ECON Whoo Hoooo!!! We are in the money.... thank you Biden

[20Gauge]

Not really!

We just got our latest statement on our retirement..... this is a simple Roth, but it does matter.....

When Biden got into office, we had $ 9,262.56
3 years later we have..............................$ 9,278.09

So we have made an outstanding $ 15.53 or 0.0167% yeah 1/10 % of single percentage point in 3 YEARS!!!!!!

Compared to Trump where we made 15.67% annually........


@#$%^@#$^%^ Biden

 

[Kathy in FL]

Not really!

We just got our latest statement on our retirement..... this is a simple Roth, but it does matter.....

When Biden got into office, we had $ 9,262.56
3 years later we have..............................$ 9,278.09

So we have made an outstanding $ 15.53 or 0.0167% yeah 1/10 % of single percentage point in 3 YEARS!!!!!!

Compared to Trump where we made 15.67% annually........


@#$%^@#$^%^ Biden

We do a SEP IRA because of taxes not because it exactly earns us a lot of money. Heck, all of our investments did better under Trump during covid than they’ve done under Biden post-pandemic. ROFL. I’m still gladder … gladder every day … that we have rental properties. Yes, they are a daily pain in the tookus but they are all cash cows, especially so since they are paid off. The problem will come in the next couple of years when we run out of depreciation. We are considering some options but all options require time to implement and at least they will continue to make money until then.

 

[West]

Good thing your a book keeper or alike, that way your only losing your labor by paying the taxes on that $15 bucks if you cash it in of course.

Us simple laborers have to not only pay a buck fifty at least on $15 of new income, but we gotta pay a CPA to help collect the income tax. So we pay to collect taxes for free.

It's a wonderful system, spit.....

 

[Wildweasel]

Not really!

We just got our latest statement on our retirement..... this is a simple Roth, but it does matter.....

When Biden got into office, we had $ 9,262.56
3 years later we have..............................$ 9,278.09

So we have made an outstanding $ 15.53 or 0.0167% yeah 1/10 % of single percentage point in 3 YEARS!!!!!!

Compared to Trump where we made 15.67% annually........


@#$%^@#$^%^ Biden

In the two years before her retirement, Madame Wildweasel's 401k lost 50% the first year, 40% the second year. A loss well into six-figures that left just over six figures before the IRS took 40% when she cashed out to save what was left.

That changed our retirement plans drastically. It was going to be our "fun money" for vacations to destinations like Europe and Hawaii to make up for all the "real" vacations we've never taken since getting married. So much for that now.

All in just two years since Biden took office and the brakes were slammed on the Trump economy. Thanks Joe. F U and the donkey you rode in on.

 

[Blacknarwhal]

I have a Roth IRA, and it's actually been doing pretty well of late. I contribute regularly so that helps, but it's still brought in a few bucks on its own. I have no idea if I'll actually be able to retire on it, but still.

 

[Dennis Olson]

Communism is never about making money, at least for the peasant class. It’s about them working as slave labor so the elites make money.

 

[Kathy in FL]

I have a Roth IRA, and it's actually been doing pretty well of late. I contribute regularly so that helps, but it's still brought in a few bucks on its own. I have no idea if I'll actually be able to retire on it, but still.

We don’t plan on a traditional retirement. Pretty much don’t believe in it. On the other hand we are leaning more and more towards the “Die With Zero” idea. We’ll gift the kids what they need or what we feel like giving them during our lifetime. We’ve purchased each of them a life insurance policy that we pay on every year that will provide a death benefit, a long term care benefit, and an income benefit should they so desire to continue to pay on it after we pass. We have a similar life insurance policy on hubs that is meant for estate taxes should there be any at that point.

We are still too young to implement some of the “Die With Zero” principles and for now, with my parents health deteriorating we need to stay fully online to take care of them. My dad is now in a rehab facility. For how long that lasts don’t know … hopefully at least 2 months to get him stabilized. And my mother is going to need a new car soon or at least her current one given some serious love and care. They live in our old house that we used to have as a rental and we have the regular maintenance there and we’ve done some renovations to make it safer for them. If my dad does come home, there’s going to be more of that to do.

Other things like that won’t make it hard to “Die With Zero” At this rate. It’s a plan anyway. I don’t want to live my entire life, work like a dog, only to have the government get most of it after I kick off.

 

[Blacknarwhal]

We don’t plan on a traditional retirement. Pretty much don’t believe in it. On the other hand we are leaning more and more towards the “Die With Zero” idea. We’ll gift the kids what they need or what we feel like giving them during our lifetime. We’ve purchased each of them a life insurance policy that we pay on every year that will provide a death benefit, a long term care benefit, and an income benefit should they so desire to continue to pay on it after we pass. We have a similar life insurance policy on hubs that is meant for estate taxes should there be any at that point.

