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04-01-2008, 11:48 AM
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#21
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 44,377
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If they tried to put a social security cut-off in place that was based on a portfolio of a million or more, I know what I'd do.
I'd take the excess over a million, and buy an immediate fixed lifetime annuity with it! Then I'd show them my (now smaller) Vanguard balance, and demand continuation of my SS. That's what I'd do. 
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04-01-2008, 11:51 AM
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#22
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,273
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Something like this might happen for real but the limit might be 2M or 3M.
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04-01-2008, 11:56 AM
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#23
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Recycles dryer sheets
Join Date: Jan 2007
Posts: 284
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<<<actively taking notes from Want2retire>>>
Do you think primary residence equity would be involved?
<<<more notes>>>
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04-01-2008, 12:02 PM
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#24
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 44,377
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 Quote:
Originally Posted by A854321
<<<actively taking notes from Want2retire>>>
Do you think primary residence equity would be involved?
<<<more notes>>>
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It said in the article that it wouldn't be. So, buy a McMansion to save your SS!! 
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04-01-2008, 12:16 PM
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#25
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Thinks s/he gets paid by the post
Join Date: Jun 2007
Location: near Canadian border and near Mexican border
Posts: 1,142
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The scary part is the number of people (voters) who probably think this would be a good plan. 
__________________
Pigs get fat, hogs get slaughtered. That's my story and I am sticking to it.
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04-01-2008, 01:30 PM
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#26
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Recycles dryer sheets
Join Date: Jun 2007
Posts: 183
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At least we didn't get Rick roll'd!
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04-01-2008, 01:39 PM
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#27
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 11,305
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Can you imagine the mess involved in getting everyone to consistently value their assets accurately and timely? The primary residence would be easy..... just link it to property tax assessments. But what about art collections? Coin collections? Antique cars? Volitile stocks or other equities?
Chances are, they'll base elimination of SS benefits on reported income based on your tax return, not on the assets you own. But one way or the other, if you've been a good ant and socked away for your retirement, they're going to find a way to screw you....... To the delight of the grasshoppers!
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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04-01-2008, 01:40 PM
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#28
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Full time employment: Posting here.
Join Date: Sep 2007
Posts: 514
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Quote:
Originally Posted by kombat
Do people assume that millionaires can't receive Social Security? Would there be outrage if they learned that many recipients in fact have net worths in the millions of dollars?
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Nobody has any comment on this? Maybe I should pose the question in its own thread?
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04-01-2008, 01:53 PM
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#29
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Thinks s/he gets paid by the post
Join Date: Dec 2007
Posts: 4,764
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Quote:
Originally Posted by innova
At least we didn't get Rick roll'd!
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Never gonna give you up
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04-01-2008, 02:35 PM
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#30
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Thinks s/he gets paid by the post
Join Date: Jun 2007
Location: near Canadian border and near Mexican border
Posts: 1,142
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Quote:
Originally Posted by youbet
But one way or the other, if you've been a good ant and socked away for your retirement, they're going to find a way to screw you....... To the delight of the grasshoppers!
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The anteater (Government) needs to consume a lot of ants in the course of one year to remain robust.
Quote:
Originally Posted by kombat
Cute article. Just believable enough to make a good 4/1 prank. 
In all seriousness though, I've often wondered what kind of public backlash there would be if the media ever decided to turn their attention to the financial demographics of those on social security. Part of me believes that most of society assumes that everybody collecting Social Security are low-net worth, average folks, and that surely the tax code excludes millionaires from collecting.
Do people assume that millionaires can't receive Social Security? Would there be outrage if they learned that many recipients in fact have net worths in the millions of dollars? |
I believe you are correct. The average, low-net worth person probably believes a couple with a portfolio of $1MM can spend without a care in the world - expensive cars; McMansion; international vactions; large boats; always dining out - and this will go on indefinetly. They probably have no clue that a couple with a $1MM portfolio who take a SWR of 4% (without SS) receive a similar yearly income as a couple who had good jobs and receive their "full" SS payments at 66/67.
__________________
Pigs get fat, hogs get slaughtered. That's my story and I am sticking to it.
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04-01-2008, 02:49 PM
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#31
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 6,551
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Anyone have some spare digitalis?
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04-01-2008, 04:48 PM
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#33
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Moderator Emeritus
Join Date: Jun 2007
Location: At The Cafe
Posts: 6,873
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Quote:
Originally Posted by youbet
Can you imagine the mess involved in getting everyone to consistently value their assets accurately and timely? The primary residence would be easy..... just link it to property tax assessments. But what about art collections? Coin collections? Antique cars? Volitile stocks or other equities?
Chances are, they'll base elimination of SS benefits on reported income based on your tax return, not on the assets you own. But one way or the other, if you've been a good ant and socked away for your retirement, they're going to find a way to screw you....... To the delight of the grasshoppers!
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There must be a bunch of careers in there; never mind, that's what I'm already doing working in "family law."
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04-01-2008, 05:01 PM
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#34
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Full time employment: Posting here.
Join Date: Feb 2007
Posts: 680
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Yup... you guys had me going for a minute as well. But what I find most humorous of all, is that everyone that is currently preeching for income redistribution, about how "the rich" will save everyone, somehow get confused and angry when people point the finger at them and imply that they are in fact "rich". When that happens, (and one day it will occur) these will be the people in the streets screaming "no... wait... I am one of YOU... I am not wealthy!!! The other guys that have (fill in the amount of money here) are the TRUE rich in this country!!! Do not take MY assets... take it from someone else... they have more...." Income redistribution never works... why  Because there is always someone poorer, and richer... than you currently are...
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04-01-2008, 05:22 PM
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#35
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2007
Posts: 5,072
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ssssssshhhhhhhhhhh!
Don't give anyone ideas.
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04-01-2008, 07:20 PM
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#36
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Thinks s/he gets paid by the post
Join Date: Dec 2007
Posts: 4,764
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Im rich. I have a shelter over my head. I eat every day and best of all Im very healthy! Hell I got running water too.! YIPPIE KAIAAAA
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04-02-2008, 05:56 AM
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#37
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Full time employment: Posting here.
Join Date: Sep 2006
Location: Pocono Mtns.
Posts: 895
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Quote:
Originally Posted by bbbamI
What about buddameouk?
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Does anyone know what's become of O.A.P.? I miss his posts.
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04-03-2008, 06:42 PM
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#38
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,767
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Quote:
Originally Posted by chinaco
ssssssshhhhhhhhhhh!
Don't give anyone ideas.
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Articles like this are how policy analysts of both parties float their trial balloons...
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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04-04-2008, 01:01 AM
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#39
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Recycles dryer sheets
Join Date: Mar 2008
Posts: 59
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Nice joke... I expect that by the time I am able to collect Social Security in 2038 it will be means tested. Hopefully I'll have more than enough saved up so that I don't qualify for it.
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04-04-2008, 04:52 AM
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#40
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2006
Posts: 7,555
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My second favorite April fools article.
The BBC |
takes top prize
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