Momorider Posted December 29, 2019 Share Posted December 29, 2019 3 minutes ago, DriftBusta said: I’m waiting until FRA, which in my case is 66 and 6 months. Namely because there are no income limitations once you hit that, and this is the type of job I can “work” very little while still drawing a nice income. That and I’m still saving for my motor home. If I had your situation, I’d likely be doing exactly like you are already. You will need a Tesla Motorhome no hydrocarbons by them Quote Link to comment Share on other sites More sharing options...
Guest Posted December 29, 2019 Share Posted December 29, 2019 3 hours ago, steve from amherst said: IN most cases , poverty is not a financial problem. It's a mental problem. Have to agree with that. 3 hours ago, ArcticCrusher said: Ain't nobody meeting them in the Fidelity lobby. Quote Link to comment Share on other sites More sharing options...
The One Posted December 29, 2019 Share Posted December 29, 2019 4 minutes ago, Polaris 550 said: Have to agree with that. My parents hang with Abigail Johnson Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted December 29, 2019 Platinum Contributing Member Share Posted December 29, 2019 (edited) 1 hour ago, frenchy said: good post Tom. Have to laugh at those that get this upset over something so trivial in the grand scheme of things. Can't imagine being that miserable. Trivial. Easy to say looking from the outside in. Kick in a million dollars plus of which you won't see but a fraction of it and them come and post shit. Edited December 29, 2019 by Highmark Quote Link to comment Share on other sites More sharing options...
Zambroski Posted December 29, 2019 Share Posted December 29, 2019 15 hours ago, Highmark said: Boo fucking hoo. I'm tired of hearing how so much of society needs protecting. Amen. 15 hours ago, SSFB said: Even if it was working well that doesn’t make the theft that is taking place OK. Amen again. 13 hours ago, Highmark said: Its not. I clearly remember you posting almost bragging about paying yourself very little and taking distributions to avoid FICA taxes. Deny it all you want my memory is rock solid on that conversation. I suppose you deny once being adamantly against illegal immigration too? Talk about being a fake American....look in the mirror dude. Just unbelievable....almost. Quote Link to comment Share on other sites More sharing options...
frenchy Posted December 29, 2019 Share Posted December 29, 2019 14 minutes ago, Highmark said: Trivial. Easy to say looking from the outside in. Kick in a million dollars plus of which you won't see but a fraction of it and them come and post shit. it's the same here but is what it is. Far from perfect but doesn't keep me up at night. I'd rather it this way than have it where everyone opts out and the system crashes down upon itself and you are paying in a different way to house and feed people who literally have nothing in old age. That sounds like a dreamy country. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted December 29, 2019 Platinum Contributing Member Share Posted December 29, 2019 23 hours ago, BOHICA said: Fucking peanuts compared to what is paid in! They need to allow people to opt out of this bullshit and let this program die. Fucking theft on the grandest scale. When ya see that, it's no wonder so many in late 50's signed up for disability during the Obama years. Quote Link to comment Share on other sites More sharing options...
1jkw Posted December 29, 2019 Share Posted December 29, 2019 It's too bad so much money has been borrowed from SS to pay for other government projects. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted December 29, 2019 Platinum Contributing Member Share Posted December 29, 2019 (edited) 42 minutes ago, frenchy said: it's the same here but is what it is. Far from perfect but doesn't keep me up at night. I'd rather it this way than have it where everyone opts out and the system crashes down upon itself and you are paying in a different way to house and feed people who literally have nothing in old age. That sounds like a dreamy country. I can live with a mandatory program what have an issue with is its not your money to have in entirety even minus the cost of the disability ins and a smaller rate of return. I don't like the penalty portion for retiring early either. Would I rather it private sure but managed correctly it could have been good however govt doesn't do anything good. In essence I wish it was ran more like an IRA/401k than a pension. What you build is yours period. Edited December 29, 2019 by Highmark Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 2 hours ago, AKIQPilot said: Many people get out way more than they pay into SS. I will collect SS for more than 20 years and I will get out way more than I paid in. That is a fact. I get what you are saying but the time value of money throws a wrench into that logic. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 2 hours ago, DriftBusta said: Everyone is different, I was a saver my whole life too, started my own IRA at 21 years old. Then a divorce and a bad business move wiped out 20-25 years on that score. I see all kinds in my job now too. I don’t judge, having seen so many different scenarios. There was this young kid with his hvac license, who managed to have his own house and 125k in his IRA at 26 years old who was a client until recently. He was convinced the market was going to crash when it hit 21k, and decided to pay the penalty, cash in and buy a rental property. I’d never call him dumb because he was a damn good saver and made a call that fit his circumstance. Meanwhile my brother and I plan on liquidating all our properties in the next few years. But he’s young, and we’re old. He wanted to provide his parents who were of limited means a place to help him pay the note on his 2 family. Anyone who works for a company that offers a match is dumb for not taking advantage of the free money. Most 401ks are low cost and have good growth