Solid points made by all. What should our priorities be, we can't be all things to everyone. I think the debt should be an urgent priority yet prioritizing the pain that comes with addressing said debt remains the most confounding problem. The consultants and experts will give you a ton of gimmicks, yet no amount of gimmicks will help without increasing taxes. I think the common man's view is "why tax me when they are just going to waste it anyway?, a view I don't disagree with either." we might all feel better if the tax increases showed some positive impacts. Seems to me their is no free lunch after all ,and the case for Roth retirement plans as a hedge against future tax increases continue to be salient thinking.
I remember one of the books I read during some economics class was written by N Gregory Mankiw, who is a top economic advisor to many politicians and even to Bush ii. His premise was that the national debt could continue to grow infinity as long as the economic activity created enough dollars to support the debt payments, not pay of the debt mind you, just the payments. I said, well this guy must be nuts, this is a house of cards if this is the forever plan. I still think this thinking is grossly flawed as at some point, you must pay the piper and the great reckoning is coming! Then not to make this political, but there is this great backlash against immigrants who actually help drive this economic activity. According to the politicians there are over 11 million illegal immigrants in the country now and there is some who believe deporting them is the way to 'protect Americans', Deport the criminals, I am all for that, but why not legalize those other 11 million so that they can work and pay into social security and the tax base to help handle this mess! (I am against unlawful immigration and think we should have border and immigration rules that make sense and porous so any one can come in) Under Clinton, the country ran a surplus, so it can be done again, but when are these spineless politicians going to wise up and take real action against this deficit. I think this DOGE department under the incoming administration has some merit, albeit I think they are over promising what they might be able to deliver on. Defense spending is untouchable because the lobbyists and the defense contractors are plugged in deep and will not cut their nose to spite their faces. Spending on health care and the amount of fraud that happens there is another area that can be targeted, the issue is it just takes so much time, and effort and, oh by the way, we don't need another department created to root out health care fraud. Finally, our taxes, it is too complicated, we need a simplified system where taxes are paid and collected in manner that make sense. Good luck with that. Again, I didn't want to make this post political in nature, but I think the views on immigration are so misguided when this is really an opportunity to add payers to the workforce so that we can tax them and it pains me to see how we are missing the boat there.
I live in Florida, just north of Miami and having lived through several major hurricanes, you have really given me a lot to think about. Yes, our home is in a sub division which has some of the latest hurricane codes, underground utilities and so forth, but all it takes is one good storm that could create the type of devastation you described. I always thought; I am insured, I would just repair the damages and keep going. After reading your article, I don't know what I would do. I love our city of Pembroke Pines, yet it has became crowded, traffic is a nightmare and property insurance and taxes keep making the place unaffordable. Moving would certainly be a consideration in the future. Then I think of all the reasons this is such a desirable area, such as proximity to two major airports, two cruise ports, decent health care, all the things that one desires during retirement. I turn 54 in 4 days, with the goal of phased retirement at 57ish, I think I want to stay here for a bit longer, but this article raised a lot of good points even if it can be a tad anxiety inducing.
Such a timely article, especially this time of year when people can feel so much pressure to fit in. I was never a drinker per say. I enjoyed a beer from time to time and then transitioned to wine ( made me feel more sophisticated). I realized that having more than one glass of wine in the evening would absolutely ruin what little sleep I was getting, coupled with a diagnosis of non- alcoholic fatty liver made me question the wisdom of even one drink. One day I realized it had been at least a year since had any alcohol so I said, well since I have gone this long, I might as well just consider myself as having giving up drinking. For those who struggle with addictive behaviors, this is easier said than done, but I commend you and the many other readers for recognizing the danger and the damage that can happen with alcoholism; and for taking the necessary actions to keep everyone safe.
