In loving memory of Kenis D. Keathley 6/4/81 - 3/27/22 Loving father, husband, brother, friend and firewood hoarder Rest in peace, Dexterday

Wondering about ages of our present hoarders

Discussion in 'Everything Else (off topic)' started by Backwoods Savage, Jan 12, 2020.

?

What age are you?

  1. Below age 35

    9 vote(s)
    8.7%

  2. 36-45

    26 vote(s)
    25.0%

  3. 46-55

    34 vote(s)
    32.7%

  4. 56-65

    22 vote(s)
    21.2%

  5. 66-75

    12 vote(s)
    11.5%

  6. Greater than age 75

    1 vote(s)
    1.0%
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  1. Eric VW

    Eric VW Moderator

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    :thumbs:
     
    Eric VW, Jan 13, 2020
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  2. Reddingnative

    Reddingnative

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    34years old, 3 boys, 2marriages, feel a lot older.
     
    Reddingnative, Jan 14, 2020
    #102 Top
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  3. Backwoods Savage

    Backwoods Savage Moderator

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    I wondered how many votes we'd get. So far it is 84. Thanks everyone.
     
    Backwoods Savage, Jan 14, 2020
    #103 Top
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  4. rottiman

    rottiman

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    Yeah................:rofl: :lol::rofl: :lol: and most of them appear to be "young un's".................
     
    rottiman, Jan 14, 2020
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  5. Redneck

    Redneck

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    Dennis aren’t you the 1 vote over 75.
    So you are our oldest and most Distinguished member.:salute:
     
    Redneck, Jan 14, 2020
    #105 Top
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  6. Mitch Newton

    Mitch Newton

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    66 And just started SS and still working full time. Double dipping is kind of nice.
     
    Mitch Newton, Jan 14, 2020
    #106 Top
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  7. Backwoods Savage

    Backwoods Savage Moderator

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    Yup. 77 right now.
     
    Backwoods Savage, Jan 14, 2020
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  8. billb3

    billb3

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    How much of that SS are you going to pay marginal rate taxes on by working full time ?
    I started collecting at 66 but I figure/hope I can beat the 8%/year I'd get by waiting until 70 by investing it.
    Plus my dad waited until he was 70 to collect to get the max and dropped dead at 72 and ended up with almost no ROI.
     
    billb3, Jan 14, 2020
    #108 Top
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  9. Mitch Newton

    Mitch Newton

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    :emb:
    2019 Tax year was my first year so I'm gonna find out pretty quick. I'm also a 1099 private contractor so I can wright off some of the income with expenses. Last year I claimed an office in my home and tried to wright off the cost of my splitter but the CPA advised against that.:whistle:
     
    Mitch Newton, Jan 14, 2020
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  10. Farmchuck

    Farmchuck

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    57:wacky::)
     
    Farmchuck, Jan 14, 2020
    #110 Top
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  11. wildwest

    wildwest Moderator

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    My father's ROI was months. MONTHS. Worked til 77 and passed at 77. Granted it was surgery complications (3 dozen surgeries) that led to his death, but either way still shocks me he gave up any retirement years to support their lifestyle. Idk Bill, he instilled great values and integrity in me, it's incongruent with that and I wished he had done differently. Sorry, I complained about it for years on here, too late now and redundant, he's in peace :yes: but my mind still goes there...
     
    Last edited: Jan 14, 2020
    wildwest, Jan 14, 2020
    #111 Top
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  12. billb3

    billb3

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    LOL, I was audited once and based on that IRS auditors are pretty dammed thorough. 3 days of sweating. About 75% of my clients were tax exempt and I wasn't keeping (good) track of every single penny and didn't have a tax exempt certificate for all 200 customers.
    I don't get it. There's no advantage to delaying collecting SS after 70 . That I can think of anyway, besides stubborn.
    That's 7 years of SS benefits that could be put away and given to heirs rather than giving it all to the IRS.
    That's how I look at it. For the next 4 years (66-70) I should be able to put away a little over 80K plus compounded interest and capital gains depending on how I sock it away. If I drop dead at 70 my daughter gets that 80K + instead of the IRS. If I wait and drop dead at 70 she gets nothing. Screw that. I was forced to save that money, someone I care about is getting it. Or someone I don't care about for that matter. AS long as someone gets it. Besides the IRS General Fund. LOL. I want my money back !!!!
     
    billb3, Jan 14, 2020
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  13. ironpony

    ironpony

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    This is why you start collecting at 62 yo
     
    ironpony, Jan 14, 2020
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  14. yooperdave

    yooperdave

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    ^^^^^^ This!

    :handshake:
     
    yooperdave, Jan 14, 2020
    #114 Top
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  15. billb3

    billb3

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    If you're in a high tax bracket at 62 and in a state that collects taxes on SS maybe not. For some it's advantageous to delay paying taxes until you're in a better tax bracket. If you can. If SS puts your combined income into a regressive tax bracket you might want to delay SS to stay out of that tax bracket.
    But if you make it to 86 ( I think it's 86, it's 80-something) you're gonna have gotten everything you paid in regardless of when you start collecting.
    But yeah, if you have die young genes absolutely grab it while you can.
     
    billb3, Jan 14, 2020
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  16. brenndatomu

    brenndatomu

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    Or nursing home...
     
    brenndatomu, Jan 14, 2020
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  17. Eric VW

    Eric VW Moderator

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    Hmmmm..... seems like a larger discussion about Social Security stuff could be in a thread by itself.... not saying that I’ve never derailed a thread....:whistle:
    But- this is a great and relevant topic that could benefit and serve as a waypoint for members looking for the opportunity to discuss options / concerns / experiences. :handshake:
     
    Eric VW, Jan 14, 2020
    #117 Top
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  18. wildwest

    wildwest Moderator

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    I used the wrong word. He started collecting IIRC in the mid to late 2000's, but kept working.

    I believe that would be a great thread too Eric. I was so disappointed to learn my Dad's wife would only get the difference between his SS and hers, not both. WTH?!? It took both of theirs to pay for the mortgage, food, gas and utilities and now that he's gone she is living on almost half of what they did :picard:
     
    Last edited: Jan 14, 2020
    wildwest, Jan 14, 2020
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