and growth/income funds to get strong returns in if they have plenty of working years left. Yet I see alot of that too. They get a 4% match but won’t take advantage of it, even though the net bite is less than they probably spend on Dunkin Donuts in a week. A divorce, job loss or health issue can wipe out many years of good intentions. Shit happens. Its how you adapt and respond that matters. Not everyone needs a million bucks or more to retire. Many of the people I have as clients with that much will die and leave most to their kids because they’re too uptight to spend it. My plan is to ease into retirement, and I’m pretty much doing that now. Work when I want, while still building wealth. I never did and I will explain the reasons. In 88 I started working in my career and the Co had a pension plan, so I was very limited in what I could sack away separately for retirement. Canada has an RRSP where we can put away up to 18% of our income to a max into it. This year the max limit is about $27K. If I were to contribute $13.5K and a company match that I would end up with a total contribution of $27K where I likely have very little input as to where that gets invested if at all. If I forego that and invest in my own RRSP to the sum of $27K, I get a tax refund of my marginal tax rate of 54% so it costs me less (12,400) to end up with the same retirement investment I now have full control over. Mind you it's still mine to lose. The three years I worked for that co set me back over $10K from what was actually transferred into my retirement account after leaving. The next employer had a company matching plan that basically invested in a pathetic GIC at under 1.5%, no thanks. The more you know. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 1 hour ago, frenchy said: it's the same here but is what it is. Far from perfect but doesn't keep me up at night. I'd rather it this way than have it where everyone opts out and the system crashes down upon itself and you are paying in a different way to house and feed people who literally have nothing in old age. That sounds like a dreamy country. Factoring in the caps they are actually far worse. We at least have OAS that adds a supplement for those who did not have the means to accumulate for retirement. A social blanket is needed solely cause most have no clue what they are doing. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted December 29, 2019 Platinum Contributing Member Share Posted December 29, 2019 3 minutes ago, ArcticCrusher said: I never did and I will explain the reasons. In 88 I started working in my career and the Co had a pension plan, so I was very limited in what I could sack away separately for retirement. Canada has an RRSP where we can put away up to 18% of our income to a max into it. This year the max limit is about $27K. If I were to contribute $13.5K and a company match that I would end up with a total contribution of $27K where I likely have very little input as to where that gets invested if at all. If I forego that and invest in my own RRSP to the sum of $27K, I get a tax refund of my marginal tax rate of 54% so it costs me less (12,400) to end up with the same retirement investment I now have full control over. Mind you it's still mine to lose. The three years I worked for that co set me back over $10K from what was actually transferred into my retirement account after leaving. The next employer had a company matching plan that basically invested in a pathetic GIC at under 1.5%, no thanks. The more you know. Not sure how many companies control where the money they match goes but we don't. We even provide investment specialists to assist them. While they cannot choose individual stocks there are literally close to 100 fund options in almost every catagory conceivable. Quote Link to comment Share on other sites More sharing options...
f7ben Posted December 29, 2019 Share Posted December 29, 2019 21 hours ago, Angry ginger said: SMH how exactly would that stop fraud. Save your breath.....the fucking retard is too dumb to understand a word Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 1 hour ago, Highmark said: Trivial. Easy to say looking from the outside in. Kick in a million dollars plus of which you won't see but a fraction of it and them come and post shit. Our max CPP contribution is $2750/yr unless you are self employed then it doubles. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 12 minutes ago, Highmark said: Not sure how many companies control where the money they match goes but we don't. We even provide investment specialists to assist them. While they cannot choose individual stocks there are literally close to 100 fund options in almost every catagory conceivable. I don't know what they are doing today but they do not have free reign like our regular investments or RRSP can go. It all depends on how the account gets set. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted December 29, 2019 Share Posted December 29, 2019 (edited) 38 minutes ago, ArcticCrusher said: I never did and I will explain the reasons. In 88 I started working in my career and the Co had a pension plan, so I was very limited in what I could sack away separately for retirement. Canada has an RRSP where we can put away up to 18% of our income to a max into it. This year the max limit is about $27K. If I were to contribute $13.5K and a company match that I would end up with a total contribution of $27K where I likely have very little input as to where that gets invested if at all. If I forego that and invest in my own RRSP to the sum of $27K, I get a tax refund of my marginal tax rate of 54% so it costs me less (12,400) to end up with the same retirement investment I now have full control over. Mind you it's still mine to lose. The three years I worked for that co set me back over $10K from what was actually transferred into my retirement account after leaving. The next employer had a company matching plan that basically invested in a pathetic GIC at