As a youngish soon to be 54 and not quite retired, your article does give us quite a bit to ponder. We to want to travel extensively, although we believe we will continue to be based in Florida or move somewhere to North Carolina as our base. Just so much to take into account when planning, having these types of articles are invaluable. Please keep them coming and know that we are enjoying y9our travels in our dreams. I wonder, are there areas that you have already visited but you plan on going back year after year because you feel such a connection?
I think this is close to the answer as one mihht get. Down makets typically indicates the companies are not doing well or not growing and some of them will cut their dividend. Take GE for an example prior the split when the lofty dividend was cut to a penny. Dividends can go up and.sown, although with a well balanced portfolio, it shouldn't affect things too much. Keeping some cash as a buffer still make sense although 5-7 years might be a bit much.
I was born in the Caribbean island pf Dominica which is very beautiful, but is still one of the poorest least developed countries in the world. While food insecurity wasn't a term we used, it was something we experienced quite regularly. We never went hungry but I can remember my grandmother struggling to provide meals for us. She didn't work, but instead raised 5 grandchildren left behind by parents who immigrated to other countries including my mother who moved to the US. My grandfather had a job as a messenger earning about $120 per month and most of that went towards the mortgage on the home, the electric, water and he gave her a small stipend for food. It seemed like the last week of the month were the toughest as she had to wait for remittances from my mom or aunts and uncles which were promptly used to pay the local shopkeepers for the groceries she bought on credit the previous month before starting the cycle over again. Sometimes during what she would term particular 'brown' months, she would have to credit her groceries from multiple shops so we could have something to eat. We never went hungry due to her efforts, but I still remember the stress she felt each time she had to figure out what was going into the pot that day. I can still remember her one financial wish was that she would be able to purchase groceries outright each month and not have to ask the local shopkeepers for credit.
Even in the brown months, when she would cook food, sometimes too much food, more than we could eat that day. He rationale was that if someone stopped by, they might be hungry and they would be able to have a meal. After I migrated to the US and I began sending remittances home to help, she would always express her profound gratitude for those remittances. Between a sibling, two cousins and I, we ensured that she and my grandparents wanted for nothing and their financial needs were always met. We were able to pay for her home care in her later years until she passed at age 102. There was no social net from the government until at aged 100 where she received $120 US dollars and a cylinder of propane each month. She passed away living in what she termed the most luxurious of circumstances. My grandfather just turned 101 this month, and he too is taken care off by the remittances sent home by us. As I reflect on this year and in past years, here in the US, I always hosted thanksgiving dinner and sometimes Christmas dinner for the extended family, sometimes over 30 people at once. I can still remember my grandmother's statement, what if someone stopped by, they could have something to eat. I always prepared much more food than what the guests we were expected to eat. The left overs were packaged and sent home with the guests. I have also started packing some food for my neighbors which has only made us more endeared to them. When I look at the grocery bill, I wonder if I am wasting money and should I cut back in some areas: then I remember growing up with food insecurity and I tell myself to stop it! Food is not that expensive and feeding family should be an honor. Not to take shots, but I have family members who do the opposite and will try to cook just enough for the expected number of guests making me roll my eyes and label them as cheap. I wonder if they had their own versions of food insecurity which affects how they view things. Sorry for the long post here. I am wishing this community a very happy and healthy new year. My goal for 2025 is to be simply a good human, even to those I disagree with. I will let people cut in front of me and not even be upset, if it made their day better, then I lived true to my 2025 goal.
We don't have full exemptions in Florida either, there is an additional $25k in a senior exemption that might have been worth something 25 years ago, Today, with sky rocketing tax bills, it's not worth a biscuit.
Comments:
Solid points made by all. What should our priorities be, we can't be all things to everyone. I think the debt should be an urgent priority yet prioritizing the pain that comes with addressing said debt remains the most confounding problem. The consultants and experts will give you a ton of gimmicks, yet no amount of gimmicks will help without increasing taxes. I think the common man's view is "why tax me when they are just going to waste it anyway?, a view I don't disagree with either." we might all feel better if the tax increases showed some positive impacts. Seems to me their is no free lunch after all ,and the case for Roth retirement plans as a hedge against future tax increases continue to be salient thinking.
