triceratops Posted June 18, 2021 Share Posted June 18, 2021 12 hours ago, dwilawyer said: It starts here, and what all monastery policy flows from, whether you are in the Friedman School or Keynesian school, or the various branches: The Phillips Curve, and modern refinements that take into account inflationary expectations... I think monastery policy comes from the Vatican school 😇 Isn't AutoCorrect great? 🤣 1 2 Link to comment Share on other sites More sharing options...
garyrc Posted June 18, 2021 Share Posted June 18, 2021 18 hours ago, henry4841 said: https://www.breitbart.com/economy/2021/06/17/inflation-hits-highest-level-since-1979-in-philly-fed-survey/ BREITBART? Give me a break! I try to take a grain of salt when (very rarely) reading sources that are extreme, even when they are merely selecting materials, rather than writing editorials. Breitbart, Fox News, the late Russ Limbaugh and the like can be strangely interesting from time to time, the way a snake pit is. They belong with fellow reptilians like The People's World, The Spartacist Youth League and Pravda. @henry4841 As another old coot on SS benefits and a very modest pension, and a very, very few stocks, I get the crunch, but I also think the following, in regard to long term employment for those younger than us: If someone is working at a job, but won't be getting a pension, even a small one, there is something wrong with the job. If someone is not eligible for health benefits, something is wrong with the job ... but a single payer, full coverage health plan would fix this. If someone has no investments, a solution was proposed in The Capitalist Manifesto (it's not what you might think). employees should be given at least a living wage for the area, plus, a few shares of stock every year. These probably should be selected from the market as a whole, rather than stocks from the employer's own company -- BUT -- once in a while, that can work: How Walt Disney's Housekeeper Secretly Died A Multi-Millionaire 4 1 Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted June 19, 2021 Moderators Share Posted June 19, 2021 On 6/17/2021 at 7:29 PM, Iteachstem said: I'm selling a lot of my audio gear to finance the price increases of child supplies I buy at Costco... 2 examples: Huggies Diapers are now $49.99 up from $43.99 = 13.6% increase Desitin is now $19.99 up from $16.99 = 17.7% increase Do you think I'll get a comparable raise being a teacher? hahaha, I wish! You are in a.collective bargaining state, so you should get one at next contract at least. If you are in one of those uber rich districts it won't it will be less of a dent. Teachers, especially STEM and English teachers should be among the highest paid public employees in my opinion. 4 Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted June 19, 2021 Moderators Share Posted June 19, 2021 8 hours ago, triceratops said: I think monastery policy comes from the Vatican school 😇 Isn't AutoCorrect great? 🤣 Oppps, yeah, Monastary Policy would be to take a vow of poverty, not the right fit for what we are discussin' here. Link to comment Share on other sites More sharing options...
CECAA850 Posted June 19, 2021 Share Posted June 19, 2021 2 hours ago, garyrc said: If someone is working at a job, but won't be getting a pension, even a small one, there is something wrong with the job. Really? Good luck finding a job with a pension in today's world. Im retiring in less than 2 years and have never had a job or worked for a company that offered a pension. 1 2 Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted June 19, 2021 Moderators Share Posted June 19, 2021 1 minute ago, CECAA850 said: Really? Good luck finding a job with a pension in today's world. Im retiring in less than 2 years and have never had a job or worked for a company that offered a pension. Count your blessings on that, just ask a Texas teacher (they invested in Enron, still trying to get caught up). A 401K has been a win/win, private pension. Have to start young, be disciplined, don't touch it, roll over if job changes, etc. If no 401K it's tough. What's retirement age for social security age these days? 62.early, 65 for full benefits? Or did they bump it up? What's the max benefit under social security? 3 Link to comment Share on other sites More sharing options...
CECAA850 Posted June 19, 2021 Share Posted June 19, 2021 10 minutes ago, dwilawyer said: Count your blessings on that, just ask a Texas teacher (they invested in Enron, still trying to get caught up). A 401K has been a win/win, private pension. Have to start young, be disciplined, don't touch it, roll over if job changes, etc. If no 401K it's tough. What's retirement age for social security age these days? 62.early, 65 for full benefits? Or did they bump it up? What's the max benefit under social security? Wife and I started IRAs in our 30s. We'll be fine when we retire. Max SS for me is 66 1/2 I believe but I'm not waiting till then to retire. Not sure what max pay out is. 1 Link to comment Share on other sites More sharing options...
richieb Posted June 19, 2021 Share Posted June 19, 2021 Max pay is 70 I believe. Come hell or high water I’m living till 70 to and start taking my share back. Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted June 19, 2021 Moderators Share Posted June 19, 2021 7 minutes ago, CECAA850 said: Wife and I started IRAs in our 30s. We'll be fine when we retire. Max SS for me is 66 1/2 I believe but I'm not waiting till then to retire. Not sure what max pay out is. 30s is awesome, lates 20s even better., can get you one more doubling period. Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted June 19, 2021 Moderators Share Posted June 19, 2021 4 minutes ago, richieb said: Max pay is 70 I believe. Come hell or high water I’m living till 70 to and start taking my share back. I meant the maximum they payout, per year if you do the 66.5 age? $500 a month, 2,500, $5,000? I have a son starting private college this fall so I'm not even going to look because ain't no way I can retire until he is done with that, so at least 7, maybe 8 years if he does what he would like to do, physical therapy. Travis Link to comment Share on other sites More sharing options...
richieb Posted June 19, 2021 Share Posted June 19, 2021 Not sure at 66 but again I believe max pay at 70 is around $2400, give or take. It’s several hundred/month less in your mid 60’s. Link to comment Share on other sites More sharing options...
