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| 5/24 |
| 2003/7/31-8/1 [Reference/Tax] UID:29192 Activity:very high |
7/31 401k people retiring in 30 years, so what if income tax is
50% in 30 yrs, should I just take the 30% hit now?
\_ If the income tax is 50%, it'll be time for the revolution.
\_ Income tax used to go to 70% when I was a kid and I believe it was
\_ Canada's @ 50% now.
as high as 90% at one point but I'm not certain of that one. 50%
was a Reagan era tax cut down from 70%.
\_ For the top bracket. google for "history marginal income tax"
\_ amen to that!
\_ I think you need more important things to worry about in your
life.
\_ More than the right to own property? There are few things more
important.
\_ actually there are a lot of things more important
\_ like paying high taxes so you can stay in school forever
and Fight Against The Man?
\_ who da man?
\_ I can think of two: life and liberty. But that still
qualities as 'few'.
\_ Life and liberty are tantamount to the right
to own property. They are inextricably linked.
\_ Tantamount? You should look up big words
before you try to use them in a sentence
and embarass yourself like that.
\_ embarass? you should spell check big words
before you go around dissing other people.
-not the tantamount guy
\_ Like the need for a booty call tonight.
\_ The idea is that your tax bracket will be smaller then. It's
entirely possible you may do well and be in a HIGHER tax bracket
then. The major advantage to a 401k is that you pay no tax on
capital gains and dividends so that money can grow tax-free. --dim
\_ You missed the point, which is that with the way things are
going, those with income may be paying much higher rates to
support the SS/medicare/fat bloated budget. So pay the taxes
now while they're 'cheap.'
\_ I did not miss the point. You did. "The major advantage to
a 401k is that you pay no tax on capital gains and dividends
so that money can grow tax-free." --dim
\_ Guess what - none of your money is safe. When SS starts to fail the
~ 2013 the Fed is going to retroactively tax all of the 'tax exempt'
investment and retirement accounts. By that time guns will be
outlawed, the UN will lord over America, narcisistic and secular
America will have reverted to tribalism, and there will nothing
you peons will be able to do.
\_ In spite of all your gloom and doom predictions, SS will be fine.
Raising the retirement age to 70 will make it solvent for the
next 75 years.
\_ Wow, and since the life expectancy for males is 74.1, I'll
really be able to enjoy those years. The true test of whether
congress really has balls is if the retirement age is higher
than the life expectancy.
\_ http://www.ssa.gov/history/lifeexpect.html
Congress has already raised the SS full benefits age from
65 to 67 for those born after 1960. |
| 5/24 |
|
| www.ssa.gov/history/lifeexpect.html Quick Intro 10 Agency History 11 FAQ 12 History Resources at SSA 13 Puzzles & Quizzes 14 Special Collections 15 In-Depth Research Life Expectancy for Social Security If we look at life expectancy statistics from the 1930s we might naturally come to the conclusion that the Social Security program was designed in such a way that people would work for many years paying in taxes, but would not live long enough to collect benefits. Life expectancy at birth in 1930 was indeed only 58 for men and 62 for women. But life expectancy at birth in the early decades of the 20th century was low due to high infant mortality, and someone who died as a child would never have worked and paid into Social Security. A more appropriate measure is probably life expectancy after attainment of adulthood. As Table 1 shows, the majority of Americans who made it to adulthood could expect to live to 65, and those who did live to 65 could look forward to collecting benefits for many years into the future. So we can observe that for men, for example, almost 54% of the them could expect to live to age 65 if they survived to age 21, and men who attained age 65 could expect to collect Social Security benefits for almost 13 years (and the numbers are even higher for women). Table 2), so there was a large and growing population of people who could receive Social Security. So Social Security was not designed in such a way that few people would collect the benefits. A related idea is to attribute the current financial pressures on Social Security to a supposed dramatic increase in life expectancy in recent years. Since average life expectancy at birth is now about 76, this is interpreted as implying that people collect benefits for 14 to 18 years longer than they used to. So the actual increase in time that males can anticipate receiving Social Security is closer to 3 years than to 14. |