Post: Quinn ponders taxes, debt, interest payments and other minor issues we face
Link to comment from January 12, 2025
I remember one of the books I read during some economics class was written by N Gregory Mankiw, who is a top economic advisor to many politicians and even to Bush ii. His premise was that the national debt could continue to grow infinity as long as the economic activity created enough dollars to support the debt payments, not pay of the debt mind you, just the payments. I said, well this guy must be nuts, this is a house of cards if this is the forever plan. I still think this thinking is grossly flawed as at some point, you must pay the piper and the great reckoning is coming! Then not to make this political, but there is this great backlash against immigrants who actually help drive this economic activity. According to the politicians there are over 11 million illegal immigrants in the country now and there is some who believe deporting them is the way to 'protect Americans', Deport the criminals, I am all for that, but why not legalize those other 11 million so that they can work and pay into social security and the tax base to help handle this mess! (I am against unlawful immigration and think we should have border and immigration rules that make sense and porous so any one can come in) Under Clinton, the country ran a surplus, so it can be done again, but when are these spineless politicians going to wise up and take real action against this deficit. I think this DOGE department under the incoming administration has some merit, albeit I think they are over promising what they might be able to deliver on. Defense spending is untouchable because the lobbyists and the defense contractors are plugged in deep and will not cut their nose to spite their faces. Spending on health care and the amount of fraud that happens there is another area that can be targeted, the issue is it just takes so much time, and effort and, oh by the way, we don't need another department created to root out health care fraud. Finally, our taxes, it is too complicated, we need a simplified system where taxes are paid and collected in manner that make sense. Good luck with that. Again, I didn't want to make this post political in nature, but I think the views on immigration are so misguided when this is really an opportunity to add payers to the workforce so that we can tax them and it pains me to see how we are missing the boat there.
Post: Quinn ponders taxes, debt, interest payments and other minor issues we face
Link to comment from January 12, 2025
I live in Florida, just north of Miami and having lived through several major hurricanes, you have really given me a lot to think about. Yes, our home is in a sub division which has some of the latest hurricane codes, underground utilities and so forth, but all it takes is one good storm that could create the type of devastation you described. I always thought; I am insured, I would just repair the damages and keep going. After reading your article, I don't know what I would do. I love our city of Pembroke Pines, yet it has became crowded, traffic is a nightmare and property insurance and taxes keep making the place unaffordable. Moving would certainly be a consideration in the future. Then I think of all the reasons this is such a desirable area, such as proximity to two major airports, two cruise ports, decent health care, all the things that one desires during retirement. I turn 54 in 4 days, with the goal of phased retirement at 57ish, I think I want to stay here for a bit longer, but this article raised a lot of good points even if it can be a tad anxiety inducing.
Post: Would You Rebuild?
Link to comment from January 12, 2025
We all have stories. This one was touching as usual. Thanks for sharing.
Post: Share the Power
Link to comment from January 2, 2025
Such a timely article, especially this time of year when people can feel so much pressure to fit in. I was never a drinker per say. I enjoyed a beer from time to time and then transitioned to wine ( made me feel more sophisticated). I realized that having more than one glass of wine in the evening would absolutely ruin what little sleep I was getting, coupled with a diagnosis of non- alcoholic fatty liver made me question the wisdom of even one drink. One day I realized it had been at least a year since had any alcohol so I said, well since I have gone this long, I might as well just consider myself as having giving up drinking. For those who struggle with addictive behaviors, this is easier said than done, but I commend you and the many other readers for recognizing the danger and the damage that can happen with alcoholism; and for taking the necessary actions to keep everyone safe.
Post: Why I Don’t Drink
Link to comment from January 2, 2025
As a youngish soon to be 54 and not quite retired, your article does give us quite a bit to ponder. We to want to travel extensively, although we believe we will continue to be based in Florida or move somewhere to North Carolina as our base. Just so much to take into account when planning, having these types of articles are invaluable. Please keep them coming and know that we are enjoying y9our travels in our dreams. I wonder, are there areas that you have already visited but you plan on going back year after year because you feel such a connection?
