South Florida, a senior enclave, sees more people ‘unretiring’ due to living costs

[BMWTurboDzl]

So if that is true then if you have cash right now it might be a good deal - assuming everyone else has cash to put in also?

What happens if someone can not pay? I assume forced sale or foreclosure?

Depends on the state. It could be a lien against the unit for the delinquent amount. In Florida HOA's can foreclose but I believe the delinquent dues are junior to 1st and 2nd liens, property taxes, and of course income tax liens.

 

[BMWTurboDzl]

I get this, however, some are confused, @zzyzzx we must remember that we do not pay taxes on the money that we contribute into Social Security for our entire working careers. That money goes in tax free. Much like a 401k the money you save is not taxed but tax has to be paid on income at some point which is typically when you withdraw it and hopefully in your non working years a lower tax bracket..

I don't understand why this is so difficult for people to understand. I guess it goes back to the mantra of people thinking they're getting "their money" back when they start collecting SS.

 

[hrv]

I don't understand why this is so difficult for people to understand. I guess it goes back to the mantra of people thinking they're getting "their money" back when the start collecting SS.

and I dont understand why SS is taxed at all....

 

[JeffKeryk]

Originally SS benefits were not federally taxed.
The taxation of Social Security benefits began in 1984 after the 1983 Social Security Amendments were signed into law in April 1983. The amendments required some Social Security beneficiaries to pay federal income tax on a portion of their benefits if their total income exceeded certain thresholds.

The purpose was to partially offset other tax cuts.

 

[hrv]

Originally SS benefits were not federally taxed.
The taxation of Social Security benefits began in 1984 after the 1983 Social Security Amendments were signed into law in April 1983. The amendments required some Social Security beneficiaries to pay federal income tax on a portion of their benefits if their total income exceeded certain thresholds.

YUP.................

 

[BMWTurboDzl]

and I dont understand why SS is taxed at all....

The trust fund was becoming insolvent so legislation was passed in the 1980's to fix it.
The problem is that the ratio of workers-to-beneficiaries has been decreasing since the program was launched. In the 1950's it was 16:1 , 1960 5:1 , and today it's 3:1.

 

[hrv]

The trust fund was becoming insolvent so legislation was passed in the 1980's to fix it.
The problem is that the ratio of workers-to-beneficiaries has been decreasing since the program was launched. In the 1950's it was 16:1 , 1960 5:1 , and today it's 3:1.

and also the federal gov takes money from the SS to use on other things too...Like 2.9 trillion...

 

[BMWTurboDzl]

and also the federal gov takes money from the SS to use on other things too...Like 2.9 trillion...

Borrowed and the trust fund is receiving interest payments which help keep the trust fund from depleting faster.

LBJ was the first to borrow from the fund.

 

[SubieRubyRoo]

I dont know, to me, you are posting the cycle of life. Your saying it isnt about young and old, well who is going to pay for the old?
Also the people you bring up who invested their lives for 20+ years, got the same deal as the generation before them, assuming your argument those people of 20+ years benefited from the generation before them much as you describe the new generation coming into the area now.
Also it cost a lot of money maintaining the old sewer systems, drainage systems, water systems as it does putting in new ones.

You can also bet your rear end that those new developments will be paying for the rest of their lives just as the older are paying now. So I am unsure of the debate. It cost money for government to run, everyone pays their share every year of their lives. They according to your post benefit when they are young but make up for it when they get older because they pay the same.
Your also leaving out a whole slew of others things, like sales tax income. The young are contributing more to local coffers because they spend more. It's all irrelevant to me. You live in an area, there is no protected group, young or old from paying their fair share even though seniors in MANY areas do get a small tax break, some high tax areas these breaks are so large that the young have a valid argument that they are supporting the old. Nassau County NY is one such area where young people pay 5 digit tax bills and older residents get 4 digit tax breaks.

