Are you a Boomer? Congratulations, You Won the Economy!

[1srelluc]

Pay your way deadbeat. You are a communist living off the hard work of others. I'd trade 3 illegals for every one of you Boomers... today.

LOL....In addition to our SS I have two pensions, three if you count the wife's pension. Life is good! That's what 50 years of work and investment does for ya.

Basically our SS just pays for our monthly expenses with plenty left over to the point we are forced to take money out of our retirement plans every year now and reinvest it.

We also have kick ass congress critter insurance. Oh yeah, we got ours but it was not for the lack of your ilk trying to redistribute it.

 

[Mr Natural]

It’s almost as if the entire purpose of the human experience here on planet earth was to make sure that the generation known as the Boomers had the best of everything.

Sorry, kids.

 

[Mac1958]

We made the economy great. Too bad you are a non contributory cuck recluse

One of the many unfortunate things I've learned about MAGA over the years is how they don't see the bigger picture outside of themselves, and just don't care.

I'm not even sure they care about their kids.

 

[OhPleaseJustQuit]

Was debt an issue for you during Biden's term?

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Don't expect an honest answer.

.

 

[citygator]

LOL....In addition to our SS I have two pensions, three if you count the wife's pension. Life is good! That's what 50 years of work and investment does for ya.

Basically our SS just pays for our monthly expenses with plenty left over to the point we are forced to take money out of our retirement plans every year now and reinvest it.

We also have kick ass congress critter insurance. Oh yeah, we got ours but it was not for the lack of your ilk trying to redistribute it.

What dont you understand? You lived $30T above your means and left it for the rest of us to deal with as your body cools off fast. I dont appreciate the theft. You saved nothing and acted like others were takers. You are the taker. You are running out on your dinner bill while the rest of us are still at the table.

 

[1srelluc]

One of the many unfortunate things I've learned about MAGA over the years is how they don't see the bigger picture outside of themselves, and just don't care.

I'm not even sure they care about their kids.

When you reach a certain age threshold that happens.

Also when your "kid" is in their late 40s or so how much should you really be caring about them?

You damn sure should not be caring FOR them.

 

[OhPleaseJustQuit]

Someday you will be elderly. Good luck.

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With the rates of psych drug consumption and suicide among the left, I'd say the right wingers have a much better chance of that.

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[alang1216]

Why am I paying your social security while you leave me a bill to pay? You deadbeats think illegals are draining our money but... Hell no. ITS YOU, Boomer.

A great time to be a boomer for sure but if you expect to live on SS when you're old, forget it, even if fully funded it would be like working for minimum wage. Get out and earn more. Oh, and start having more babies and encourage immigration. A growing country would help you in the long run.

 

[Greenbeard]

Yep... the Boomers drained all the resources so that... shockingly... they are only funded through their lives.

Not exactly, the Boomers are looking at 28% cuts to their benefits in just over half a decade.

 

[WorldWatcher]

When you reach a certain age threshold that happens.

Also when your "kid" is in their late 40s or so how much should you really be caring about them?

You damn sure should not be caring FOR them.

I've explained to my kids (now in their mid-30's) what I call "The Money Shuffle" for when Mrs. WW and I pass, especially in our "early" years of retirement should that happen.

So let's say, and I'm just using made up numbers. They inherit and split our 401K's at $500,000 each. "Inherited 401K's" have specific rules:

• Non-spousal Inherited 401Ks cannot be transferred institutionally to another pre-tax retirement account (i.e. no "rollover").
• Funds must be withdrawn and the account closed within 10 years of death of the original owner.
• Distributed funds are subject to income tax.

So let's say they use the 10-year option to income average and decrease tax liability. So $50,000 per year for 10 years (ignorning interest for this example, that would have to be factored in for a real world example).

So you bring in $50,000 treated as income in the right hand. With your left hand you go to you employer and maximize your 401K payroll deduction to $25,000. The change in income tax for AGI then is a $25,000 income increase instead of a $50,000 increase.

You

 

[1srelluc]

I've explained to my kids (now in their mid-30's) what I call "The Money Shuffle" for when Mrs. WW and I pass, especially in our "early" years of retirement should that happen.

So let's say, and I'm just using made up numbers. They inherit and split our 401K's at $500,000 each. "Inherited 401K's" have specific rules:

• Non-spousal Inherited 401Ks cannot be transferred institutionally to another pre-tax retirement account (i.e. no "rollover").
• Funds must be withdrawn and the account closed within 10 years of death of the original owner.
• Distributed funds are subject to income tax.

So let's say they use the 10-year option to income average and decrease tax liability. So $50,000 per year for 10 years (ignorning interest for this example, that would have to be factored in for a real world example).

So you bring in $50,000 treated as income in the right hand. With your left hand you go to you employer and maximize your 401K payroll deduction to $25,000. The change in income tax for AGI then is a $25,000 income increase instead of a $50,000 increase.

