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Retirement number
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It depends how complex your taxes are
I pay mine 5-7 grand a year depending on certain factors
The stuff they do for me is far beyond turbotax ability
If you have no side businesses no major real estate holdings and either no stock portfolio or just a bunch of funds you really don’t need an accountant
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Quote from vonbraun
What is the target number you shoot for at retirement and at what age?
In a recent meeting my advisor asked me about my retirement financial goals.
I told her that I wanted to be wealthy enough when I’m old that my aberrant behavior is described as “eccentric”
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$50M for me
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Quote from Waduh Dong
$50M for me
50 mil may not be much in 30 years.
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Of course, but still a worthy goal. If there is no goal, why bother?
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^^ what do you mean if ss exists? If they do nothing then it pays out 75% of benefits. But they will do something.
And you should be using 529. By college you should have at least a state university Tuition for each kid.
Retirement number depends on yearly expenses. Multiply yearly expenses by 25-33 (depending on risk tolerance) and voila.
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Yeah, I would not worry about Social Security. Thats going to be around forever. Any politician that tries to cut benefits to seniors will not be a politician for long.
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Quote from InNyc
Yeah, I would not worry about Social Security. Thats going to be around forever. Any politician that tries to cut benefits to seniors will not be a politician for long.
It amuses me how thinly you’ve thought about this … I won’t hold you to higher level things like my post above, but you aren’t even aware what Mr. Greenspan said in 2006 on this (and other money abuse issues) …-
An old friend died today in her early 40s. Chasing numbers is like chasing waterfalls Some wise women of color warned us in advance.
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One of my friends has GBM, early 40s. All these numbers are random, so is your life and the chance of you getting a cancer. We are so lucky that we are living this life and alive to work, F*k around and travel !!
10 million is meaningless to my friend, was earning more than me in Merrill Lynch.
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Yeah I think its better to enjoy life rather than worry about portfolio maximization.
After all, someone is going to spend it eventually, might as well enjoy it yourself some also.
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Quote from InNyc
Yeah, I would not worry about Social Security. Thats going to be around forever. Any politician that tries to cut benefits to seniors will not be a politician for long.
My prediction:
They will either outright eliminate the tax cap or raise it into the stratosphere and then means test the benefits. They will also continue to inflate away the benefits faster than COLA increases can keep up.-
Quote from Adahn
Quote from InNyc
Yeah, I would not worry about Social Security. Thats going to be around forever. Any politician that tries to cut benefits to seniors will not be a politician for long.
My prediction:
They will either outright eliminate the tax cap or raise it into the stratosphere and then means test the benefits. They will also continue to inflate away the benefits faster than COLA increases can keep up.
I wonder how eliminating the payroll tax cap would play out politically. In the short term (and most people seem to think/vote based on the short term) it’s a tax increase on the top ~6% of active workers (of course could be made more narrow, but then you get less revenue) with the money going to retired people.
Means-testing of benefits, previously proposed by Republicans IS cutting social security benefits (see link below), and will not go over well with retired/about to retire.
Of course what politicians tend to do is try to maximize gain/minimize political pain by making a minority of the population bear the pain. Thus “no tax increases on those making <$400k” etc. So there’s some room for that sort of thing, but probably not enough to fix the system.
That said, there don’t seem to be easy answers. Ultimately someone has to pay in order for someone to receive. Not clear that this can be solved without those earning $160k-$400k paying for a big part of it. And my guess is most of them won’t like doing that.
[link=https://www.ncpssm.org/documents/foundation-archives/progressive-price-indexing-social-security-benefits-2/]https://www.ncpssm.org/documents/foundation-archives/progressive-price-indexing-social-security-benefits-2/[/link]-
actually forgot there is one easy (at least partial) answer: let in more working-age people to improve the ratio of workers:retired
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1. Raise social security age to 70 for full benefits. Still allow people to draw at 62 with prorated benefits to 70. Allow an option to wait to take benefits at 75 with associated increased montly benefit amount.
2. Do not change the payroll cap, but still allow it to increase with inflation.
3. If this doesn’t work, tax companies more whose effective tax rate is 25% or less. I don’t really like this, but I’d much rather see corporations taxed more before you go after people already paying top marginal tax rates.
4. Another option would be to institute a sales tax of let’s say 0.5% to all purchases. This would go into a pot designated for social security.
I hate the idea of undoing the CAP while making benefits mean tested. If you don’t get a SS benefit that somewhat corresponds to what you’ve paid into the system, it seems like it might as well be just an increase to income tax at that point. Imagine all the radiologists that would retire if they change the cap to let’s say 500k of income. Watch all the radiologists that retire or go to part time. No way all these boomers would hang around if you tell them they are being payroll taxed with a 500k or no cap.-
I didn’t say I like the conditions I’m predicting, or that the Feds would care if voters over a certain tax bracket would or not. I also don’t see the boomers getting off their hoverrounds to riot like the French did (to no effect). Even so, very high earners (i.e. not MDs) will lawyer and accountant their way out of it with loopholes created explicitly for them. Once the boomer block dies off, they will probably try to gut SS entirely.
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Quote from BHE
actually forgot there is one easy (at least partial) answer: let in more working-age people to improve the ratio of workers:retired
you sure can solve a lot with immigration
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Not if their net consumption of the welfare state is greater than what they pay in taxes, particularly if they are nearly all low income workers, import elderly retired relatives, often work under the table, and send large portions of their income to their home countries.
The SS ponzi only works with net productive workers.-
Immigration could work. Expand the visa lottery and allow more well educated people into the US. But lets be honest, we could also use more uneducated immigrants. Still 9 million low paying jobs unfilled in this economy.
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Here is a good detailed calculator for multiple various options to fix Social Security.
[link]https://www.crfb.org/socialsecurityreformer/[/link]
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I expect social security to not exist by the time I retire (currently early career). If it miraculously does, then it will just be extra money. But I would not factor it in to be there for retirement for any other early career rads out there.
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The number is ever changing. I buried a close family member last year who had little/ no money and lived till late 80s . That person was the happiest person during the time he was alive . Meanwhile , those I know with more money than 95% of the people on this planet with 2-3 McMansions are probably the most miserable people Ive ever met. In the end , they wont be able to take their millions to the grave and who knows what will happen in 2-3 generations. Enjoy the time you have now because its limited .
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Quote from Adahn
Not if their net consumption of the welfare state is greater than what they pay in taxes, particularly if they are nearly all low income workers, import elderly retired relatives, often work under the table, and send large portions of their income to their home countries.
The SS ponzi only works with net productive workers.
What’s more, we already tried this and it’s over. The culture is gone, multiculturalism is a failure because that was the plan all along.
The only producers will be gone soon, they are leaving. Guys like me and Re3
Confiscation will get worse. It’s like the people that haven’t moved out of CA, IL, NY, NJ … captive audience who will keep complaining but there is NO ONE LEFT to pay the back end of the ponzi, no it will not be “immigrants” either. You made your bed once you went anti-male in the society, it’s all money printing and tax confiscation from here boys. The older people will object but it won’t matter, they’ll keep yelling at the clouds but the rational choice is obvious for most.-
Quote from Dream Run
The only producers will be gone soon, they are leaving. Guys like me and Re3
I don’t think you and Re are producers. Both of you seem very afraid of work.
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Work smarter, drad – you [b]still [/b]haven’t figure this out
the confiscatory (oh yes, it’s going to get worse) tax man is coming for you, and he absolutely LOVES you, drad123
rat race, they love it when you relish the wheel, and what’s more, try to convince others to be duped to boot!!!
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