Read: Basic Economics, Price of Tomorrow, Broken Money, and Bitcoin Standard. You’ll be more educated than 99.9% of the people on the planet.
Thank you for being bold and opening up about this. The King dude is super creepy. I don’t like him.
What will we do about the looming retirement crisis?
- Thread starter larsIU
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The Jardiance commercial jingle is definitely a ChiCom tool for converting us to Communism. Maybe the worst thing since the 1-800-kars4kids or whatever it is.
It is known.
We can also raise the tax rate. Been done many times before.
The original tax rate was 1%.
Here's your solution:
Open that up to the rest of the population..., add some sliding scale of amount of Soc.Sec. to income available at retirement...; then figure out a way to protect the financially illiterate and/or the actual illiterate and Problem Solved...
I left out: don't allow Any benefits to flow to anyone not vested in the system which until Trumps Executive Order yesterday we Were doing...
By the way, Social Security benefits are already taxed...
Open that up to the rest of the population..., add some sliding scale of amount of Soc.Sec. to income available at retirement...; then figure out a way to protect the financially illiterate and/or the actual illiterate and Problem Solved...
I left out: don't allow Any benefits to flow to anyone not vested in the system which until Trumps Executive Order yesterday we Were doing...
By the way, Social Security benefits are already taxed...
Put tariffs on “jobs list/not created due to AI”
If a company thinks so little of my community that it doesn’t want to create jobs here, then we can arrange for thw company to go straight to fricking hell with its AI.
I know disability and survivor benefits do not require being vested, are there other cases?
76 mentioned "don't allow Any benefits to flow to anyone not vested in the system", which I assume means the 40 quarters in the system.
Ah. Disability has a vesting program based on credits worked. I can’t remember how many credits you have to have to be eligible. They used to call them quarters
Totally antidotal but I know of a woman in Ohio (now deceased) whose mother came here from another country at age 70, never worked a day of her life here. in the US, yet received benefits until her passing... Its my understanding that this isn't unusual..., which, in my opinion, is outrageous.
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From SSA:
Social Security work credits are based on your total yearly wages or self-employment income. You can earn up to 4 credits each year.
The amount needed for a work credit changes from year to year. In 2025 , for example, you earn 1 credit for each $1,810 in wages or self-employment income you work in each quarter of the year. When you've earned $7,240, you've earned your 4 credits for the year.
The number of work credits you need to be eligible for disability benefits depends on your age when your disability begins. Generally, you need 40 credits, 20 of which were earned in the last 10 years ending with the year your disability begins. This is called the 20/40 Rule. However, younger workers may be eligible with fewer credits.
There may be a program I am unaware of but the quick Google has foreign requirements the same as citizen.
Here's the current SS site info on the topic:
SSI Spotlight on SSI Benefits for Noncitizens | Supplemental Security Income (SSI) | SSA
An alien may be eligible for SSI benefits if he or she meets the requirements of the laws for noncitizens.
www.ssa.gov
Some of that is in a language not known to anyone, but for the most part the 40 credits applies. Looks like there are exceptions that look to be relatively few.
My guess is the Administration thought there was a Need for this Executive Order...
nypost.com
Trump signs executive order cutting off all taxpayer-funded benefits for illegal immigrants
Trump claimed that the Biden administration “repeatedly undercut the goals of that law, resulting in the improper expenditure of significant taxpayer resources.”
nypost.com
This was pre-1996 (80's) so that may be the reason it was allowed... All I know is that her daughter stated that as the case on more than one occasion (with no sane reason to bother to lie about it).
So his advice to work like hell and feel pain for 2-3 years to be debit free, and build that mental muscle memory. Then afterwards have everything, stress free, to invest for 30-40 years, is bad.
I suppose you are saying that it is ok to stress the EFF out, borrowing 4% money and invest (AT RISK) to gain 6% gross, net 2%.
Sorry, there is more to life than $ and with all of his principles, Every red blooded American would have more than they would ever allow themselves to spend.
Not everyone needs nor wants the headaches to be Elon or ****erberg or Jeff. Wake in peace and lay down in peace. Ramsey brings that.
Is that the one that the dog jumps into the mouth of the giant intestinal worm? ..
I always view that worm with a Fauci face.
I am all for tightening that.
I suspect, for example, we may let some Afghans who worked for us collect. That would be fine by me. But generally people should pay into the system
Oh, I do know of an old case. My dad was badly hurt in a car crash and had to go on disability. He did not have any social security credits because he worked for Penn Central and because their retirement was so great, they were exempt. Of course Penn Central went under, partially due to horrible mismanagement. So a law was passed giving railroad workers social security.
We were never wealthy before the wreck given we cared for my grandparents, both illiterate and never had much, and my mom who had mental health issues and barely worked. But after, with just social security and a small military disability, we had nothing.
It doesn’t matter what it’s called. Eventually it will lead to Europe. The only reason we have the growth we do is because we’re running up deficits, instead paying higher taxes.
The reality is we can only provide welfare because we have excess goods/services, which is only created through productivity gains. If we significantly raise taxes, we’re going to lose our growth, which eventually leads to fewer services for fewer people. The government can’t be all things to all people.
That seemed incredible to me. Spotify and SAP came into my head immediately. Turns out SAP is 53 years old. Spotify market cap is only 120 billion.
Home Depot is no slouch. 23 in the Fortune 500.
Some more food for thought. What if enough fiscal conservatives capitulate and say f#ck it, let’s become socialists like Democrats. And the U.S. significantly raises taxes and pursues the European model. What happens to stock markets when the U.S. stops innovating? How do tax receipts look then? Good luck funding the military we have.
Also, how is anyone in the middle and middle upper classes going to retire when they’re not getting 10% returns annually?
