.


"I have two guns, one for each of ya."
Re: Retirement. [Re: coonman220] #7029849
10/27/20 09:06 PM
10/27/20 09:06 PM
Joined: Aug 2011
Posts: 45,265
james bay frontierOnt.
B
Boco Online content
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Boco  Online Content
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Joined: Aug 2011
Posts: 45,265
james bay frontierOnt.
Who said he has to stay in the USA.
Can you not recieve your retirement payments anywhere in the world?


Forget that fear of gravity-get a little savagery in your life.
Re: Retirement. [Re: coonman220] #7029861
10/27/20 09:13 PM
10/27/20 09:13 PM
Joined: Jan 2007
Posts: 6,461
central Haudenosaunee, the De...
W
white marlin Offline
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white marlin  Offline
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Joined: Jan 2007
Posts: 6,461
central Haudenosaunee, the De...
the poverty line in the continental US is currently defined as $12,760 income per year for a one person household.

Re: Retirement. [Re: coonman220] #7029864
10/27/20 09:14 PM
10/27/20 09:14 PM
Joined: Dec 2006
Posts: 7,475
WI>>>MN >>>WI
T-Rex Offline
trapper
T-Rex  Offline
trapper

Joined: Dec 2006
Posts: 7,475
WI>>>MN >>>WI
I have a Brother in law that lives in the remnants of what I suspect may have once been a trailer home. He has electricity. No water. The only heat is from a wood stove that he stokes with the occasional downed tree he finds on the road. A large part of his food is road kill that hangs from a tree outside his front door. It sits there all winter, and he just takes off a slice now and then. Showers and water are no problem. He goes down to the township fire station, where they accommodate him.

The poor guy can't work, because it is too stressful. Therefore he gets money from SSI. He needs someone to take care of him, so the government pays his wife to be his caretaker.

So, at age 60 he has in effect been retired for more than 30 years, and makes several thousand dollars/month. I know he doesn't save it, so, I suspect he has a supplier or two that live pretty well.

Don't worry about retirement; the government will take care of you.


Man who mistake shillelagh for fairy wand; see pixie dust, also.
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