Crypto Currency and Child Tax Credit

[Debfrommaine]

Co-worker of mine at work might have figured it out. They are using the child tax credits they don't need to purchase more bitcoin. They hope to retire in their 50's. Not sayin' qualified families don't need the monies but this was an interesting concept to adding to retirement.

I'm in my golden years still working. Never had a kid and don't know much about bitcoin. The millennials might be on to something.

[DAVES]

Co-worker of mine at work might have figured it out. They are using the child tax credits they don't need to purchase more bitcoin. They hope to retire in their 50's. Not sayin' qualified families don't need the monies but this was an interesting concept to adding to retirement.

I'm in my golden years still working. Never had a kid and don't know much about bitcoin. The millennials might be on to something.

Everyone has the same view. Tax them and give to me. Covid 19 checks because SOME people could not work were sent to everyone who qualified, including people in the villages who have not worked in years.

Having worked and saved. I was an overnight success it only took me 45 years of hard work and saving, I did not qualify for a covid check. I will once again be forced to pay for it.

Social Security-first of all I was self employed. For people who work for an employer, you pay roughly 7% to social security. Your employer pays the same for you-essentially tax free income. I paid 13% being self employed. People do not understand there is no pile of money with your name on it to pay your benefits. The money we put in went to pay the benefits paid to those who retired before we did-it is spent. When originally past there were, if I recall from my reading 14 people paying in for every person collecting. Today it is 2.5 and the benefits keep going up with insufficient social security tax to cover it.

I predict they will soon pass a bill, hey you saved, you don't need social security. I will scream, but I paid in the top amounts. Reply will be TOUGH. We are already seeing this with medicare some people pay twice as much for the same benefit and do not have a cap on what they will/can extract from you.

Bit coin. I am not buying it. The reality is interesting. No one knows who started it. The name applied does not even exist. There are guesses. It is not sure if it is a man or a woman or perhaps a group of people. You can make money as it a highly volatile. I would suggest all read about the Tulip bulb ponzi scheme of 300 years ago. People also made huge sums with that. It suddenly evaporated. Teasing a little. Tulips do not grow well in Florida.

[Full-timer]

Co-worker of mine at work might have figured it out. They are using the child tax credits they don't need to purchase more bitcoin. They hope to retire in their 50's. Not sayin' qualified families don't need the monies but this was an interesting concept to adding to retirement.

I'm in my golden years still working. Never had a kid and don't know much about bitcoin. The millennials might be on to something.

Bitcoin and the like will be the future trading/buying currency . Just purchased 21 Million Shiba Inu. Spend a little time doing some research. If nothing else, you will learn something new.

[OrangeBlossomBaby]

Having worked and saved. I was an overnight success it only took me 45 years of hard work and saving, I did not qualify for a covid check. I will once again be forced to pay for it.

I didn't have kids, but was forced (and am still forced) to pay for the public education of everyone else's kids. I haven't ever needed the fire department at my house, but I've been forced to pay for their salaries anyway. I've never needed the grass on the town property in any town I've ever lived in, but I've been forced to pay for the landscaping anyway.

In MY country, we call it "civilization." Your mileage may vary.

Social Security-first of all I was self employed. For people who work for an employer, you pay roughly 7% to social security. Your employer pays the same for you-essentially tax free income. I paid 13% being self employed.

That's up to the first $142,800. If you earn more than that, you pay ZERO social security tax on the excess. The more you make, the lower your overall percentage is. The wealthy pay the smallest percentage, and get the biggest payout.

Bit coin. I am not buying it. The reality is interesting. No one knows who started it. The name applied does not even exist. There are guesses. It is not sure if it is a man or a woman or perhaps a group of people. You can make money as it a highly volatile.