Who's getting 10% annual returns?
Inflation adjusted avy returns over the last 50 years isn't even 7% from my understanding.
No, not at all what I'm saying. I'm saying he generally gives out very bad investing advice. He routinely says one can safely withdraw 8 percent, and that is way too high. It will greatly increase one's chances of running out of money prior to death.
He uses way too optimistic investment returns, especially on a going forward basis. He often confuses average annual return vs annualized return. He rarely talks about return fluctuations.
Finally, his endorsed local providers are a total scam. Basically people who paid him a fee to be called that. If you use a financial planner and they are not a CFP, keep looking.
I don’t know enough Econ to really weigh in. I know human nature and people will take measures to avoid taxes. Corp inversion etc.
If AI becomes what some predict in my minion’s life there will likely be significant changes from guaranteed basic income to reimagining how we work 9/5 5 days etc
Bitcoiners are getting around 45% 😁 If you adjust for inflation, you’re correct. I think the past 20 years it’s been a little higher.
And forget the headline SP500 return. The average investor woefully underperforms the SP500..
Why the Average Investor Underperforms the Market | Lanning Financial
June 15, 2022
lanningfinancial.com
Thank you for these specifics, I really do appreciate it. I do not have the mental ability to discuss abstract ANYTHING. Only Transactional real world things make any sense to me, so thank you for this opportunity to contribute (other than jokes that I excel at obviously!).
My mindset as a follower of Dave, in reference to his 8% ~ 10% withdraw expectation. That doesn't even become an issue until baby step 7 and at that point, you have been out of debit and saving for 20.30,40 years.
If you and the other "but there's things to hate about dave" crowd, Can't give your fellow americans, who have been debit free for 20-30-40 years, enough credit to understand that 8%-10% is an abstract and not a certainty, then all I can assume is that you are so shallow that you find ANYTHING to hate, because Dave mentions God.
Any and EVERY EFFING ONE, that follows his plan, and it is simply that, nothing more than a well laid out, easy to understand PLAN, will be able to calculate what % of their saved MILLIONS that they need to live on before they die. After all, they've only been thinking and planning finances for the last 20-30-40 YEARS ! . Again, with the very minute part of his plan that you say you have issue with, sounds like it all because he mentions god, and is conservation and is highly successful. All emotion based on zero fact.
ELP's. I don't have any disagreement with you really. I've used one down around Mobile and it was obvious withing 10 minutes that she only played the game to get references. Once she found out that I was not looking for a multi million $ purchase... POOF she was gone!
BUT then again, I've used (plug time) Wellington Financial, in Bloomington. Doug is baptized in the blood, not the water, type guy and he will be your true partner. So, just as any large enterprise there are some that get through the cracks. Please stop lumping everyone into one pile just because you deny or hate people that are believers. Dave has and will continue to lead the poor into better prosperity, despite those who want them in perpetual servitude, ignorant and voting for those who NEED them to be starving.
If you reply, I hope that you have taken a bit of time to have a true come to jesus moment. If not, simply understand that you are totally uninformed about Dave and terribly judgemental towards people who have free will and don't vote the way that you want. And then simply do not respond.
SOB , do you know how hard it is to find a GD Sawdust pile MEME with a midget covered up in the middle, naked covered in honey? Effing interwebz people have ZERO imagination ! corksuckers! What's in my mind, would have been Water cooler EPIC !All the bitcoin in the world ain’t worth this
#bucketlist
In no way do I dislike Dave and this has nothing to do with religion or politics. Odd you would take that from my post.
Telling people they can withdraw 8 percent is not a minor infraction. People will run out of money doing that. Also people assuming they will get a 12 percent rate of return every year is again no small infraction. It will cause people to way under save.
We are a nation of financial illiterates. Dave is like investing for dummies and I congratulate him for engaging so many. The first half million is the hardest for most to save. Once you hit a couple million or more the real magic of compounding starts to kick in.
Good luck on your journey.
When Reagan and O'Neil made their SS deal, I remember them saying it would save the system until 2030.
SS is, essentially, a pyramid scheme. There's no way to sustain it forever without it being part of the regular taxation system.
It would have lasted a lot longer if it hadn't expanded over time to include SSI, which I believe shouldn't be part of SS but be treated like Medicaid - funded by general taxation.
Over 50 years ago, my little rural Indiana town had 'senior apartments' built with federal money. Probably 50 units or so. Rent is based 100% on income. My mom only receives around $1,300 per month in SS and it's her only income. My father passed over 20 years ago, so no 2 people drawing.Tunnel to Towers, (and others) have the right idea. Lower the cost of being alive in various ways. One way is housing like this.
The Tunnel to Towers Foundation Breaks Ground on Denver Veterans Village - Tunnel to Towers Foundation
Ceremony took place on November 7 at 10:00 AM Just days before Veterans Day, the Tunnel to Towers Foundation, a non-profit that supports America’s first responders, Gold Star families, and military […]t2t.org
Another Denver example is an old 30 story office that was once a prestigious office address, which had been vacant for years, has been repurposed into low-cost housing. There are many good buildings with very low occupancy in almost every city.
Once we stop supporting migrants we will at least have some funds available for support. Cutting outrageous housing costs will help a lot.
Her rent is around $250/mo for a small 1 BR apartment. Her SS supplement is around $400. She does pay the SS premium A&B.
Her living expenses are very low. Just basically food and necessities. The rest of her expenses (not much) are covered by us, her children.
The point is, cheap housing allows people to live on far less income and with dignity. These apartments are small and not fancy, but they're well maintained and they've allow senior citizens in our little town to live good lives for over 50 years - for relatively little cost.
If I was President, I'd make this type of housing a priority not only for senior citizens, but for all.
