OT - Money / Investing Thread (aka financial no stupid questions)

[847badgerfan]

I 100% agree...

...and I'm not going to say anything more because that can't be done while avoiding politics

Sometimes ya just gotta say F it.

[betarhoalphadelta]

Sometimes ya just gotta say F it.

I do... Every time I do my taxes. And this year, I'm adding every time I have to pay estimated taxes. That word is in high usage...

I try to tell myself this ultimately, paying CG taxes is a good problem to have, and that I'd be in a lot worse position if I didn't have to pay it. And it *almost* works...

But it is for that reason that every year when I do my taxes, my wife is interested in what we're getting back (or what we're paying--last year was a pretty hefty payment). So I always total up our actual total tax liability, so she can get angry with me and I'm not doing it alone lol. 

This year's gonna be a BIG number. 

[Wildcat4E]

The SS conversation above caused me to jump through the 40 hoops and log into see where I am on my social security benefits.

One thing it demonstrated to me is that incorporating my practice a few years ago has had a giant impact.  Not only on how much tax I pay, but what my social security wages are.  One is a fantastic thing, the other--it makes me look like a pauper as far as credits in/benefits to be received go.  As the time approaches to start collecting, may have to go back to sole proprietor and pay the income tax to get the prior 3-4 years back up toward what they were.  

But who knows what will happen in the next 12 years?   AI is going to make us all rich, or a particular big city Mayor's brand of economic system could become the rage.  

[betarhoalphadelta]

I just looked mine up. Crazy that my earnings history goes back to 1993. 

[utee94]

I just looked mine up. Crazy that my earnings history goes back to 1993.

1987 for me.  First time I had a documented "paying" job.

Doesn't count the years of forced servitude working in my family's restaurant of course.

[Cincydawg]

Mine goes back to when SS first started ….

[utee94]

The SS conversation above caused me to jump through the 40 hoops and log into see where I am on my social security benefits.

One thing it demonstrated to me is that incorporating my practice a few years ago has had a giant impact.  Not only on how much tax I pay, but what my social security wages are.  One is a fantastic thing, the other--it makes me look like a pauper as far as credits in/benefits to be received go.  As the time approaches to start collecting, may have to go back to sole proprietor and pay the income tax to get the prior 3-4 years back up toward what they were. 

But who knows what will happen in the next 12 years?  AI is going to make us all rich, or a particular big city Mayor's brand of economic system could become the rage. 

If that happens then the certainty will be that neither you nor I gets a cent from the program. 

[MaximumSam]

My retirement goals are coming into focus. 

Ten years from now - age 57

100K pension
2 million in non house/non pension assets
Paid off house
Wife that keeps working to have insurance 

[Riffraft]

I only pay in what I need to pay I,  ie what I owed last year and usually wait until December to do that.  The when I file on April 15th I pay the rest of what I owe

[Riffraft]

I just looked mine up. Crazy that my earnings history goes back to 1993.

How about 1976

[betarhoalphadelta]

How about 1976

That would be difficult as I hadn't even been conceived. 

[Cincydawg]

I'm fairly amazed how accurate the SS earnings reports is, for me.  It's my work history.

[FearlessF]

I really wish the IRS would just tell me what they think I owe them each spring

should be a website like the SSA - just log in and make a payment

[Cincydawg]

Yeah, for many kinds of income, the IRS knows what you would owe.  I think they know about everything we earn except occasional royalties.