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ERs getting screwed
Old 02-18-2009, 06:23 PM   #1
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ERs getting screwed

ERs living off of their pensions, dividends, and interest but too early to receive SS will NOT receive the new stimulus tax credit of 400.00, but if you work and not pay any federal income taxes, you will get a check. If you don't work you will receive higher welfare,food stamps,unemployment, health insurance,and rent subsidy benefits. If you pay more than 30% of your income for a mortgage you will receive many benefits such as refinancing at a lower rate and an additional reduction of 1,000 dollars a year off a mortrgage payment for the next 15? years. But if you are an ER and you saved your money and lived frugally, you will receive NOTHING while your neighbor who bought a McMansion will be able to keep it with all of these new handouts while you live in a small house or your downsized so you could ER. And if you are paying more than 30% of your income for a mortgage, you lose again because your income is UNEARNED. And your neighbor will receive subsidies to lower their health insurance costs while you will receive none as your rising health insurance costs eat away at your assets. In summary, ERs will be eligible for NOTHING. Our years of hard work, and frugal living have no worth compared to those living beyond their means,buying things they can never really afford and not saving a dime. Next thing will be the bailout of 30 million baby boomers who never saved enough to retire comfortable.
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Old 02-18-2009, 06:32 PM   #2
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newspaper56:

You can game the system ! You'll show them that they can't get away with cheatin' you out of your due !

And all you need to do is to go back to work.
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Old 02-18-2009, 06:35 PM   #3
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Originally Posted by newspaper56 View Post
ERs living off of their pensions, dividends, and interest but too early to receive SS will NOT receive the new stimulus tax credit of 400.00, but if you work and not pay any federal income taxes, you will get a check. If you don't work you will receive higher welfare,food stamps,unemployment, health insurance,and rent subsidy benefits. If you pay more than 30% of your income for a mortgage you will receive many benefits such as refinancing at a lower rate and an additional reduction of 1,000 dollars a year off a mortrgage payment for the next 15? years. But if you are an ER and you saved your money and lived frugally, you will receive NOTHING while your neighbor who bought a McMansion will be able to keep it with all of these new handouts while you live in a small house or your downsized so you could ER. And if you are paying more than 30% of your income for a mortgage, you lose again because your income is UNEARNED. And your neighbor will receive subsidies to lower their health insurance costs while you will receive none as your rising health insurance costs eat away at your assets. In summary, ERs will be eligible for NOTHING. Our years of hard work, and frugal living have no worth compared to those living beyond their means,buying things they can never really afford and not saving a dime. Next thing will be the bailout of 30 million baby boomers who never saved enough to retire comfortable.
Whaa Whaa - where is that bare breasted French chick, 'Liberty leading the People' - unfurl our ER flag - to the barricades!

I'll hold your coat. In my 16th year of ER - I have that Bogle example - 'Enough.'

However, I do have a Curmudgeon Certificate from this very forum - and can get real real grumpy when in the mood.

heh heh heh - .
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Old 02-18-2009, 06:35 PM   #4
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Old 02-18-2009, 06:37 PM   #5
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400 whole dollars? Dang, I can buy almost half a tank of heating oil...
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Old 02-18-2009, 06:37 PM   #6
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Excellent rant! I'm in the same boat, no stimulus coming to my mailbox either.
Is it worth it to go back to...w...w*...w*r....w*rk to get a lousy $400 from my rich Uncle?
H*ll no. My cute little national muni bond fund is paying me almost that amount a month in TE dividends these days. <snicker>
Thank you, major cities of America. I love you all.
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Old 02-18-2009, 06:38 PM   #7
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Our years of hard work, and frugal living have no worth compared to those living beyond their means,buying things they can never really afford and not saving a dime.
I don't think you'll gain any sympathy by complaining about this inequity to your (working) neighbors or your (working) politicians... or your (working) IRS auditor.

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Next thing will be the bailout of 30 million baby boomers who never saved enough to retire comfortable.
Only 30 million? You can count me & REWahoo! & Martha out of the Boomer Bailout demographic, but that still leaves about 77,999,997 others...

We all pay some sort of price to be able to retire early, and $400 seems well worth the sacrifice.

BTW this is only your second post on the board yet it's on the same subject. You jumped right in with no intro, no questions, no "glad I found this site" or any other topics. Was there anything else about early retirement you cared to discuss, or does your IP address already match that of some other registered user who's handling those topics?
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Old 02-18-2009, 06:45 PM   #8
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Good Lord it's only 400 bucks, no need to get all worked up about it. If you still have enough money to stay retired despite the mess out there, you don't need the $400. If your nest egg has been obliterated and you have to go back to work, then the good news is, you'll qualify for the $400 and it will make you feel better.