The name is bitcoin, not bit coin. It's one word, and it's been around since 2008. You aren't required to buy into it, we still rely on dollars here in the USA. But just because you don't like it, doesn't mean it's not useful. You know when you buy insurance, you are betting on the worst case scenario. You're betting you'll die, or lose a limb, or go blind, or need chemotherapy, or wreck your car, or burn down your house. You are betting against yourself. And the insurance company is betting that you'll be happy and healthy and lacking drama long enough to keep paying for absolutely nothing. You bet against yourself, and pay every month or year for the privilege.

If you're looking at what makes sense, I'd say a crapshoot with bitcoin makes a lot more sense than betting against yourself and paying monthly for the privilege with no return at all.

But what do I know - I'm retired, not wealthy, not much in savings, and my biggest debt is my credit card which I owe under $100 on this month.

[Woodbear]

Bitcoin and the like will be the future trading/buying currency . Just purchased 21 Million Shiba Inu. Spend a little time doing some research. If nothing else, you will learn something new.

Is my math right saying that 21 million shares cost ya around $600? Where do you buy crypto currency? Buddy has become a multi-millionaire on bitcoin. Crazy to watch this friend have similar savings to be worth 40 million today. I should have listened to him years ago when he said get off the sidelines.

[DylanTodd]

Hi neighbors, I love seeing crypto currency pop up in the 'today's posts' in TOTV. I run the newly founded crypto currency club here in the Villages. If you would like to learn more about our club meetings and time reach out to me directly at dtodd@earls.ca. Beginners welcome. I am hosting a virtual call Friday for beginners and a general meeting on Saturday morning for all levels.

Cheers,

Dylan

[Lonnieme2]

Everyone has the same view. Tax them and give to me. Covid 19 checks because SOME people could not work were sent to everyone who qualified, including people in the villages who have not worked in years.

Having worked and saved. I was an overnight success it only took me 45 years of hard work and saving, I did not qualify for a covid check. I will once again be forced to pay for it.

Social Security-first of all I was self employed. For people who work for an employer, you pay roughly 7% to social security. Your employer pays the same for you-essentially tax free income. I paid 13% being self employed. People do not understand there is no pile of money with your name on it to pay your benefits. The money we put in went to pay the benefits paid to those who retired before we did-it is spent. When originally past there were, if I recall from my reading 14 people paying in for every person collecting. Today it is 2.5 and the benefits keep going up with insufficient social security tax to cover it.

I predict they will soon pass a bill, hey you saved, you don't need social security. I will scream, but I paid in the top amounts. Reply will be TOUGH. We are already seeing this with medicare some people pay twice as much for the same benefit and do not have a cap on what they will/can extract from you.

Bit coin. I am not buying it. The reality is interesting. No one knows who started it. The name applied does not even exist. There are guesses. It is not sure if it is a man or a woman or perhaps a group of people. You can make money as it a highly volatile. I would suggest all read about the Tulip bulb ponzi scheme of 300 years ago. People also made huge sums with that. It suddenly evaporated. Teasing a little. Tulips do not grow well in Florida.

I agree with this post 100%, especially the part about Social Security. My husband turned 65 in July and plans to begin collecting his SS benefit when he turns 70, for 125% of the benefit. This is also the year that I will retire and we move to TV, so the extra money then would be awesome... if the benefit still exists. I have wondered if drawing now for a known amount is better than waiting for a larger sum that may not exist. But we do not need the money now, so I am good with the decision.
I have felt for some time that in the end the money will go to those who did not plan well and/or work hard and that we will be denied or given a percentage of the promised amount because we worked hard and have other means of income. We paid in with promises but of course these mean nothing. It is my hope that if / when our money is stolen, the American people will not stand for it.
As for the tulip story, I had no idea. Very interesting and I love reading these posts because I learn so much more than just Village life!!

I found this after a quick search and plan to read more when my work day ends - "The Dutch tulip bulb market bubble, also known as 'tulipmania' was one of the most famous market bubbles and crashes of all time. It occurred in Holland during the early to mid-1600s when speculation drove the value of tulip bulbs to extremes."