We are still too young to implement some of the “Die With Zero” principles and for now, with my parents health deteriorating we need to stay fully online to take care of them. My dad is now in a rehab facility. For how long that lasts don’t know … hopefully at least 2 months to get him stabilized. And my mother is going to need a new car soon or at least her current one given some serious love and care. They live in our old house that we used to have as a rental and we have the regular maintenance there and we’ve done some renovations to make it safer for them. If my dad does come home, there’s going to be more of that to do.

Other things like that won’t make it hard to “Die With Zero” At this rate. It’s a plan anyway. I don’t want to live my entire life, work like a dog, only to have the government get most of it after I kick off.

I have no kids, myself. Likely never will given how things are going. And as my folks' only child, they've already pretty much spelled out where their estates are going. So I'm looking to set up a scholarship fund for after I pass on. I've got the IRA, and I've learned some interesting stuff about dividend investing. For instance, CONY; that sucker's paying like $1 - $2 per share in dividends every month and it runs about $25 a share. Probably won't last, but it can get something started.

Even if I can only pull $30k a year from investments, that's $3,000 apiece for 10 kids. Around here, that's a pretty good deal.

Frankly, I WANT to retire, in the traditional sense. Got enough stuff on the list of things to do that I'll need that time.

 

[BadMedicine]

I can beat that! I had some matched retirement funds from Kroger that I left in 2009. Has about $10k in a merrill lynch account. Kept getting statements once a year on how the FEES were going. Turned out, by 2016 when I turned my account into a SELF-DIRECTED IRA.... which I could use on Real estate or PRECIOUS METALS... Well they had done pretty well for themselves, and of my original $10k I still had $8k left. Woweee, there pro's sure know how to invest MY money... there motto's "Pay YOURSELF first.." Gee, MOTH$%&^&($(#, thanks.

 

[West]

We have a IRA. But I self directed it into a bunch of major PMs and alike miners.

Yes it's been flat for the last 10 years+ so at least I'm just poor dirt farmer, farming holes in the ground with no rain or water and piss poor soil.

 

[energy_wave]

Not really!

We just got our latest statement on our retirement..... this is a simple Roth, but it does matter.....

When Biden got into office, we had $ 9,262.56
3 years later we have..............................$ 9,278.09

So we have made an outstanding $ 15.53 or 0.0167% yeah 1/10 % of single percentage point in 3 YEARS!!!!!!

Compared to Trump where we made 15.67% annually........


@#$%^@#$^%^ Biden

Joe wasn't that good in math. Bidenomics sucks.

 

[Southside]

We don’t plan on a traditional retirement. Pretty much don’t believe in it. On the other hand we are leaning more and more towards the “Die With Zero” idea. We’ll gift the kids what they need or what we feel like giving them during our lifetime. We’ve purchased each of them a life insurance policy that we pay on every year that will provide a death benefit, a long term care benefit, and an income benefit should they so desire to continue to pay on it after we pass. We have a similar life insurance policy on hubs that is meant for estate taxes should there be any at that point.

We are still too young to implement some of the “Die With Zero” principles and for now, with my parents health deteriorating we need to stay fully online to take care of them. My dad is now in a rehab facility. For how long that lasts don’t know … hopefully at least 2 months to get him stabilized. And my mother is going to need a new car soon or at least her current one given some serious love and care. They live in our old house that we used to have as a rental and we have the regular maintenance there and we’ve done some renovations to make it safer for them. If my dad does come home, there’s going to be more of that to do.

Other things like that won’t make it hard to “Die With Zero” At this rate. It’s a plan anyway. I don’t want to live my entire life, work like a dog, only to have the government get most of it after I kick off.

I am a big fan of the "Die with zero" theory.
When I got to the spot where I knew retirement was taken care of, I called my son and asked what he would rather have:
1) Inheritance
2) Adventure travel.

He chose adventure travel. We are currently planning trip #1!

 

[Dux]

I put my eggs in the real estate basket, but both as a service for others and purchasing my own rentals. I've always thought rentals and their 30 year mortgages were the perfect retirement vehicle. I have sep iras too, but just stack 3% away out of habit. Still waiting for PMs to shoot the moon, LOL.

 

[Chicken Mama]

Rather than trying to create your own retirement plans, have some of you tried using real financial advisors? We did about two years ago and our investments are consistently increasing in value. They have access to options the rest of us don't. Just a thought.

 

[zeker]

I can beat that! I had some matched retirement funds from Kroger that I left in 2009. Has about $10k in a merrill lynch account. Kept getting statements once a year on how the FEES were going. Turned out, by 2016 when I turned my account into a SELF-DIRECTED IRA.... which I could use on Real estate or PRECIOUS METALS... Well they had done pretty well for themselves, and of my original $10k I still had $8k left. Woweee, there pro's sure know how to invest MY money... there motto's "Pay YOURSELF first.." Gee, MOTH$%&^&($(#, thanks.

I was working at a well paying job when I bot my 'farm' property.

bank didnt wanna do a mortgage so I got line of credit

after I put 20% down.

I got the 20% from rrsp

so I took out $15k for the farm.

