34 replies to this topic

[The Average Joe]

I have been warning of this for awhile. There is no way we can pay our current obligations, let alone our future ones. Expect tax hikes and THIS coming soon to America. As someone who pays around 16% to SS, consider me pissed in advance...

[Bill Z]

I have been warning of this for awhile. There is no way we can pay our current obligations, let alone our future ones. Expect tax hikes and THIS coming soon to America. As someone who pays around 16% to SS, consider me pissed in advance...

I used to dream of retiring early at 50. The stock market crash killed that dream. My nest egg still isn't big enough for me to live off the interest, so it's "Hi Ho, Hi ho, it's off to work we go". At this point in my life, I see myself working at least another 10 years and quite likely at least 5 more until 65. If I can ever make the change to my dream final career job, I will be ecstatic, but I don't know if that will ever materialize. We'll see. Only time will tell.

[ducky]

As one of my favorite posters here often says.....WASS!

+ at least 75 if my health holds out.

[rpo]

I have been warning of this for awhile. There is no way we can pay our current obligations, let alone our future ones. Expect tax hikes and THIS coming soon to America. As someone who pays around 16% to SS, consider me pissed in advance...

How do you pay 16% to SS when SS tax is only 6.2% of the first ~100k of income?

[Bill Z]

How do you pay 16% to SS when SS tax is only 6.2% of the first ~100k of income?

first off, if you pay 6.2%. then your employer is also paying an equal amount.
Self employed have to pay both so it is 12.4% I believe that covers the FICA-SS on your paystub. Then there is the additional FICA-Medicare which is likely the rest of his 16%.

[The Average Joe]

How do you pay 16% to SS when SS tax is only 6.2% of the first ~100k of income?

Way to focus on THE ISSUE AT HAND. Typical though, people who cannot dispute the evidence and conclusions instead attack the messenger...

I was pointing out that I am pissed that I pay both employer and employee shares of something that I will most likely never see. At the bare minimum, I will see vastly reduced income due to the age limits being arbitrarily "adjusted." How I would love to have even half that amount to use for my own investing...If you want to squabble about what the correct number of my "donation" to all the current retirees is, go ahead. But it's a fool's errand. The actual number is 15.3%, sorry for my "around 16%" generalization... IRS link here

I frequently use the situation of the British as I see it as a harbinger of what we will face if we continue towards a "European model" of societal engineering. What works for Europe (if you argue that Europe is "working" which is debatable), will not work for America for a multitude of reasons.

Number one, Our "allies" spend far less on their military because they don't have to. They know good ol USA will be there to back them up (well, unless you are Honduran, Georgian, or British...) That allows far more spending for social agendas. Map of military spending by GDP here

Number two, nearly all current European countries are evolved from Monarchies where the rulers looked after the "little people." America was founded with the belief that the power lay within those same "little people" to chart not only their own destiny, but the destiny of the country. In other words, Americans were raised to be less dependent and more self-reliant. While we have been heading away from that ideal for several decades (in large part due to the bizarre, overly litigious twist we have taken), it is still the basis for our roots.

[curiousity]

They want to faze SS out but still want the taxes that we pay for it. That is why they are increasing the age you can retire.

Dirty SOB's! We really need to take some action, because things are looking like we have a monarchy in the white house rather than a free system of government. Our damn leaders think they are royalty!

You can bet this wouldn't happen if THEY had to live on SS after they retired!

I don't expect to get any SS money as I expect it will all go to illegal immigrants, career welfare collectors, etc. I expect Uncle Sam will squander all of my SS so I will be lucky if I get any. I'm also expecting Uncle Sam to re-write the rules on my 401K so when I do finally get to collect it, I'll be taxed to death on it as well. Due to inflation and tax increases, I have only seen a decline in my disposable income over the years. Our government is killing the American Dream

[Folsom Guy]

I don't expect to get any SS money as I expect it will all go to illegal immigrants, career welfare collectors, etc. I expect Uncle Sam will squander all of my SS so I will be lucky if I get any. I'm also expecting Uncle Sam to re-write the rules on my 401K so when I do finally get to collect it, I'll be taxed to death on it as well. Due to inflation and tax increases, I have only seen a decline in my disposable income over the years. Our government is killing the American Dream

Just curious - how would SS go to illegals?

[curiousity]

Just curious - how would SS go to illegals?

After Obama grants them all amnesty.
Technically, they won't be illegal anymore, but they will still be illegal in my book if that is how they originally arrived here.

[Chris]

After Obama grants them all amnesty.
Technically, they won't be illegal anymore, but they will still be illegal in my book if that is how they originally arrived here.

Correct, and look at all the new "democrat" voters they will instantly get on the voter roles....! And you are right about your 401K. You will be "means tested" by the dems and libs and since you have saved and been responsible for your retirement you will be "excluded" from any SS benefits. The ones who saved nothing and lived high on the hog will now be "rescued" by our compassionate government...! A classic example of the dems rewarding bad behavior and bad choices and punishing those of us who act responsibly, work hard, live within our means, and prepare for the future.....! Chris

[the_professor]

Correct, and look at all the new "democrat" voters they will instantly get on the voter roles....! And you are right about your 401K. You will be "means tested" by the dems and libs and since you have saved and been responsible for your retirement you will be "excluded" from any SS benefits. The ones who saved nothing and lived high on the hog will now be "rescued" by our compassionate government...! A classic example of the dems rewarding bad behavior and bad choices and punishing those of us who act responsibly, work hard, live within our means, and prepare for the future.....! Chris

Didn't Reagan grant amnesty to over 2 million illegal aliens?

[The Average Joe]

Off topic, but yeah, and look how great that turned out! I was against that as well..."1 time deal" my arse... failure to address the issue and make hard choices is what I call it.