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Exactly who are them and they?
It seems these two folks, them and they, are responsible for most of our problems, especially financial problems, a least that’s the way some – many – people see things.
A women on Treads this morning was complaining she had to pay a Medicare premium bill – before starting Social Security – within 12 days. According to her the Medicare system is a joke. Her plan to get even was going to the doctor just to make them have to pay for that bill. I pointed out that “them” is her fellow taxpayers.
Another person wrote, if you have the funds and you can, why won’t they let you? I was told retiring at 62 is too early and it’s better to wait. Who won’t let you?
I overheard a person say, If we didn’t go to work. If we didn’t buy it, they wouldn’t have what they have, control. They’re our enemy. The topic was the “rich.” I often wonder how them and they exercise control over us. Them or they often have more stuff than we do, we can envious of them though.
Them and they tax us, make laws, employ us, deny us things we want, even block opportunity, seemingly controlling our lives.
If we don’t understand, if we don’t like the outcome or don’t achieve our goals, them and they are usually to blame.
The reality is them and they are people, lots of people typically making up institutions, government agencies, etc. But it’s not generalized them we should be blaming, it’s ourselves.
Our lack of awareness, our actions or not taking responsibility are more often to blame for the things we dislike or find difficult to cope with.
They and them are all around us, except in a mirror.
Planning for a lifetime of taxes is useful to show how they work. I find it helpful now that I’m retired and can strategize which accounts to fund or withdraw from and how big a Roth conversion I should make each year. You can clearly see a benefit from smoothing your taxes in the coming years by targeting income at the top of a certain marginal tax rate, possibly just under the next IRMAA bracket. This may include tax gain harvesting to fill the 0% qualified dividend & long-term capital gains bracket. And doing Roth conversions will lower your RMDs.
I agree, Richard, that attempting to plan taxes over a lifetime with any accuracy is foolish. That said, estimating future taxes given current tax law can be a useful tool. Upon retirement at age 63, I created a spreadsheet using current tax rates, inflation, and returns to project taxes for a ten-year period. That certain withdrawal strategies were more tax favorable than others became abundantly clear. The exercise also helped me see that annuitizing my 403b was not in my best interest, despite that I had grown quite fond of the idea of a monthly payout.
Taxing unrealized gains is just stupid.
I think we need to give the IRS the resources to keep a better eye on filers with schedules C, E, and F. Those are the returns at high risk of tax evasion.
Paying for what you want from government? Wow, what a concept!
Nice rant Dick.