You

My approach to all that is simple....Let them fight!

Everything I own is paid for and they will do very, very, well even with the tax hit.

Sure I try to keep as much from the tax man as I can and hire those that see to it but when the wife and I are taking our dirt nap I won't be in a position to care one way or the other.

 

[DonGlock26]

Then what are you arguing about if you are not a boomer? The boomers left a $30T deficit, are whining about working immigrants, and siphoning our budget with their federally funded healthcare no one else has, and they are getting a paycheck from the rest of us. Sweet deal for a bunch of racist xenophobes.

Answer the question:

Was debt an issue for you during Biden's term?

Show me your USMB threads about the debt and reforming SS, and I'll show you my Wakanda vacation photo album.

 

[Hafar1014]

Not exactly, the Boomers are looking at 28% cuts to their benefits in just over half a decade.

We just got the biggest tax cut in history

 

[Greenbeard]

We just got the biggest tax cut in history

Hopefully they’re saving it.

 

[22lcidw]

Congrats Boomers! You win. You have accumulated more stuff than anyone AND you have set up more government perks than anyone according to a new Wall Street Journal article.

Today’s Boomers have tilted the economy towards themselves and saddled younger generations with their debt and payouts and the cost is swallowing the budget.

https://www.wsj.com/economy/over-65-congratulations-you-own-the-economy-5acea4c4?mod=hp_lead_pos8

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As of the third quarter of last year, people 70 and over controlled roughly 39% of all equities and mutual funds owned by households, compared with 22% in 2007, according to Federal Reserve data. Their share of net worth—assets minus debts—was 32%, up from 20% two decades earlier.

This is good news: there has never been a better time in America to be old. Yet it also exposes our disjointed national priorities. We keep pouring resources into making the elderly comfortable and happy when the economy’s pressure points lie elsewhere.

The elderly are mostly out of the job market and thus need not worry about being replaced by artificial intelligence. The majority own their homes, often debt-free. Everyone worries about health costs, but the elderly have publicly funded Medicare. None of this is true for the younger generations.

The cost is swallowing the budget. Federal spending on elderly programs has risen from 6.9% of gross domestic product in 2007 to 9.4% last year and will reach 11.3% in a decade, the Congressional Budget Office projects.

That is where the real threat to intergenerational harmony lies. Elderly programs, plus interest, are the primary driver of the gaping budget deficit. By 2032, Social Security will no longer be able to pay full benefits. Fixing the deficit and Social Security requires some combination of higher taxes or lower future benefits, both of which will largely spare today’s elderly. If you think the young are anxious now, just wait.

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WW 2 generation extended people started a lot of the social programs. Early Progressive Socialist Communists by the late 1960's started to take full control of the Democratic Party. The extended WW 2 generation worked in privileged manufacturing employment that paid them great salaries and benefits and, in many jobs, paid them to leave along with their pensions. The crossroads happened in the 1980's when many pushed for social security to be privatized. Progs did not even want to have 1% go to private investment. Well now the postwar generations retiring and we want it all. Everything. And we want more added. You guys do the social program agenda crap and then wipe your hands of it. And you do that with everything you do.

 

[Hafar1014]

WW 2 generation extended people started a lot of the social programs. Early Progressive Socialist Communists by the late 1960's started to take full control of the Democratic Party. The extended WW 2 generation worked in privileged manufacturing employment that paid them great salaries and benefits and, in many jobs, paid them to leave along with their pensions. The crossroads happened in the 1980's when many pushed for social security to be privatized. Progs did not even want to have 1% go to private investment. Well now the postwar generations retiring and we want it all. Everything. And we want more added. You guys do the social program agenda crap and then wipe your hands of it. And you do that with everything you do.

Today democrats are 100% sociaists

 

[Mr Natural]

Today democrats are 100% sociaists

Anybody’s who’s not a hard right conservative republican is a socialist.

 

[Hafar1014]

Anybody’s who’s not a hard right conservative republican is a socialist.

Democrats have elected 3 socialist as mayors. Sanders would have won the nomination except he was manipulated out of the running. Democrats are socialist

 

[jknowgood]

Why am I paying your social security while you leave me a bill to pay? You deadbeats think illegals are draining our money but... Hell no. ITS YOU, Boomer.

The boomers paid into the system their entire working lives. Politicians spent the money, and they are spending billions keeping illegals here. So there is where you're money is going. At least Trump is trying to get rid of the illegals sucking on the tit. While you loons are trying to stop him.

 

[Woodznutz]

Why am I paying your social security while you leave me a bill to pay? You deadbeats think illegals are draining our money but... Hell no. ITS YOU, Boomer.

Take care of your health and keeping paying in, you'll live to collect as well.