under 1.5%, no thanks. The more you know. Those damn GICs. Still, what might have applied 30 years ago really doesn’t these days, at least in the US, can’t speak for Canada. Defined benefit plans are all but obsolete at least in the private sector, so I’m basing that advice on todays realities and the fact that any match into a 401k has plenty of low cost investment options that 99% of the population would be foolish not to take advantage of. You had the discipline apparently, the benefit of hindsight and it worked out for you. But that would be bad advice for me to be giving to most people who’s employers offered a 401k match. I have to tell many clients who want to start IRAs on the side, that they make too much and need to take advantage of maxing out their 401k first, to get the tax deferrals, or to just start a straight brokerage if they want the access and liquidity. Plus many plans let you do an in service withdrawal where you can take some or all of your 401k funds and put them into a personal IRA, and you can almost always if you change jobs. I agree with the reality that pensions don’t grow much like other investment options can, but then again they can’t and won’t by design. The unusual thing I’ve noticed with many folks retiring with pensions as part of their income stream, is that I can’t touch some of them income wise if I 1035’ed them into an annuity. Yet others, I can blow out of the water. I wasn’t in the business all those years ago, but the terms and benefits of these pension that I’m seeing as people retire, are all over the place. Edited December 29, 2019 by DriftBusta Quote Link to comment Share on other sites More sharing options...
frenchy Posted December 29, 2019 Share Posted December 29, 2019 35 minutes ago, ArcticCrusher said: Our max CPP contribution is $2750/yr unless you are self employed then it doubles. we also pull out far less in retirement. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 16 minutes ago, DriftBusta said: Those damn GICs. Still, what might have applied 30 years ago really doesn’t these days, at least in the US, can’t speak for Canada. Defined benefit plans are all but obsolete at least in the private sector, so I’m basing that advice on todays realities and the fact that any match into a 401k has plenty of low cost investment options that 99% of the population would be foolish not to take advantage of. You had the discipline apparently, the benefit of hindsight and it worked out for you. But that would be bad advice for me to be giving to most people who’s employers offered a 401k match. I have to tell many clients who want to start IRAs on the side, that they make too much and need to take advantage of maxing out their 401k first, to get the tax deferrals, or to just start a straight brokerage if they want the access and liquidity. Plus many plans let you do an in service withdrawal where you can take some or all of your 401k funds and put them into a personal IRA, and you can almost always if you change jobs. I agree with the reality that pensions don’t grow much like other investment options can, but then again they can’t and won’t by design. The unusual thing I’ve noticed with many folks retiring with pensions as part of their income stream, is that I can’t touch some of them income wise if I 1035’ed them into an annuity. Yet others, I can blow out of the water. I wasn’t in the business all those years ago, but the terms and benefits of these pension that I’m seeing as people retire, are all over the place. When they tried to force me to join later it was the GIC that was the first to go and I was asked to help them find a plan that worked for everyone. A self directed RRSP was rejected since the co thought they lost all control, so they ended up agreeing to go with Aetna who had decent offerings at the time, but still fell short. 1 Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 (edited) 4 minutes ago, frenchy said: we also pull out far less in retirement. I know. Our retirement options are also better. Edited December 29, 2019 by ArcticCrusher Quote Link to comment Share on other sites More sharing options...
Zambroski Posted December 29, 2019 Share Posted December 29, 2019 Just now, ArcticCrusher said: I know. Our retirement options are also better. How do your property taxes work in "retirement"(assuming there is an age attached to it)? Here, most states/areas just tax retired people right out of their homes after retirement because they can no longer afford to pay them. Astonishing really. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 2 minutes ago, Zambroski said: How do your property taxes work in "retirement"(assuming there is an age attached to it)? Here, most states/areas just tax retired people right out of their homes after retirement because they can no longer afford to pay them. Astonishing really. The same as non retirement for the most part. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted December 29, 2019 Share Posted December 29, 2019 Just now, ArcticCrusher said: The same as non retirement for the most part. This is just bullshit, IMO. For most, a lifetime spent working and paying taxes, returning expendable income back into an area and paying off their homes.....only to have the government force an eviction tax. Shameful. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 2 minutes ago, Zambroski said: This is just bullshit, IMO. For most, a lifetime spent working and paying taxes, returning expendable income back into an area and paying off their homes.....only to have the government force an eviction tax. Shameful. Truthfully, I'd sell and just rent before I would let it come to that. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 3 hours ago, snoughnut said: Really? What kind of guarantee do you have that you'll live that long? Stating that as a fact is asinine. No plan is hardly a plan. 1 Quote Link to comment Share on other sites More sharing options...
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