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Posted: 2/7/2006 3:11:24 PM EDT
Alright! I'm going to be getting rouchly 1500 a month as of right now! Looks like I wont need to save for retirement after all!
Link Posted: 2/7/2006 3:19:31 PM EDT
Do it anyway. SS is not a retirment fund and the gov might foreclose.

You New Deal leech!
Link Posted: 2/7/2006 3:20:02 PM EDT

Originally Posted By Specop_007:
Alright! I'm going to be getting rouchly 1500 a month as of right now! Looks like I wont need to save for retirement after all!



Well, it is all relative, I guess
Link Posted: 2/7/2006 3:20:38 PM EDT
Link Posted: 2/7/2006 3:21:42 PM EDT
Hopefully you're over the age of 45......

I am 26 and received one of those letters about a year ago....SS won't exist in it's current form by the time I retire...

damn baby boomers...
Link Posted: 2/7/2006 3:22:11 PM EDT
[Last Edit: 2/7/2006 3:23:48 PM EDT by TrashHeap]
I wish I could live on $1500.00 a month. Well...I could.....I guess...If I had too.

Waiting for privatized SS. Put it in agressive stock and watch it grow.
Link Posted: 2/7/2006 3:26:11 PM EDT

Originally Posted By SeeknDestroy:
Hopefully you're over the age of 45......

I am 26 and received one of those letters about a year ago....SS won't exist in it's current form by the time I retire...

damn baby boomers...



We give you Jefferson Airplane, and you whine about being taxed out the wazzo financing our SS benefits?

Ungrateful brat (Just kidding...)
Link Posted: 2/7/2006 3:27:43 PM EDT
1500 is plenty if your home and vehicle are paid for and you have a small pension from work.
Link Posted: 2/7/2006 3:28:46 PM EDT

Originally Posted By cmjohnson:
You're kidding, right?


1500 a month won't sustain much more than a subsistence level existence in America these days.

Well, maybe if you're single without kids....


CJ



If you're retired and own your own home free and clear it's not too bad. My mom owns a home in Elsinore CA, doesn't drive (never did) or own a car. She recently sold a piece of property that finally became worth what my dad paid for it years ago and so she has a little nest egg but generally gets by pretty well on around $15-1700. She's no shut-in and does take some trips with the church girls.
Link Posted: 2/7/2006 3:28:58 PM EDT
all I can say is that SS is a bigger pyramid scheme than Amway....
Link Posted: 2/7/2006 3:30:03 PM EDT
How old are you now and what age will you get $1500?

If you don't mind sayin"?
Link Posted: 2/7/2006 3:30:07 PM EDT
If you are under 30 yrs old, you will get the SS as you are about to 78 yrs old. I assume by that time the SS is still there.

I got the letter from SS a couple of years ago. It said my wife would get paid $1600 if I died....
Link Posted: 2/7/2006 3:30:45 PM EDT

Originally Posted By Specop_007:
Looks like I wont need to save for retirement after all!



Are you retarded?
Link Posted: 2/7/2006 3:33:20 PM EDT

Originally Posted By ProfessorEvil:

Originally Posted By Specop_007:
Looks like I wont need to save for retirement after all!



Are you retarded?



Could be more than he's making at BK now, living at home.
Link Posted: 2/7/2006 3:39:45 PM EDT
Link Posted: 2/7/2006 3:46:06 PM EDT

Originally Posted By The_Beer_Slayer:

Originally Posted By Dusty_C:
1500 is plenty if your home and vehicle are paid for and you have a small pension from work.






that won't pay my ammo bill

A small pension is like 3 grand a month.
Link Posted: 2/7/2006 3:48:18 PM EDT
My uncle had a heart attack last year and was forced to quit working,his SS is more than he ever made in one one month in his entire life,so it worked out pretty good for him.
Link Posted: 2/7/2006 4:06:33 PM EDT

Originally Posted By SeeknDestroy:
Hopefully you're over the age of 45......

I am 26 and received one of those letters about a year ago....SS won't exist in it's current form by the time I retire...

damn baby boomers...



I wish.

27. ASS U MING SS was still there and projecting outwards another 30 years I figure I'd be well over 2 grand amonth.
Being that I am 27 though I'll be happy if I get 100 bucks a month from SS by the time I retire.
Link Posted: 2/7/2006 4:10:07 PM EDT
Does anyone know any good pyramid schemes to bilk old-timers out of this money?
Link Posted: 2/7/2006 4:11:38 PM EDT

Originally Posted By Silesius:
Does anyone know any good pyramid schemes to bilk old-timers out of this money?