Interesting history. Worth the 5-6 minute read. Regarding our ongoing discussion for this though, I’d be more apt to agree to:
1. No property tax at all.
2. Budget limitations similar to the Prop 13 amendment in California that’s discussed in the link (any increases require not only 2/3 vote in both houses of State legislature but also 2/3 agreement by electorate, this would cap spending on special wants or against the general public’s wishes); and,
3. Administer the tax as a flat rate sales tax so that everything bought pays towards the tax and there’s no loopholes. Buy something, pay tax. Buy more expensive things, pay more tax.

https://eh.net/encyclopedia/history-of-property-taxes-in-the-united-states/

 

[hrv]

Interesting history. Worth the 5-6 minute read. Regarding our ongoing discussion for this though, I’d be more apt to agree to:
1. No property tax at all.
2. Budget limitations similar to the Prop 13 amendment in California that’s discussed in the link (any increases require not only 2/3 vote in both houses of State legislature but also 2/3 agreement by electorate, this would cap spending on special wants or against the general public’s wishes); and,
3. Administer the tax as a flat rate sales tax so that everything bought pays towards the tax and there’s no loopholes. Buy something, pay tax. Buy more expensive things, pay more tax.

https://eh.net/encyclopedia/history-of-property-taxes-in-the-united-states/

Here in Kentucky they have a homestead exemption when you turn 65.. It goes up every 2 years and right now it is around 44000... That come off the top on your property tax....It helps...

 

[alarmguy]

Interesting history. Worth the 5-6 minute read. Regarding our ongoing discussion for this though, I’d be more apt to agree to:
1. No property tax at all.
2. Budget limitations similar to the Prop 13 amendment in California that’s discussed in the link (any increases require not only 2/3 vote in both houses of State legislature but also 2/3 agreement by electorate, this would cap spending on special wants or against the general public’s wishes); and,
3. Administer the tax as a flat rate sales tax so that everything bought pays towards the tax and there’s no loopholes. Buy something, pay tax. Buy more expensive things, pay more tax.

https://eh.net/encyclopedia/history-of-property-taxes-in-the-united-states/

I'll give it a read but have to run right now. The bottom line is we are what we vote for. Property taxes are a local issue and the population decides how it is handled. Every state and local government in the nation can handle things differently. Unless we are calling for removal of states rights on a national level which would be in affect a dismantling of the US Constitution

I can see your point if you favor one states method of dealing with taxes over your own and voting for change. I dont look at CA or my previous state of NY as anything remotely what I would want.

My property taxes here in my state of NC are so cheap that it is stupid. Where I moved from in NY I would have to pay (god honest truth) at least $10,000 more in property taxes PER YEAR for the same house and I am sure CA would be the same.
My sales taxes are lower here too at 6.75%

 

[cptbarkey]

Here in Kentucky they have a homestead exemption when you turn 65.. It goes up every 2 years and right now it is around 44000... That come off the top on your property tax....It helps...

Here in Texas the local municipalities are raising taxes unchecked to offset the recent State action of raising the homestead exception.

Folks think Texas is cheap with its taxes, that has now transformed into a lie. My monthly tax has now exceeded my monthly mortgage payment. Ridiculous.

 

[alarmguy]

and I dont understand why SS is taxed at all....

because it was earned income that wasnt taxed during your working years
Meaning, you made Social Security payments your entire working life but that money you put into the system was untaxed income from your job. I thought I explained this is I am repeating myself.

 

[zzyzzx]

The cost of living can skyrocket at any time and completely invalidate your retirement plan.

 

[hrv]

The cost of living can skyrocket at any time and completely invalidate your retirement plan.

like the past 3.5 years...

 

[BMWTurboDzl]

like the past 3.5 years...

You did cash those checks though didn't ya.

 

[Pew]

like the past 3.5 years...

And the dot com, Enron, 2008, and cv19.

 

[SubieRubyRoo]

I'll give it a read but have to run right now. The bottom line is we are what we vote for. Property taxes are a local issue and the population decides how it is handled. Every state and local government in the nation can handle things differently. Unless we are calling for removal of states rights on a national level which would be in affect a dismantling of the US Constitution

I can see your point if you favor one states method of dealing with taxes over your own and voting for change. I dont look at CA or my previous state of NY as anything remotely what I would want.

My property taxes here in my state of NC are so cheap that it is stupid. Where I moved from in NY I would have to pay (god honest truth) at least $10,000 more in property taxes PER YEAR for the same house and I am sure CA would be the same.
My sales taxes are lower here too at 6.75%

Yeah, read the issue from CA before you jump to conclusions. The info didn’t specify when it was (appears to be from mid-70s) and it’s definitely not today’s CA. I was shocked

 

[hrv]

You did cash those checks though didn't ya.

Sure I did...but they sure dont go very far esp. the past 3.5 years...

 

[BMWTurboDzl]

Sure I did...but they sure dont go very far esp. the past 3.5 years...

I'm talking the $900B in direct payments to taxpayers during the period of 4/2020-12/2021. The next issue when you have too few goods being chased by too many customers. Prices increase.