Views on Taxation

[Corn Pop]

Patrol and Persuade - A follow up on 110 Overseas investigation

This latest release documents further extensive evidence of the establishment by local PRC Public Security authorities of at least 102 “Chinese Overseas Police Service Centers” in 53 countries around the world and how some of them have been partaking in the execution of "persuasions to return"...

safeguarddefenders.com

 

[miamited]

You don't "trust" your self and just depend on someone else to pickup the slack ! ? !
How hard is it to start an IRA or 401K with someone running it for you that you do "trust" ?

I have money in an IRA, do you have money in a retirement account miamited ?

Hi hawkman

I do! I'm already retired and my retirement financial portfolio has worked out well. However, I'm just one of 330 million people in this country. I worked for a company that provided retirement funding as a part of pay. But that's just my story. And I can tell you that even with all the successful planning, the largest contributor of my monthly income right now at the age of 67 and fully retired/not working, is my SS investment. Personally, I think it's working very well, but programs like SS, Medicaire and Medicaid, SNAP, etc., they all have a target audience. A specific 'group' of citizens of our nation for which such a program was intended to provide for. Maybe you're not that person, but it's good that it's there for all those who are.

God bless,
Ted

 

[stovebolts]

King Dan of Great the 1st
A 401k is generally provided by your employer and there are many benifits.
1. Most employers will match up to 4% of your salery. Example, if you make $100 and put $4 into your 401k, your employer will match your $4 for a total of $8.
2. What ever you put in your 401k is deducted from your taxable income. Example, if you make $100 and put $10 in your 401k, you are only taxed on $90.
3. Let’s say your current tax bracket is iat 25% which is based on taxable income. When you retire and start to draw off your 401k, it will be less than your working salary. As a result, what you draw will be taxed at a lower rate.
4. If you invest wisely, your 401k will grow faster than the rate of inflation. Even in this downturn, I am at a 14% loss in the past 11 months. However, I am at a 12% growth rate for the past 3 years.

I reshuffled my portfolio last December. What sink me was the inversion of the 2 year bond vs the 10 yr. My portfolio is fairly conservative with the exception of what I put in with each paycheck. Those investments are higher risk while my nest egg is very conservative.

Buy low and sell high. A bull market is a time to protect your nest egg but invest heavily in solid companies. When the market rebounds, those investments will more than make up for the losses.

 

[stovebolts]

Hi hawkman

I do! I'm already retired and my retirement financial portfolio has worked out well. However, I'm just one of 330 million people in this country. I worked for a company that provided retirement funding as a part of pay. But that's just my story. And I can tell you that even with all the successful planning, the largest contributor of my monthly income right now at the age of 67 and fully retired/not working, is my SS investment. Personally, I think it's working very well, but programs like SS, Medicaire and Medicaid, SNAP, etc., they all have a target audience. A specific 'group' of citizens of our nation for which such a program was intended to provide for. Maybe you're not that person, but it's good that it's there for all those who are.

God bless,
Ted

My brother is on SSD and his monthly income is less than $1,000. He is able to save each month and all of his needs are met. He is lacking nothing and is not only grateful for what he has, but also content.

 

[stovebolts]

miamited
Can I ask you a question? How is Medicare treating you? My largest concern about retirement is healthcare. I want to retire at 62 which isn’t too many years down the road. I am blessed to have low cost, excellent healthcare through my employer and yes, I do have a small HSA, but I’m concerned healthcare may eat away at my retirement.

 

[WIP]

Taxes are forced and people like to give in good faith that there taxes are not being used and abused. I have absolutely no problem paying taxes but if it's being used and abused and for unreasonable situations I'm going to call it out.

The challenge comes when one tries to define what it means to abuse taxes. When one is of the position that the taxes are being abused or misapplied but also finds himself in the minority, then it is understandable that he would feel disillusioned. It is at this time that we should be contacting our elected representatives and letting them know how we feel about it.

 

[WIP]

4. If you invest wisely, your 401k will grow faster than the rate of inflation.

Since the company matched your investment, the growth rate is much higher. In your example you said a company matches up to 4% of your income. If you take full advantage of that, where else can you get a guaranteed100% interest on an investment of any kind? That's huge!!

Where I worked they offered 50% on up to 6% of our salary. That too was huge.

If one can somehow, someway take advantage of 401K returns with numbers like that, it would be foolish not to.

 

[WIP]

4. If you invest wisely, your 401k will grow faster than the rate of inflation. Even in this downturn, I am at a 14% loss in the past 11 months. However, I am at a 12% growth rate for the past 3 years.

A 12% annual return is very good. I think most investment firms will tell you that a great target is about 9% average so anything above that is pretty good.

 

[stovebolts]

A 12% annual return is very good. I think most investment firms will tell you that a great target is about 9% average so anything above that is pretty good.

This is my 401k for the past three years. I shuffled my portfolio last December anticipating a crash, hence the high percentage of bonds. That ruined my portfolio when the 2 year inverted with the 5 and 10 year. I lost a lot of money that day.
View attachment 14689

 

[jasonc]

miamited
Can I ask you a question? How is Medicare treating you? My largest concern about retirement is healthcare. I want to retire at 62 which isn’t too many years down the road. I am blessed to have low cost, excellent healthcare through my employer and yes, I do have a small HSA, but I’m concerned healthcare may eat away at my retirement.

Wait till full age.

