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

[doitmyself]

I am pretty sure taxes will get higher going forward. Something to consider.

Yes, but does putting your retirement fund in a Roth for 2 or 3 decades outweigh the possible financial gains of deferred tax input $$$? That is the question. Over the past 2 decades I've been to retirement planning sessions with both scenarios recommended either/or.

Someone please predict the future and tell me the answer. I chose to do some of each, but the lesser amount in the Roth.

What bothers me is that if your spouse dies, you might get put into a higher tax bracket filing single. Am I missing something here?

Yikes, we are way off topic.

 

[SC Maintenance]

Yes, but does putting your retirement fund in a Roth for 2 or 3 decades outweigh the possible financial gains of deferred tax input $$$? That is the question. Over the past 2 decades I've been to retirement planning sessions with both scenarios recommended either/or.

Someone please predict the future and tell me the answer. I chose to do some of each, but the lesser amount in the Roth.

What bothers me is that if your spouse dies, you might get put into a higher tax bracket filing single. Am I missing something here?

Yikes, we are way off topic.

My original point was to consider taxes and specifically tax increases when deciding how much you needed to retire - not specifically in how to invest.

Roth vs regular IRA is a personal decision so no advice here is going to be applicable to everyone. As you have pointed out, we have no clue what taxes will be in the future or what your tax liability will be in the future.

 

[JeffKeryk]

If I read @SC Maintenance posts correctly, he is smartly suggesting to plan for possible costs going forward, because we don't have a crystal ball.

Err on the conservative side, I always say. Contingency planning for the win!

 

[wpod]

Well done! That's the object of the game.

Most of the taxes are flat out theft and redistribution of my income by our politician thieves.

 

[gman2304]

High school graduate here and I retired at 59 and at 72 I’m debt free and have been for a decade. Wife retired from USPS 2 years ago and with our pensions, investments, 401K’s and SS we have more money than at any time in our lives! We don’t owe anyone a dime! One doesn’t have to have a sheepskin on the wall or a white collar around your neck or a house on the golf course and a Volvo in the garage to be successful! Truth be known, a huge percentage of those folks are in debt up to their eyeballs and miserable! My wife and I worked our asses off for 50 years, raised 2 sons who are successful and have great supportive hard working spouses. Quote:
“ I’m a great believer in luck and I find the harder I work the more luck I seem to have”: Thomas Jefferson.

 

[wpod]

My original point was to consider taxes and specifically tax increases when deciding how much you needed to retire - not specifically in how to invest.

Roth vs regular IRA is a personal decision so no advice here is going to be applicable to everyone. As you have pointed out, we have no clue what taxes will be in the future or what your tax liability will be in the future.

Way back when we were told that when we were retired our taxes would be lower because bla,bla,bla . Our taxes are higher so what ever can be done to not feed the Beast is a good idea.

 

[fdcg27]

A straight up failure of our education system. Give people a fighting chance.
Because if you don't, they will suffer and others will need to pick up the slack.

Planning, people.

Disagree.
There are many people who have raised kids and even though they may have had pretty good incomes their savings opportunities may have been limited.
They may have planned well for what they expected, as I illustrated in the post to which you responded.
Income has a huge influence on outcome and nobody can plan around not having enough left over each month to save and invest more substantially, even those who are in no way extravagant.

 

[Mechanician]

Income has a huge influence on outcome

I think I found my new favorite saying
Sounds like something Will Rogers would have come up with.

 

[JeffKeryk]

Most of the taxes are flat out theft and redistribution of my income by our politician thieves.

Yes, income taxes are generally income redistribution in democratic countries, especially if they are progressive. Higher income households pay a larger share of their income in taxes. The revenue from these taxes can then be used to fund public spending and social programs, which can help to reduce income inequality.

Personally I wanna be in the highest bracket possible.

 

[JeffKeryk]

Disagree.
There are many people who have raised kids and even though they may have had pretty good incomes their savings opportunities may have been limited.
They may have planned well for what they expected, as I illustrated in the post to which you responded.
Income has a huge influence on outcome and nobody can plan around not having enough left over each month to save and invest more substantially, even those who are in no way extravagant.

Choices have a lot to do with savings opportunities as well.

 

[fdcg27]

Choices have a lot to do with savings opportunities as well.

Agree, but if one doesn't have sufficient income those choices may be pretty limited.

 

[Pablo]

...............nobody can plan around not having enough left over each month to save and invest more substantially................

I found the problem!~ Saving should always be first. Always.

Yes, income taxes...... can help to reduce income inequality.

Personally I wanna be in the highest bracket possible.

It doesn't though. That is why many of us are speaking up!!

Me too.

 

[SC Maintenance]

Isn’t buffet always yapping about being in a lower bracket than his secretary?

 

[JeffKeryk]

Agree, but if one doesn't have sufficient income those choices may be pretty limited.

I know all about not having enough income. We all have decisions to make. Of course opportunity, health and other things come into play.
All I can tell you is I never wanna be broke and homeless again as long as I live. I found the answers are out there if you are willing to look and are open to change. Heck, in CA you can go to Community College for free tuition right now.

I've found the biggest issue is short term vs long term planning. What do you want? How are you gonna get there?

 

[JeffKeryk]

I found the problem!~ Saving should always be first. Always.

It doesn't though. That is why many of us are speaking up!!

Me too.

All I can tell you is my experience. And yes, income redistribution through taxation can help raise up societies. Public education is one example.

 

[JeffKeryk]

Isn’t buffet always yapping about being in a lower bracket than his secretary?

There is no fair. Never was, never will be.

 

[Pablo]

All I can tell you is my experience. And yes, income redistribution through taxation can help raise up societies. Public education is one example.

Well that's not a great example! Our schools stink and they waste too much time on things that are not math.

 

[JeffKeryk]

Well that's not a great example! Our schools stink and they waste too much time on things that are not math.

They should be teaching personal finance.
Maybe we would have better teachers if we valued the profession? Ya think?

By the way, the schools around here are top notch.

 

[Astro14]

High school graduate here and I retired at 59 and at 72 I’m debt free and have been for a decade. Wife retired from USPS 2 years ago and with our pensions, investments, 401K’s and SS we have more money than at any time in our lives! We don’t owe anyone a dime! One doesn’t have to have a sheepskin on the wall or a white collar around your neck or a house on the golf course and a Volvo in the garage to be successful! Truth be known, a huge percentage of those folks are in debt up to their eyeballs and miserable! My wife and I worked our asses off for 50 years, raised 2 sons who are successful and have great supportive hard working spouses. Quote:
“ I’m a great believer in luck and I find the harder I work the more luck I seem to have”: Thomas Jefferson.

Wait, wait, what’s this about a Volvo in the garage to be successful??

Sshhhh…don’t let that get out!

Everyone will think I’m successful!

 

[Pablo]

They should be teaching personal finance.
Maybe we would have better teachers if we valued the profession? Ya think?

By the way, the schools around here are top notch.

Agree. PF, Saving, Investing? Seems like a giant void.

Teachers are well paid and 90% try hard, very hard. Schools in certain areas are decent, but even good schools in the USA need to step it up.

40% or so of teachers try to indoctrinate with a way of thinking, that is neither scientific or Baconian, but rather Marxist. Keep the personal views at home. But often the curriculum and books have ways of thoughts and word choices and just wrong information that leaves kids vulnerable and unprepared. Don't get me started on mushy college level work.

Yeah, I'm just as geezer, and I think public education can be a great way out of the ghetto, but man get it done, no more sloughing..........