I should be b*tching too. We make too much money to qualify. Whaa Whaa Whaa...
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Old 02-18-2009, 06:46 PM   #9
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400 whole dollars? Dang, I can buy almost half a tank of heating oil...
Well, that's 800 dollars for a couple for the next two years making it 1,600 dollars. Dang, your math skills need some updating past 3rd grade.
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Old 02-18-2009, 06:50 PM   #10
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Yes, we are stupid here. You did not mention there were two of you. Additionally, I am late to the party so can you point me to the 2 years at $800 each, I seem to have missed that one. Not that it would change anything since DW and I get $250 each for being "old folks".
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Old 02-18-2009, 06:51 PM   #11
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Good Lord it's only 400 bucks, no need to get all worked up about it. If you still have enough money to stay retired despite the mess out there, you don't need the $400. If your nest egg has been obliterated and you have to go back to work, then the good news is, you'll qualify for the $400 and it will make you feel better.

I should be b*tching too. We make too much money to qualify. Whaa Whaa Whaa...
That is 800 dollars for a couple and the credit is for the next two years making it 1,600 dollars. Maybe you should be improving your math and reading skills instead of your sarcastic humor, Bubba.
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Old 02-18-2009, 06:56 PM   #12
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That is 800 dollars for a couple and the credit is for the next two years making it 1,600 dollars. Maybe you should be improving your math and reading skills instead of your sarcastic humor, Bubba.

A new record. 4 posts and already on my ignore list. Bye
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Old 02-18-2009, 06:57 PM   #13
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OMG, they didn't target a handout to people who were able to *retire* *early*? I'm shocked; shocked, I tell you!
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Old 02-18-2009, 06:58 PM   #14
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baby boomers

Have some mercy on those of us who've had to hear that stupid moniker for the last 50 years, and now have to endure being called "aging baby boomers" till the day we die...always hated the term...sounds like exploding babies
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Old 02-18-2009, 07:02 PM   #15
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Yes, we are stupid here. You did not mention there were two of you. Additionally, I am late to the party so can you point me to the 2 years at $800 each, I seem to have missed that one. Not that it would change anything since DW and I get $250 each for being "old folks".
I flew a chopper in Nam. Pulled a lot of guys out of bad situations. Would never call a vet "stupid" . The more you read about this "stimulus" bailout the more you will understand what I am saying. But the sarcastic replies{not from you} rather than a discussion or debate are not worth any energy. Bye all. Enjoy your sarcasm and your ER.
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Old 02-18-2009, 07:05 PM   #16
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I'd like the $800/yr (and will probably get it because I'm still w*rking a bit). If I didn't meet the criteria, I probably wouldn't be too steamed about it. But, the irksome part is the targeted nature of all these carrots and sticks. The tax regs, and especially the changes, are a little taste of the working life many of us left/want to leave. "Be a good boy and I'll reward you. If you don't do what I want, I'll punish you."

Two psychologically satsfying approaches:
1) Comply with the letter of the regs in the most cynical manner possible.
2) Take the money with which you are rewarded and use it in a manner that would not find approval with those holding out the carrot. For example, the folks favoring this probably don't anticipate that people will take their $800 and donate it to the Heritage Foundation or the CATO Foundation.
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Old 02-18-2009, 07:10 PM   #17
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So long Newspaper56. I regret you did not do a lengthy initial post (maybe I missed it) and not come on so strong in the the current post (this forum is tough at times). Hope you will come back. BTW PM me if you care to; you could have been driving the Huey that picked me and some of my troops up out of the area in the "plantation" NW of Saigon or up north of Na Trang.
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Old 02-18-2009, 07:31 PM   #18
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I do not plan on getting the $400. Since my pantry and freezer are full and all my bills covered and there is still enough in my IRA, Roth and after tax savings along with my 80% equity in my home it's ok.

For me it is preferable to give a shot in the arm this way, than increase in perpetuity social welfare incentives which discourage able bodied people from not only seeking but retaining gainful employment.

One final thought from me is that many folks who have failed to prepare for the future will be finding they have a vastly reduced lifestyle as they age. I feel sorry for those that will need to work until they drop, but see no way the government can provide all their needs let alone wants. Some of our generation may return to the communes from days gone by as a cost effective way to live out their days.
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Old 02-18-2009, 07:33 PM   #19
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I'd like the $800/yr (and will probably get it because I'm still w*rking a bit). If I didn't meet the criteria, I probably wouldn't be too steamed about it. But, the irksome part is the targeted nature of all these carrots and sticks. The tax regs, and especially the changes, are a little taste of the working life many of us left/want to leave. "Be a good boy and I'll reward you. If you don't do what I want, I'll punish you."
I agree with this comment. I understand the OP and his position (especially if he pays taxes and falls below the income limit) but think he should have a little shorter fuse.
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Old 02-18-2009, 07:33 PM   #20
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Yeah, no point in whining cause someone else is getting more than you. It'll cost you and me and everyone else with money a lot more to have those people homeless on the street with no job than it will to let them receive a bigger break from the stimulus.

Assuming it works...
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