I knew the extra $15k would put me into a higher tax bracket,

so I didnt file that yr.

canada revenue has always said

"if you miss/skip/forget to file, just go ahead and declare it all, the next yr, when you file"

"and no penalties will occur if you fess up b4 we catch you" (paraphrasing)

I knew I would be moving to farm, the following yr and the tax bracket would drop massively.

so I waited.

upon filing the following yr, I was hit with $5k taxes on the $15k

$5k penalty for not filing .

my $15 rrsp was chewed down to just $5k

NEVER trust the tax man.

 

[West]

I was working at a well paying job when I bot my 'farm' property.

bank didnt wanna do a mortgage so I got line of credit

after I put 20% down.

I got the 20% from rrsp

so I took out $15k for the farm.

I knew the extra $15k would put me into a higher tax bracket,

so I didnt file that yr.

canada revenue has always said

"if you miss/skip/forget to file, just go ahead and declare it all, the next yr, when you file"

"and no penalties will occur if you fess up b4 we catch you" (paraphrasing)

I knew I would be moving to farm, the following yr and the tax bracket would drop massively.

so I waited.

upon filing the following yr, I was hit with $5k taxes on the $15k

$5k penalty for not filing .

my $15 rrsp was chewed down to just $5k

NEVER trust the tax man.

Sounds like you didn't even get a kiss or lubricant.

Did they thank you?

 

[Hfcomms]

Not really!

We just got our latest statement on our retirement..... this is a simple Roth, but it does matter.....

When Biden got into office, we had $ 9,262.56
3 years later we have..............................$ 9,278.09

So we have made an outstanding $ 15.53 or 0.0167% yeah 1/10 % of single percentage point in 3 YEARS!!!!!!

Compared to Trump where we made 15.67% annually........


@#$%^@#$^%^ Biden

You forgot to factor in inflation over the last three years. You're actually negative growth.

 

[Signwatcher]

Happy you made something. Back in the Overt Obama days, the Ex lost more than half his retirement IRA. Never did recoup from that.

 

[Blacknarwhal]

Rather than trying to create your own retirement plans, have some of you tried using real financial advisors? We did about two years ago and our investments are consistently increasing in value. They have access to options the rest of us don't. Just a thought.

...that's who's handling my Roth IRA. Got to prepare every way you can.

 

[20Gauge]

We do a SEP IRA because of taxes not because it exactly earns us a lot of money. Heck, all of our investments did better under Trump during covid than they’ve done under Biden post-pandemic. ROFL. I’m still gladder … gladder every day … that we have rental properties. Yes, they are a daily pain in the tookus but they are all cash cows, especially so since they are paid off. The problem will come in the next couple of years when we run out of depreciation. We are considering some options but all options require time to implement and at least they will continue to make money until then.

Agreed. We have a rental, sold the others as they were falling apart, and it is also a cash cow. Granted a small one, but steady and reliable at the moment.

Also agree, once the depreciation is gone, you have issues with having to pay taxes, in our case we had no basis as we withdrew the property from a family company we closed as part of our stock shares.

Even then it is still nice.....

 

[20Gauge]

I have a Roth IRA, and it's actually been doing pretty well of late. I contribute regularly so that helps, but it's still brought in a few bucks on its own. I have no idea if I'll actually be able to retire on it, but still.

As of late, sure it is better, otherwise I would have been complaining on the loss.....

 

[20Gauge]

We don’t plan on a traditional retirement. Pretty much don’t believe in it. On the other hand we are leaning more and more towards the “Die With Zero” idea. We’ll gift the kids what they need or what we feel like giving them during our lifetime. We’ve purchased each of them a life insurance policy that we pay on every year that will provide a death benefit, a long term care benefit, and an income benefit should they so desire to continue to pay on it after we pass. We have a similar life insurance policy on hubs that is meant for estate taxes should there be any at that point.

We are still too young to implement some of the “Die With Zero” principles and for now, with my parents health deteriorating we need to stay fully online to take care of them. My dad is now in a rehab facility. For how long that lasts don’t know … hopefully at least 2 months to get him stabilized. And my mother is going to need a new car soon or at least her current one given some serious love and care. They live in our old house that we used to have as a rental and we have the regular maintenance there and we’ve done some renovations to make it safer for them. If my dad does come home, there’s going to be more of that to do.

Other things like that won’t make it hard to “Die With Zero” At this rate. It’s a plan anyway. I don’t want to live my entire life, work like a dog, only to have the government get most of it after I kick off.

I hate to say, we are swinging back to taking it all from those who die. In other words, they are looking to drop the stepped up basis on property inherited which will make you sell it and pay taxes today instead of 20 years later if at all.

Also they are talking about lowering the limits to which they apply death taxes......

One note: if the property is taken out of service as a rental and lived in for 2 years, you can sell it and have it tax free........ that may not work in your case, but who knows.

 

[Secamp32]

My 401k is finally back to where it was under Trump. If Trump been re-elected I’d probably have 200k more in my 400k. And the money I have would be worth 10% more due to inflation. I made the decision to retire based on the performance of my 401k under TRUMP. That was a mistake.