It's just a type of insurance.i know until about two years ago I paid for my wife on mine but Medicare was cheaper and in some ways it is but it doesn't cover eye glasses or dental.

Full Medicare .

 

[stovebolts]

A 12% annual return is very good. I think most investment firms will tell you that a great target is about 9% average so anything above that is pretty good.

I just wanted to clarify. The 12% growth for three years is across my entire portfolio which includes other investments other than just te 491k.

Not to get political, but man was there tremendous growth under Trump. Financially, those were “ Very Good “ days.

I’m still in the negative for this year and that includes my bi weekly contribution…. I’m betting on a huge bump when the economy picks back up. I’ve purchased a lot of stock very cheap. I purchased one at $14 a share and it’s hovering right at $40. I believe it will go to $60 by 2025. I just say Holly stock below $5 a share. It should be around $30 but is being crippled by supply chain and the Frds “cooling” the economy.

 

[jasonc]

I just wanted to clarify. The 12% growth for three years is across my entire portfolio which includes other investments other than just te 491k.

Not to get political, but man was there tremendous growth under Trump. Financially, those were “ Very Good “ days.

I’m still in the negative for this year and that includes my bi weekly contribution…. I’m betting on a huge bump when the economy picks back up. I’ve purchased a lot of stock very cheap. I purchased one at $14 a share and it’s hovering right at $40. I believe it will go to $60 by 2025. I just say Holly stock below $5 a share. It should be around $30 but is being crippled by supply chain and the Frds “cooling” the economy.

I saving as much as I can . I pray it will be enough.i have a coworker aged 71 that is at AutoZone .

I should ask him about this

 

[miamited]

miamited
Can I ask you a question? How is Medicare treating you? My largest concern about retirement is healthcare. I want to retire at 62 which isn’t too many years down the road. I am blessed to have low cost, excellent healthcare through my employer and yes, I do have a small HSA, but I’m concerned healthcare may eat away at my retirement.

Hi stovebolts

I don't have any problem with medicaire, but it isn't really medicare that I deal with. So far all of my ailments have been minor cuts and scrapes and have all been handled by my plan B provider, as I understand medicare. My plan B provider is Wellcare and I have a no premium plan with them that has so far covered everything that I've had come up.

My doctor's office isn't charging me any co-pays and the radiology office hasn't charged any co-pays. The only ones I've had to pay are for a couple of visits for physical therapy and it was $25/30. However, I'm not a person who wastes a lot of time or money on my medical needs. So far my only monthly expense is the $178 monthly premium that Medicare charges and I probably haven't had $100 in out of pocket fees over the last 2 years. I'm 67 so I've been on Medicare now for just over 2 years. Of course, I haven't gotten to those last days medical expenses, but I'm praying my Father carries me out of here without being a burden to those left behind.

God bless,
Ted

 

[WIP]

I saving as much as I can . I pray it will be enough.i have a coworker aged 71 that is at AutoZone .

I should ask him about this

There are a lot of investment firms that offer free online retirement calculators if your curious about whether or not you are on track.

Before I retired, I compared the results from five of them and decided that when all of them indicated that I had enough to retire, that's when I pulled the pin. They based the answers on things like...

• current age
• age at retirement
• current income
• current contributions to retirement
• current amount saved for retirement
• income at retirement
• number of years in retirement. Some automatically calculate till 90 or 92 years of age.

Here are a few links to some that I've found.

Best Retirement Calculator – Calculate Retirement Savings

Are you saving enough for retirement? This calculator will help you with retirement planning and provide you with an estimate on your future retirement savings.

www.bankrate.com

Retirement Calculator

Free calculators that help with retirement planning with inflation, social security, life expectancy, and many more factors being taken into account.

www.calculator.net

Retirement Planning Calculator - Financial Planning & Retirement | Raymond James

Use this calculator to help you create your retirement plan.

www.raymondjames.com

 

[Corn Pop]

Anyone know why when you go into the cities it's full of smog and smells rank and when you go out to the country and farm land the air is fresh and the sky is clear?

 

[Corn Pop]

Smells like nature.

 

[jasonc]

There are a lot of investment firms that offer free online retirement calculators if your curious about whether or not you are on track.

Before I retired, I compared the results from five of them and decided that when all of them indicated that I had enough to retire, that's when I pulled the pin. They based the answers on things like...

• current age
• age at retirement
• current income
• current contributions to retirement
• current amount saved for retirement
• income at retirement
• number of years in retirement. Some automatically calculate till 90 or 92 years of age.

Here are a few links to some that I've found.

Best Retirement Calculator – Calculate Retirement Savings

Are you saving enough for retirement? This calculator will help you with retirement planning and provide you with an estimate on your future retirement savings.

www.bankrate.com

Retirement Calculator

Free calculators that help with retirement planning with inflation, social security, life expectancy, and many more factors being taken into account.

www.calculator.net

Retirement Planning Calculator - Financial Planning & Retirement | Raymond James

Use this calculator to help you create your retirement plan.

www.raymondjames.com

The plans I have do that.
Who can save 17 percent of their income and hope it is there enough to counter the inflation

 

[jasonc]

The plans I have do that.
Who can save 17 percent of their income and hope it is there enough to counter the inflation

And by that I meant live off 2000 grand a month .that's not much .yes ideally I should own a house by Medicare and or utilities especially now can eat that.

 

[Corn Pop]

Really?

 

[Corn Pop]

9 years ago. Celebrating progress. Saving lives. The final stages. Was just a conspiracy theory remember.