OT -Retired and starting to feel the pinch

I am an accountant for a municipality, I coded in the new Federal 2011 tax tables this past week for the 2011 payroll.

Anyone notice that the Fed tax rates went up? I heard about Social Security/FICA reduced employee contributions all over the news/everday/endlessly... but none of our esteemed public servants mentioned the Fed tax rate increase.

My next check (I did a test run) out of pocket FICA allowed me $28 in my pocket and the increased Fed tax rate took $37 right back out.

I guess I'll keep stacking my nickels carefully, go to my "can't miss" shows, visit the parts yards and talk to my rust for my entertainment.

 

Been retired 4 years and feel the Squeeze also.Was heating the Garage with propane now doing it with free wood alittle work but need the exersise,like the wood heat better should have done it a long time agnly drive my 350 4x4 ford when I need to use it as a truck.Raise a huge Garden raise enough stuff for the whole family,wife cans ,got the cubbard full.Been thinkin bout gettin some chickens,and rasing some hogs.Now that I have time to do it and love doing it.As Hank Jr sayes a COUNTRY BOY can surive.Been flipin cars and parts enough to fuel my hobby.So far so good so far all my family members are still working and son just landed a good trucking job.It will turn around and when it does look out it will be a good long run.Hang in there

 

I just retired last month. Not sure what the future will bring. Like Mazooma I wasn't smart enough to go to college. Racing was way more important. Fortunately it still is. In '09 I got one of those letters form the SS telling me my estimated earnings. It also showed that I started paying in in 1959! A mini market that paid me 35 cents an hour. I thought ****! Eisenhower was president and now he's nothing more than a footnote in history and I'm still working! Time to go.

Hopefully the finances will be OK. Did a chunk of research on medicare supplemental insurance. Hopefully chose the right one. But I thin I will have to s**** the ida of a villa in the south of France.

One thing is certain, God willin', we'll be heading for Bonneville this year.

 

now your talkin'!!!!!!!!!!

 

I'm 45. The way we are headed, I seriously doubt there will ever be much of anything called a retirement in my future. Enjoy what you have while you can. As Doug said, the middle cl*** in the US is headed for the door - soon to just be the working cl***, as in working for the rest of your life to keep the top 5%'ers happy.

Try doing something you like to keep you busy and to make a few extra bucks instead of working because you have to. That is positive cash flow and that is verses doing things that just cost money. Still having fun, but doing things that make money instead of things that cost money. Your time is limited, use it wisely.

 

What he said.

 

The economy hs hit us really hard . Everything I own in hotrod and otherwise related stuff is for sale or already sold! ****s, but that's how it goes! I don't pretend to think I'll be able to get back into hot rods anytime soon, but I'll be 40 next week, so there's plenty of time , GOD willing! Families great, so piss on the rest of it! Hope **** turns soon though ! Or we're all hosed!

 

My sister in law did Hogs, Dude, Hogs are a lot of work, do sheep, they are dumber, cleaner, quiter and won't bite your leg off, if you have a heart attack in a hog pen, done, even your boots will be gone.

 

the economy and rising cost of everything is taking its toll on all, employed, retired, etc. i am making the same amount of money per year that i have been making but yet seem to have less left over after bills are paid, food in the fridge, gas in the tanks, health insurance, blah blah blah. fortunatly my car is to a point where i am happy with the way it is and only requires up keep. going to shows withhigh entry fees (goodguys) has stopped. we hit more local cruise nights an pick one good show per year

 

I retired with a lump sum of way more than a quarter of a million dollars but the value of that dropped by half when Obama was selected and I am finding it difficult to make it through the month. Thats not a slur on obama, the republicans are equally to blame for Americas decline.
In todays news the cost of food is shooting up. I am selling every s**** of metal I have including crushing cars and I consider crushing a car a sin. I have ads running for cars that are drawing zero responses. I have sold 4 tons of metal plus the cars so far. See my ad on the Hamb, Cars for sale (Where are the whiners who have been complaining about the 'hoarders"?)
Step up whiners and make an offer on a 56 Chevy two door wagon that can be repaired. Its certainly easier to replace the floor than to make a coupe out of a four door and look at how many have done that.

 

You know what I find odd? Well when the "Savings & Loan" scandle/cloapse went down(remember that) over 1000 individuals received prison sentences due to their misconduct, mismanagement and general greasy slimeball crooked behavior. Guess how many have as a result of this latest fiasco...ZERO! That's right no one dirty stinkin' rotten theif. If I'm not mistaken not a single charge has been laid. Looks like the "matress" is the only safe place for our dough.

 

Agreed...no one person or political party has the cure or can escape the blame. It's each and every one of them.
I just read that even Texas will be in debt up to 25 Billion dollars in two years. And Texas has a reputation of keeping their books in good shape.

 

I retired 10 years ago and have lived off of the investments that I have made. I still don't have the recorces to do what I want but the key to retirement is you get out of it what you were willing to put into it in your working years.
The politics of working is the same as it always was, the company makes the big money and pays you the least you will except. Its up to you to prepare for retirement whether it be money, health, or time.
I wish I would have spent a little more time collecting projects while I could work,maybe I wouldnt have to keep improving on the project i have.
All said and done Im having a ball watching the morning trafic go bythe house heading for work while I read the paper and drink my second cup of coffee while the shop is warming up so I can go out there to hide from th honey dos and enjoy what life I have left.