Might wanna ask that on Nigerianscammer.com
Link Posted: 2/7/2006 4:13:55 PM EDT
you got to be joking.
Link Posted: 2/7/2006 4:14:22 PM EDT
Many of people are predicting that SS will be gone within 20 years. Keep that in mind
Link Posted: 2/7/2006 4:16:51 PM EDT
I am not planning on recieving anything from Social Security. At least I know I will not be supprised.
Link Posted: 2/7/2006 4:21:25 PM EDT

Originally Posted By Specop_007:
Alright! I'm going to be getting rouchly 1500 a month as of right now! Looks like I wont need to save for retirement after all!



That $1500 is inflation adjusted at 3-4%, right? $1500 2006 dollars may get you a six pack and a loaf of bread in 2050.
Link Posted: 2/7/2006 9:44:07 PM EDT
I've got the forty blocks built up now,and am 60+ but 20 more months and a wake up till I can draw!!! At the estimated draw right now if I retire at 62 years old I would get about 700.00 a month!!

My house is paid for and my utilitys run about 100.00 per month(all of them except my DSL)and I can earn up to about 12,000 or so untill I lose any benefits!

I have lived very well on less and bought many firearms that I conceder collectables!

My goal is to get compleatly out of credit card debt this year,and put one cheque in the bank for bills,one in saveings,and cash one for just that cash on hand!!!

I get paid every week now,and work for one of the biggest property managment companys in Okla,Tex,Kan,and midwest states!

So I will work for them untill I meet my reqirements for my plan!!

So yes I a Baby Boomer(1945) will try to make the best of it!!

If I recall you are 27? I have been paying in for 17 years before you were born!

You might think about getting the vote towards one that would freeze all funds from going anywhere but the SS! And makeing it where it pays out only to Americans that have paid into (or have dead relatives whom have paid into such fund)!

No more SS or SSI to others!!

That is the problem with SS,it has been IOUed into bakruptcy!!

We should not have to borrow to pay SS!

The foriengers have put the SS into bankruptcy!!!

If GWB want's to flood our nation with Illegals he should make them pay the OASDI tax,local and Federal taxes as well!!

Just so they get the whole package,and that our SSI ad ss don't get taken down!!

Make them earn what they get!!!


Bob
Link Posted: 2/8/2006 4:40:36 AM EDT
$1500 a month won't pay my bills in another 30 years...
Link Posted: 2/8/2006 4:41:13 AM EDT

Originally Posted By TheOtherDave:
$1500 a month won't pay my bills in another 30 years...



1500 a month wouldnt pay my bills right now! Let alone in 30 years!
Link Posted: 2/8/2006 4:43:06 AM EDT

Originally Posted By TrashHeap:

Originally Posted By ProfessorEvil:

Originally Posted By Specop_007:
Looks like I wont need to save for retirement after all!



Are you retarded?



Could be more than he's making at BK now, living at home.



Link Posted: 2/8/2006 5:23:29 AM EDT

Originally Posted By bobbyjack:
You might think about getting the vote towards one that would freeze all funds from going anywhere but the SS! And makeing it where it pays out only to Americans that have paid into (or have dead relatives whom have paid into such fund)!

No more SS or SSI to others!!


We should not have to borrow to pay SS!

The foriengers have put the SS into bankruptcy!!!

If GWB want's to flood our nation with Illegals he should make them pay the OASDI tax,local and Federal taxes as well!!

Just so they get the whole package,and that our SSI ad ss don't get taken down!!

Make them earn what they get!!!


Bob



If illegals are not being paid under the table, they normally just use a made up SS #. Whihc means money goes into SS, but not out.

The same with legal alines, ie on work visas. They have to pay into SS but do not get any benefit.
Link Posted: 2/8/2006 5:28:50 AM EDT

Originally Posted By TrashHeap:

Originally Posted By ProfessorEvil:

Originally Posted By Specop_007:
Looks like I wont need to save for retirement after all!



Are you retarded?



Could be more than he's making at BK now, living at home.



Hey fuck you!

I take pride in making the BEST hamburger you've ever ordered!!
Link Posted: 2/8/2006 8:07:06 AM EDT

Originally Posted By bobbyjack:
I can earn up to about 12,000 or so untill I lose any benefits!




That's one part I hate aboiut SS, what a crock, pay into all your working life, start to collect, then they fuck you over for trying to make a little more money. Biggest problem is the money you pay into it isn't yours: there's no account with your name on it, you can't pass on your benefit to your heirs like you can a Roth or 401K, and if it's yours then why should you get screwed if you make over $12,000? That's a form of means testing and means testing means welfare.

Everytime I hear someone croacking before age 65 or 67 for some I cringe how all their payments into SS just evaporated, they didn't collect a dime on it.

