Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
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Crypto Currency and Child Tax Credit
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. Last edited by Debfrommaine; 10-20-2021 at 02:58 AM. |
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#2
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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. |
#3
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#4
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In MY country, we call it "civilization." Your mileage may vary. Quote:
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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. |
#5
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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.
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Orchard Park, NY |
#6
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crypto currency club in the Villages
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 |
#7
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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." |
#8
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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... |
#9
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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.
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Last edited by biker1; 10-21-2021 at 08:45 AM. |
#10
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Social security can be taxed up to 85% depending on your other income. .
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#11
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Majority of people raising children need the advanced child tax credit .
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#12
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SS benefit
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__________________
Larchap49 |
#13
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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. Quote:
Last edited by biker1; 10-21-2021 at 09:03 AM. |
#14
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Question
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#15
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Why??????
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Closed Thread |
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