[mrf0151]

Is my math right saying that 21 million shares cost ya around $600? Where do you buy crypto currency? Buddy has become a multi-millionaire on bitcoin. Crazy to watch this friend have similar savings to be worth 40 million today. I should have listened to him years ago when he said get off the sidelines


Ask your buddy...

[biker1]

Doubtful. To address the SS shortfall in the future it is more likely Congress will substantially increase the salary cap on the tax, or change the COLA calculation, or increase the age for full retirement, or do all three plus possibly other changes. It is well known how to fix it. The chances of the drastic change you suggested to people already drawing their benefit is probably very slim. If they do nothing, in about 13 years the current benefits will have to be reduced by about 25%. Regarding Medicare Part B, the maximum IRMAA penalty is about 3.3x the current base amount of $148.50 per month. I don't know what you mean by a "cap". The Medicare Part B premium goes up each year.



I predict they will soon pass a bill, hey you saved, you don't need social security. I will scream, but I paid in the top amounts. Reply will be TOUGH. We are already seeing this with medicare some people pay twice as much for the same benefit and do not have a cap on what they will/can extract from you.

[Marine1974]

Social security can be taxed up to 85% depending on your other income. .

[Marine1974]

Majority of people raising children need the advanced child tax credit .

[Larchap49]

I agree with this post 100%, especially the part about Social Security. My husband turned 65 in July and plans to begin collecting his SS benefit when he turns 70, for 125% of the benefit. This is also the year that I will retire and we move to TV, so the extra money then would be awesome... if the benefit still exists. I have wondered if drawing now for a known amount is better than waiting for a larger sum that may not exist. But we do not need the money now, so I am good with the decision.
I have felt for some time that in the end the money will go to those who did not plan well and/or work hard and that we will be denied or given a percentage of the promised amount because we worked hard and have other means of income. We paid in with promises but of course these mean nothing. It is my hope that if / when our money is stolen, the American people will not stand for it.
As for the tulip story, I had no idea. Very interesting and I love reading these posts because I learn so much more than just Village life!!

I found this after a quick search and plan to read more when my work day ends - "The Dutch tulip bulb market bubble, also known as 'tulipmania' was one of the most famous market bubbles and crashes of all time. It occurred in Holland during the early to mid-1600s when speculation drove the value of tulip bulbs to extremes."

My two cents, collect at 67 or whatever is your full retirement age, deposit the monthly benefit in a Roth IRA. Waiting until. 70 you will likely not live long enough to recoup the money you left on the table. I suggest you do the math and see how many years you would have to live to break even. When you finally retire all money in the Roth is tax free.

[biker1]

Just to be clear, if you have a job and are collecting SS also then the amount of the earned income can be contributed to an IRA, up to the limits. If you don't have earned income then you cannot contribute to an IRA. You cannot contribute SS benefits to an IRA.

The best age to start collecting SS is dependent on many factors. Life expectancy is a big one.

My two cents, collect at 67 or whatever is your full retirement age, deposit the monthly benefit in a Roth IRA. Waiting until. 70 you will likely not live long enough to recoup the money you left on the table. I suggest you do the math and see how many years you would have to live to break even. When you finally retire all money in the Roth is tax free.

[Frame44]

My two cents, collect at 67 or whatever is your full retirement age, deposit the monthly benefit in a Roth IRA. Waiting until. 70 you will likely not live long enough to recoup the money you left on the table. I suggest you do the math and see how many years you would have to live to break even. When you finally retire all money in the Roth is tax free.

Doesn’t that depend on what kind of income you enjoy from age 67-70?

[Escape Artist]

Majority of people raising children need the advanced child tax credit .

Why??????

[Decadeofdave]

Key word in sentence, ADVANCED child credit. Wait until next year when they file taxes and don't get perceived amount do to them because they already got all/part of it in advance. There will be outrage.