Retirement and Inflation
- Thread starter Shiftless
- Start date
BrownFlush
Woke Racist Reigning Ban King
So far, soooooooo good.
BrownFlush
Woke Racist Reigning Ban King
Again, the plan was to spend it. It’s working.
Over70irregs
Well-Known Member
Over70irregs
Well-Known Member
Forgot to add. Dems increases were at higher rates. Not judging.
Up In Smoke
Well-Known Member
28 Trillion dollar US debt, almost every dollar since Reagan. President Reagan added 1.8T, H.W. 1.3T, Clinton 1.5T, Bush II 7T, Obama 7T and Trump 8T. The debt ceiling has been raised 78 times since the 60s, 49 times by Republicans and 29 times by Democrats. 70 percent of our current debt has been added while a Republican sits in the White House. Not judging either.
Over70irregs
Well-Known Member
Too distracted by news commercials and past rhetoric to see clearly. Learn soon enough you shall.
rod
Retired 23 years
Like I said before--Medicare (which is deducted from SS) takes a BIG chunk of that.
rod
Retired 23 years
Been doing that for a long time -- at first just a little bit but since I turned 70 much more.
Good News for Retirees: RMD Formula Changing for First Time in Decades
The IRS has good news for retirees starting in 2022: you can now keep more money in your tax-deferred retirement accounts thanks to lower required minimum distributions (RMDs). For the first time in 20 years, the Internal Revenue Service has … Continue reading → The post Good News for Retirees...
But can you afford to keep it in your retirement accounts if everything is going through the roof?
Good News for Retirees: RMD Formula Changing for First Time in Decades
The IRS has good news for retirees starting in 2022: you can now keep more money in your tax-deferred retirement accounts thanks to lower required minimum distributions (RMDs). For the first time in 20 years, the Internal Revenue Service has … Continue reading → The post Good News for Retirees...news.yahoo.com
Might have to put off buying that yacht.
Over70irregs
Well-Known Member
Watch these nation’s first for $ attrition
auto and pe people in the i.a.m......got a cola including 1 pt over inflation ever year......I dont know if this has continues.....their union negotiated very fair contracts......I dont know why the teamsters haven't done this...seems that Sean is quite capable in negotiating..
Over70irregs
Well-Known Member
Honestly brother, the fact that we have to fret over a COLA increase is a problem within itself. I refuse to work harder in an environment where $ is printed for free.
olroadbeech
Happy Verified UPSer
Inflation should be one of the main factors way BEFORE you retire...
Buying good used items better than buying new. We have furnished our home with beautiful stuff from estate/yard sales for pennies on the dollar. Taking care of what you have better. Your cars . Perhaps growing some of your own food. Using no contract phone services , cut the cable cord , are just some ways to combat inflation.
Some things you can not avoid. property tax increases, dmv fees increasing , water and electric rates go up every year. Here is where planning for this eventuality is so important.
Even at an average 3% inflation rate everything doubles in 24 years. In a 6% inflation rate everything will double in just 12 years.
@rod has probably seen everything double in cost or more since he retired. Most of us can retire in late 50's or early 60's so we can have a lot of years left.
Honestly, I don't see how people who just live on social security can make it. My mother in law had to after her husband died. We sent money almost every month so she could make it.
We ( UPSers ) have multiple streams..pension, SS, perhaps IRA's and 401k's , paying off the house before retiring would be huge and we were lucky enough to do this. Even having a pt fun job would help some.
Buying good used items better than buying new. We have furnished our home with beautiful stuff from estate/yard sales for pennies on the dollar. Taking care of what you have better. Your cars . Perhaps growing some of your own food. Using no contract phone services , cut the cable cord , are just some ways to combat inflation.
Some things you can not avoid. property tax increases, dmv fees increasing , water and electric rates go up every year. Here is where planning for this eventuality is so important.
Even at an average 3% inflation rate everything doubles in 24 years. In a 6% inflation rate everything will double in just 12 years.
@rod has probably seen everything double in cost or more since he retired. Most of us can retire in late 50's or early 60's so we can have a lot of years left.
Honestly, I don't see how people who just live on social security can make it. My mother in law had to after her husband died. We sent money almost every month so she could make it.
We ( UPSers ) have multiple streams..pension, SS, perhaps IRA's and 401k's , paying off the house before retiring would be huge and we were lucky enough to do this. Even having a pt fun job would help some.
rod
Retired 23 years
I always thought my Dad was doing fine living on his own. After he died we found out he was living on just Social Security. I don't know how he did it it was such a pitiful amount. He even managed to have a small savings account. He had always owned his own business so he had no pension.
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