Bush's big agenda last year was to privatize a portion of SS and the demoncraps and AARP pukes shot it down. Fine. When it's time for me to collect, bankrupt the entire nation, increase taxes on the working stiffs to pay for what's owed me.
Link Posted: 2/8/2006 8:08:45 AM EDT
$18,000 a year is poverty level. You could only afford hookers and blow on your birthday.
Link Posted: 2/8/2006 8:14:30 AM EDT
I'm not factoring SS into my retirement savings at all. I'm setting my retirement life up with my own money/savings/investments, so if SS is still up by then it will be just extra cash, and not a necessity.
Link Posted: 2/8/2006 8:19:15 AM EDT

Originally Posted By Specop_007: Alright! I'm going to be getting rouchly 1500 a month as of right now! Looks like I wont need to save for retirement after all!


I don't know where you live, but 1500/month wouldn't even begin to cover my living expenses. Even if I got rid of the car payment, cable tv/internet, etc., my house payment would eat that up, not to mention nearly $6,000.00 of the $18,000.00 would go for property taxes.

Damn, maybe I need to move to a cheaper state.
Link Posted: 2/8/2006 8:19:59 AM EDT
Yay, I'll be able to retire when I'm ... let's see here ... 87!

(I swore I'd never make an 87 joke and here I am...)
Link Posted: 2/8/2006 8:21:56 AM EDT
if you're not gonna retire in thee near future (ie 20 years) I would right off any SS from the .gov..............
Link Posted: 2/8/2006 8:24:00 AM EDT

Originally Posted By Specop_007:

Originally Posted By TheOtherDave:
$1500 a month won't pay my bills in another 30 years...



1500 a month wouldnt pay my bills right now! Let alone in 30 years!





In order to make it when you reach 60 or so, you will need to have as little debt as you can, preferably none at all, that includes the big one, having your house paid for.

Then you can subsidize your retirement by getting a reverse mortage on your house. Combine that with some decent investments, you should do OK.
Link Posted: 2/8/2006 8:32:42 AM EDT
Thank goodness all the info is out there for us young folks to become millionaires so we don't have to rely on the socialist insecurity system.
Link Posted: 2/8/2006 8:37:28 AM EDT

Originally Posted By 1shott:


In order to make it when you reach 60 or so, you will need to have as little debt as you can, preferably none at all, that includes the big one, having your house paid for.

Then you can subsidize your retirement by getting a reverse mortage on your house. Combine that with some decent investments, you should do OK.



That depends.....

If you still have a taxable income debt is good.

say for instance you own rental property.

Also lets say ALL of it is getting paid off next month.

What is the best thing?
Pay it off and take the rental income and get double taxed because you have to pay property taxes and income tax.

Or borrow every cent a bank will loan on it, let your tenants pay the new note(again), take the tax deduction on the interest (which lowers your taxable income) and take the loan proceeds (which are TAX FREE) and live off of that money by investing it in conservative markets.

Debt is not always bad.........especially when you have taxable income.

YMMV
Link Posted: 2/8/2006 8:42:26 AM EDT
Social Security is the single greatest threat to this country over the next 50 years.
Link Posted: 2/8/2006 10:35:49 AM EDT
1600 SS + 1600 military retirement = 3200 a month. I plan to keep working till my mid 60's and I also have other investments (stocks, 401K, IRA).
Link Posted: 2/8/2006 10:36:50 AM EDT

Originally Posted By cmjohnson:
You're kidding, right?


1500 a month won't sustain much more than a subsistence level existence in America these days.

Well, maybe if you're single without kids....


CJ



Um no even if yer single and have no kids it won't(guess how I know)
Link Posted: 2/8/2006 10:42:04 AM EDT
If I tried to live off $1500 a month I would only have $100 left over after rent. Sounds like a lot of oatmeal and ramen...
Link Posted: 2/8/2006 11:00:56 AM EDT
Hey, I lived off less than that.

Of course, I was in college at the time, and the digs weren't fabulous, and the car was paid for.

Specop and I are about the same age... And neither of us will ever see a dime from SS.

Link Posted: 2/8/2006 11:04:20 AM EDT

Originally Posted By nf9648:
If I tried to live off $1500 a month I would only have $100 left over after rent. Sounds like a lot of oatmeal and ramen...



Thats ok, you'll need your fiber when your old.
Link Posted: 2/8/2006 11:11:34 AM EDT

Originally Posted By Dusty_C:
1500 is plenty if your home and vehicle are paid for and you have a small pension from work.



No it ain't... not when you are 65+.

Try $1500 a month and going to the doctor... Medicare pays only a portion of the bill in most cases a small portion and even with good supplemental insurance you can end up with thousands in debt over the most trivial illnesses.

$1500 a month is a recipe for bankruptcy and losing your home.

Link Posted: 2/8/2006 11:48:23 AM EDT

Originally Posted By krpind:

That depends.....

If you still have a taxable income debt is good.

say for instance you own rental property.

Also lets say ALL of it is getting paid off next month.

