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    #31
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    Quote Originally Posted by ahalpert View Post
    But I'm confused - isn't half of your social security payment taxed even if you're in the bottom tax bracket for social security?
    No. The vast majority of my social security is non-taxable and I am pretty close to the max payment. Again, there's just so much bad information out there. I highly recommend everyone does the exercise of pretending they are retired and fill out a tax return and see what happens.

    Everyone gets a social security income estimate from the IRS, yes? Take that estimate and fill out the social security worksheet and see what happens.

    Quote Originally Posted by combatentropy View Post
    My free retirement advice is this (which I just learned from a class my work was offering): The age that you start taking social security affects the amount by a lot.
    This is true, but also misleading. Yes, if you start to take it before your full retirement age, you will pay a significant penalty in reduced payments. But once you are at full retirement age, there is no advantage to delaying payout. Over time, the total amount you get paid is the same. While the payments are higher, you don't get anymore total money. I've run the spreadsheets. I took it early, retired early, had fun early.
    Last edited by Paul F; 04-06-2021 at 08:39 PM.
    Awarded Best Clear Com Chatter, 2001, PBS Television


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    #32
    Senior Member Peter C.'s Avatar
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    Let me get this straight you're complaining that you pay too little in taxes now that you're retired?


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    #33
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    Yes. This is another thing no one tells you. You won't know when or where, but one day a man in a black hat and long black coat will approach you. He will have a decided limp and black eyes. He will hand you a pill and a metal cup of warm sour milk. He will convince you that it is in your best interest to take the pill. You will take it. Then, you will have a restful sleep.

    The next morning you find out you are a grumpy old man. Them's the breaks.
    Awarded Best Clear Com Chatter, 2001, PBS Television


    3 out of 3 members found this post helpful.
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    #34
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    Quote Originally Posted by Drew Ott View Post
    Every type of financial service is itself a business, and all financial advice regarding that service is marketing material for that business. The "advice" you read is marketing material, sales material, and propaganda. In order to understand what you should do with your money, you need to read the contracts and the law yourself in order to make the most informed decision.

    Regarding IRAs, I know that one of the big issues is that we cannot predict what is going to happen to the tax code in the future. Deciding on which type of retirement account to start has a lot to do with what you think is going to happen politically regarding tax law. For that reason, any time you receive investment advice (which is itself marketing material), it will usually begin with propaganda stating that taxes are either going to go up or go down over the next few decades, which will inevitably lead to making it sound like you're incentivized to start the type of retirement account that those people are selling.
    This is the most important post in this thread. Remember, not one of these financial advisors is rich or retired. They are just trying to make a buck like you are. I have found their advice to be nearly worthless. I consulted one once when I was young, realized how worthless the advice was, and I've never listened to another advisor.

    Here's a perfect example (that I have posted in the past) how how bad you can be advised by an 'expert'. During the 2008 financial crash, the Dow index had fallen from about 12,000 to about 9,000. A noted financial advisor was on the Today show. The hosts asked what people should do with their stock. He said hold on. Don't sell. That is almost always the correct advice for the work-a-day investor. Ride out the bumps and crashes. Trying to time the market is very difficult and can burn you. But it was clear to me that the market was going to continue to go much lower. I couldn't believe he said to hold. Then the Dow went down to about 6000. Ok, if you didn't sell at 9000, as we all know things turned out ok for everyone. But he was once again on the Today show. The Dow is at 6000. The hosts ask what viewers should do. He slumps his head down and says they should sell. It was the bottom. The market recovered after that. Had anyone followed his advice, they would have been ruined. There's your financial advice expertise.
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    #35
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    A few people I used to follow during the dotcom boom/bust went private, others retired, others still sold their funds/holdings. The key for me foremost was finding someone who had the same view on the fundamentals, even if there was a divergence after that. And some of the smartest (bear) funds went broke or underperformed because their timing was off.


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    #36
    Senior Member Peter C.'s Avatar
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    There is a wide range of sources for financial and investment advice. The most unbiased source is a financial planner you pay for. For everything else you must do your own homework. Even if something is generally true it doesn't mean you can't lose lots of money especially in the short term. The best advice and strategy can't predict the future. Something that seems low risk can turn out to be very risky or not very profitable. Often the most boring approaches are the best, diversify buy and hold quality assets for the long term.
    Last edited by Peter C.; 04-07-2021 at 01:42 PM.


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    #37
    Senior Member ahalpert's Avatar
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    If anyone wants to become as rich as I am, I'm offering discount financial advice


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    #38
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    You've got my attention. Tell me more.
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    #39
    Senior Member ahalpert's Avatar
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    One word: plastics


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    #40
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    I'll keep it on the hush-hush. I owe you a beer.
    Awarded Best Clear Com Chatter, 2001, PBS Television


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