Post: Retirement on the Road
Link to comment from January 2, 2025
I think this is close to the answer as one mihht get. Down makets typically indicates the companies are not doing well or not growing and some of them will cut their dividend. Take GE for an example prior the split when the lofty dividend was cut to a penny. Dividends can go up and.sown, although with a well balanced portfolio, it shouldn't affect things too much. Keeping some cash as a buffer still make sense although 5-7 years might be a bit much.
Post: Dividends during bull or bear market
Link to comment from January 1, 2025
To simply be a good human being is my 2015 resolution. To be kinder and more generous with my time and resources.
Post: Resolutions? What will you do?
Link to comment from December 31, 2024
I was born in the Caribbean island pf Dominica which is very beautiful, but is still one of the poorest least developed countries in the world. While food insecurity wasn't a term we used, it was something we experienced quite regularly. We never went hungry but I can remember my grandmother struggling to provide meals for us. She didn't work, but instead raised 5 grandchildren left behind by parents who immigrated to other countries including my mother who moved to the US. My grandfather had a job as a messenger earning about $120 per month and most of that went towards the mortgage on the home, the electric, water and he gave her a small stipend for food. It seemed like the last week of the month were the toughest as she had to wait for remittances from my mom or aunts and uncles which were promptly used to pay the local shopkeepers for the groceries she bought on credit the previous month before starting the cycle over again. Sometimes during what she would term particular 'brown' months, she would have to credit her groceries from multiple shops so we could have something to eat. We never went hungry due to her efforts, but I still remember the stress she felt each time she had to figure out what was going into the pot that day. I can still remember her one financial wish was that she would be able to purchase groceries outright each month and not have to ask the local shopkeepers for credit. Even in the brown months, when she would cook food, sometimes too much food, more than we could eat that day. He rationale was that if someone stopped by, they might be hungry and they would be able to have a meal. After I migrated to the US and I began sending remittances home to help, she would always express her profound gratitude for those remittances. Between a sibling, two cousins and I, we ensured that she and my grandparents wanted for nothing and their financial needs were always met. We were able to pay for her home care in her later years until she passed at age 102. There was no social net from the government until at aged 100 where she received $120 US dollars and a cylinder of propane each month. She passed away living in what she termed the most luxurious of circumstances. My grandfather just turned 101 this month, and he too is taken care off by the remittances sent home by us. As I reflect on this year and in past years, here in the US, I always hosted thanksgiving dinner and sometimes Christmas dinner for the extended family, sometimes over 30 people at once. I can still remember my grandmother's statement, what if someone stopped by, they could have something to eat. I always prepared much more food than what the guests we were expected to eat. The left overs were packaged and sent home with the guests. I have also started packing some food for my neighbors which has only made us more endeared to them. When I look at the grocery bill, I wonder if I am wasting money and should I cut back in some areas: then I remember growing up with food insecurity and I tell myself to stop it! Food is not that expensive and feeding family should be an honor. Not to take shots, but I have family members who do the opposite and will try to cook just enough for the expected number of guests making me roll my eyes and label them as cheap. I wonder if they had their own versions of food insecurity which affects how they view things. Sorry for the long post here. I am wishing this community a very happy and healthy new year. My goal for 2025 is to be simply a good human, even to those I disagree with. I will let people cut in front of me and not even be upset, if it made their day better, then I lived true to my 2025 goal.
Post: Pass the mashed potatoes by Quinn
Link to comment from December 31, 2024
We don't have full exemptions in Florida either, there is an additional $25k in a senior exemption that might have been worth something 25 years ago, Today, with sky rocketing tax bills, it's not worth a biscuit.
Post: A new glitch in retirement planning to consider
Link to comment from December 25, 2024