What is the best thing?
Pay it off and take the rental income and get double taxed because you have to pay property taxes and income tax.

Or borrow every cent a bank will loan on it, let your tenants pay the new note(again), take the tax deduction on the interest (which lowers your taxable income) and take the loan proceeds (which are TAX FREE) and live off of that money by investing it in conservative markets.

Debt is not always bad.........especially when you have taxable income.

YMMV




I did an analysis of 4 different scenarios and concluded that renting out a paid for house is the best way to go:

This is based on being able to get a loan for the house for 100% appraised value at 6% for 30 years
and a conservative investment results of 6% since you said "conservative markets.".

Change the numbers around and you might get better results, the lower you can borrow and the higher rate of investment results you can get obviously will change things in favor of borrowing against the rental house and investing the money. But the results are surprising....

Assumptions:
----------------
property value $150,000
property taxes.................$2,000
rent $1000 a month for 12 months
tax bracket 25%
$150,000 loan for 30 years at 6% is $899.33 a month = $10791.96/year


----------------------------------------------------------------
Scenario 1: live off rent with paid off property
----------------------------------------------------------------

Income (rent)...........................12,000
expenses (property taxes).........(2000)
------------------------------
Income................................... 10000
income taxes...........................(2500)
net...........................................7500

after tax cash flow 12000-2500-2000=$7500

--------------------------------------------------------------------------------------------
Scenario 2: get loan out on house, invest loan proceeds: year 1
-------------------------------------------------------------------------------------------
Income (rent)..................................$12000
investments 6% on 150,000.............$9000
expense (property taxes).................($2000)
expense (int payment on loan).........($8950)
--------------------------------------------------------------------------------------
income..............................................$10050
income taxes.....................................($2512)
---------
net....................................................$7498


after cash tax flow $12000+$9000 -$2000 - $2512 - 12*$899 = $21000-$4512-$10788 = $5700

$1800 went towards paying down the principal balance


----------------------------------------------------------------------------------------------
Scenario 2: get loan out on house, invest loan proceeds: year 15
---------------------------------------------------------------------------------------------

Income (rent)..................................12000
investments 6% on 150,000.............$9000
expense (property taxes).................(2000)
expense (int paymenet on loan).......(7000)
--------------------------------------------------------------------------------------
income..............................................12000
income taxes.....................................(3000)
---------
$9000


after cash tax flow $21000-$2000-$3000-12*$899 = $16000-$10788=$5222/year
$2278 from the went towards paying down principle balance


-------------------------------------------------------------------------------------------
Scenario 3: sell house invest $150,000 at 6%
investments at 6%............................$9000
income taxes...................................(2250)
---------------------------------------------------------------
$6750


after tax cash flow = $6750/year


Link Posted: 2/8/2006 12:06:49 PM EDT
That is suprising.......


But a few things are really skewed.

If the rate you borrow at and your rate of return are the same, it would be way better to sell the house because one month a year with no tenent paying rent would severely hurt your cash flow.

Second even though you did the 15 year pay out figure a 10 year pay out and factor those earning by 3 for the same amount as a 30 year payout.
Every time you pay it off you can go borrow again. Didn't think about that huh?

You would get $150,000X 3 or $450,000 to invest if you used the program I described.( at the end of 30 years)

The way you described you still only have your rental income.
Link Posted: 2/8/2006 3:02:52 PM EDT
tag
Link Posted: 2/8/2006 8:06:59 PM EDT

Originally Posted By krpind:
That is suprising.......


But a few things are really skewed.

If the rate you borrow at and your rate of return are the same, it would be way better to sell the house because one month a year with no tenent paying rent would severely hurt your cash flow.

Second even though you did the 15 year pay out figure a 10 year pay out and factor those earning by 3 for the same amount as a 30 year payout.
Every time you pay it off you can go borrow again. Didn't think about that huh?

You would get $150,000X 3 or $450,000 to invest if you used the program I described.( at the end of 30 years)

The way you described you still only have your rental income.



For the 3x $150,000 to work, the rental income would have to match the 10 year mortgage payment on $150,000. 10 year loan at 6% on 150K is about $1665.xx. So the landlord would have to shell out $665 extra a month in my example as the $1000 month rental income payment doesn't cover the $1665 mortgage payment.

This scenario really needs a spreedsheet to go over all the permutations and variables.

I calculated for example: Your monthly deposit for 30 years of $ 448.00 for an interest rate of 6.000 % compounded monthly with an initial amount of $ 0.00: $ 450,022.74

Just selling the house and slapping it into a 6% interest bearing account would result in:

Your monthly deposit for 30 years of $ 0.00 for an interest rate of 6.000 % compounded monthly with an initial amount of $ 150000.00: $ 903,386.28

Link Posted: 2/8/2006 8:42:00 PM EDT
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