 

I am not retired and I still feel the pinch. Things I wouldnt have even given a second thought about a few years ago, are now on the axe.

 

I have 3 years till retirement, when I retire I will have a pension from my work and social security. I will be selling my house and buying something with the equity, the cars will be paid off and I will have virtually no bills, but with my wifes health, I am sure the budget will still be tight. I will most likely work part time in the autobody trade during the winter to supplement my income. Could be worse.....

 

Any medical insurance experts on here ? LOL. My wife is an American citizen, I'm a Canadian. We presently live in Canada.

When we retire we would like to live in Texas or Oklahoma and will be both over 65.

What kind of options will we have for healthcare coverage. And don't say none !! Please

 

Im retired at 42 ,Working for myself here and there,Still managing to work on my car ,Pay bills ,raise kids ,Ect ,But Im not setting the world on fire ,Truck is always on E , One of these days Ill go back to work ,I make more money on the side than working for someone ,I dont collect any unemployment ,So Im not robbing you older guys out of anything.....This economy ****s

 

You got it! Can't afford th real deal, build a scale model of it!!

 

Havent spent a dime on my car for quite awhile. Chippin away at free busy work like polishing stuff and doing as much body work as I have supplies for.

 

Not too often that I agree with what Mazooma writes once we digress off of hot rods, but I will second this one...

Take care of yourself and be charitable to those that are truly in need...Personal responsibility has been lacking in our society for some time.

Oh...and if you have cash start buying real estate again. The banks and appraisers are making if difficult, but if you have cash and are willing to be a landlord, cash flow is fantastic right now. When I started buying investment real estate 7-8 years ago it was tough getting a four family to cashflow out of the gate. Now, entry level single family homes are cash flowing in my area...never did i think that I would see that. They are also easier to sell when and if there is a market recovery.

It is all about p***ive income. Without it, you will work forever.

I have not been able to lay wrench on one of my cars in two years because of competing priorities (work, family and investments), but I am damned determined to pull out of this recession in better financial condition than when we entered it.

 

No one ever went to jail for shooting Randy Weavers wife in the back either.
No one went to jail for murdering women and children with Fire at Waco either. All of these problems are YOUR fault and MINE too.
Americans still have the power to keep this place the Greatest the world has ever seen IF we choose to STAND UP and do something about it.

 

I'm begging you.... Please don't go out and buy a civic!!! Look at a big three car first before you make a decision... Thank you!

 

This thread is NOT off topic. It affects Hot Rodding more than anything else. Anyone who thinks we can hot rod while disconnected from politics is trying to hide their head in the sand.

 

Been retired going on 7 years, pension is frozen for 2011 and 2012 because of the hit it took when the stock market dropped. Just got my check for jan. and its 50 bucks less then last year. Drained the funds when the wife got sick, she's back on her feet and working now and I still pick up a few odd jobs, but we are watching were every penny goes. Trying to conserve and keep the heat bill down. And then there's the price of gasoline! Might be time to sell something.

 

When people complain about the "they" who are ruining this country, I always wonder - if it's so bad out there, how are "they" getting thru it?

If as one poster wrote 5% of the people control 95% of the money, how are the rest of us managing to get along?

Don't misunderstand, I'm in the same boat as most of the rest of you. I'm 62 this year and every month I think they're going to replace me with that younger, cheaper guy. And finding a good paying job at my age - they won't even talk to me.....let alone consider hiring me. And why would they, I'm just gonna retire in a few years anyway....and my health's not so good, so I'm gonna be a drag on the health insurance costs.

I've made some investents, and my wife and I don't spend money we don't have - we also have no debt - but there's no way I'd feel comfortable with what we have now lasting thru retirement, unless all we do is sit in the dark and eat once a day.

So, for now we're both still working, I'm trying to take care of my health to keep those costs in line, and we don't buy anything unless we really need it. In the meantime we're still socking everything we can into savings and the 401K...........I hope it will be enough, but I'm not convinced it will.

One strategy I am activiely looking at is moving - hopefully a couple years before I retire - to a place where the weather is milder, and the taxes are lower. Those places ARE out there, but finding someplace my wife will also accept is proving to be a challenge. My theory is you can have money by earning it as well as by not spending it for things you get little or no return on. The taxes in my town are just going nuts, there are parts of town now where a $300K house pays close to $10K a year in property taxes. Who can afford THAT in retirement?

So, I'm going to find some milder weather, a much smaller tax load, and hopefully a good place to relax in the sun, play with my toys, enjoy the grandkids, and make the most of the time I have left.

 

The problem's already well do***ented. Got any suggestions that would prevent that and keep those jobs here?

Bob

 

This thread makes me glad at age 20 I started saving for retirement.....

 

You the man Maz!!

 

Make do. Time is much more important than ANYTHING!! When you're lying on your death bed, you'll remember the time you spent enjoying your free time & not an extra set of wheels you could have afforded if you worked longer & made more money.

 

hahah, nope, just another busted up 60 year-old trying to find some "youth" in my car hobbies...

by the way, it works...looking through a chopped windshield at 70 MPH does wonders