CECAA850 Posted June 19, 2021 Share Posted June 19, 2021 8 minutes ago, dwilawyer said: I meant the maximum they payout, per year if you do the 66.5 age? $500 a month, 2,500, $5,000? I honestly haven't looked but guessing 2500 for me? Not sure on the wife either. Link to comment Share on other sites More sharing options...
oldtimer Posted June 19, 2021 Share Posted June 19, 2021 9 minutes ago, richieb said: Not sure at 66 but again I believe max pay at 70 is around $2400, give or take. Not necessarily the best way to look at it. By delaying, you are forgoing the amount you would receive in the meantime. The general concept is called the time value of money. Most calculations show that whenever you decide to start the breakeven is around 77 to 78 years old. By then you will have received the same amount in total no matter when you started. Therefore the bet becomes how much longer will you live beyond that age. This bet is of course a personal one due to certain variables, the most obvious being the health of the individual. A shorter life makes taking SS earlier the wiser move. It all comes down to "do you feel lucky? Well do you, punk?" 3 Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted June 19, 2021 Moderators Share Posted June 19, 2021 6 minutes ago, CECAA850 said: I honestly haven't looked but guessing 2500 for me? Not sure on the wife either. Didn't mean you, you, to clarify. That nunna me bidness. What's the maximum annual benefit someone gets at what used to be 65, I guess is now 66.5? Link to comment Share on other sites More sharing options...
richieb Posted June 19, 2021 Share Posted June 19, 2021 Well, putting it that way, and looking down the barrel of a 44 Mag, no, I don’t feel so lucky now - 1 Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted June 19, 2021 Moderators Share Posted June 19, 2021 28 minutes ago, oldtimer said: Not necessarily the best way to look at it. By delaying, you are forgoing the amount you would receive in the meantime. The general concept is called the time value of money. Most calculations show that whenever you decide to start the breakeven is around 77 to 78 years old. By then you will have received the same amount in total no matter when you started. Therefore the bet becomes how much longer will you live beyond that age. This bet is of course a personal one due to certain variables, the most obvious being the health of the individual. A shorter life makes taking SS earlier the wiser move. It all comes down to "do you feel lucky? Well do you, punk?" My dad turned 90 this year, guess he is laughing to the bank. He can tell you the SSA cola adjustment each year for last 10 years, including the year there was no COLA adjustment, and even that they don't factor in gasoline prices (throwing in "those bastards") because they figure old people don't drive, or as much. For me, full retirement age is 67 (the old 65) but an 8% bonus for each additional year I work up to age 70. "According to the Social Security Administration (SSA), the maximum monthly Social Security benefit that an individual who files a claim for Social Security retirement benefits in 2021 can receive per month is as follows: $3,895 for someone who files at age 70 $3,113 for someone who files at full retirement age (FRA) $2,324 for someone who files at 62" Link to comment Share on other sites More sharing options...
Subway Posted June 19, 2021 Share Posted June 19, 2021 Life expectancy USA: 78.8 years "breakeven is around 77 to 78 years old" Link to comment Share on other sites More sharing options...
Islander Posted June 19, 2021 Share Posted June 19, 2021 Nobody knows how much time they have left. For me, I think it’s best to retire while you still have vigour and fairly good health, so that you’re able to enjoy your freedom from going to work. If you love your job, that’s different, but I think that applies to a minority of workers. 1 Link to comment Share on other sites More sharing options...
garyrc Posted June 19, 2021 Share Posted June 19, 2021 2 hours ago, CECAA850 said: Really? Good luck finding a job with a pension in today's world. Im retiring in less than 2 years and have never had a job or worked for a company that offered a pension. Yes, it would take a great deal of good luck. I had the good luck of working for one of the biggest employers in the world, the state of California. The pay itself was on the low side, compared to that received by employees of large-ish private employers requiring the same qualifications. It is still my opinion that jobs should provide pensions. That would take more accurate predictions of both numbers of people living until retirement and number of years people would live beyond retirement. California did not do that as well as it could have, so current hires don't get as good a deal. Over the past 20 years, I think the following true: I have never studied 401Ks (didn't have to) but it sounds like a win-win as @dwilawyer said, providing there is an adequate employer contribution. A lack of fairness gnaws at me in regard to many aspects of our economy. Although CEO earnings have seemed to go down since a peak in the year 2,000 (with a few notable exceptions), I'm still reeling from reading the cover story in Business Week sometime in 1992, when several of my friends were barely scraping by. If memory serves, the CEO of the American Hospitals Organization was making $60,000 per hour ($124,800,000 annually) at a time when most people I knew didn't make that much in a year. That was 29 years ago ... maybe I misremember it ... that can't be true ... maybe it was a bad dream. Link to comment Share on other sites More sharing options...
Islander Posted June 19, 2021 Share Posted June 19, 2021 The last 3 places I worked all provided pensions, possibly due to having good unions. When I left each one, I didn’t trust the management to keep from dipping into the pension fund, since I’d seen it happen in the past, to the tune of hundreds of millions of dollars. Accordingly, I took my share with me when I left, and invested it. It has increased nicely, and pays dividends now, plus the principal is keeping steady. Link to comment Share on other sites More sharing options...
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