[l2ridehd]

My biggest concern is the money printing being done. Talk about wealth redistribution. If cumulative inflation hits 75 to 80 % ( a conservative estimate) over the next 5 to 10 years, everyone who has something will find it worth a lot less. Those that have very little will have a lot less impact. This was Karl Marx plan to destroy the currency and maintain his power. For some dumb reason our elected officials seem to want to go down the same path. I just can't afford to have my investments worth half what they are today and still retire. Nothing learned from history I guess.

Think about this latest plan to freeze Federal pay. And honestly I have no interest one way or another. However that will save 5 billion over 2 years ( the maximum time it will last), and yet we spent 750 billion on a useless stimulus bill full of pork barrel projects and another 860 billion on a health care bill.

I just don't understand their thinking on either side of the party fence. Something is very wrong when you spend money like drunken sailors and then try to take it out on the backs of the workers.

[Ohiogirl]

Originally Posted by gongoozler

I retired at 56 and never looked back . . . the secret is to have friends and keeping busy. In TV there are so many things to do sometimes I have to schedule my week completely in advance but what you do depends on your health. I've thought about helping out with the AARP tax program but playing pickleball, tennis and golf each day and then shooting pool,working out at the gym or going biking leaves me with little to no time. My son said just keep doing what your doing dad until you're too old to do it then work part-time. Financial affairs are a personal matter depending on what it cost you to live but I just bought a courtyard villa cash as an investment (banks are paying nothing and the market is rocky) and just renting it 4 months a year buts me ahead.

You know gongoozler, we just moved into our CYV after renting it out for 4 plus years. I may really really really miss the tax deduction, but my taxes seem to be in flux anyway for the next few years, so time will tell.

However, you have a point. Those of you who maybe are thinking of being snowbirds might want to consider buying a CYV or patio villa and renting it out Jan-March for the really big bucks (when the weather is iffy anyway, and using it yourselves fall and spring. I met someone golfing (from England) one time who did just that. Spent 3 months here in the fall and another 3 months in the spring. You could spend an extra day and become Florida residents for tax purposes.

Maybe you have friends or relatives you can visit for a couple of weeks here and there during those really cold months up north - Jan, Feb. and March, and using it during the mostly dependable months of November, December, April and May. Especially if you're from way up north, where October and April and May are still usually nasty. Or maybe you can take a cruise in Jan. and then visit friends.

Winter up north is not so bad if you can get away from it for a little while, and have April to look forward to in TV.

And - I couldn't figure out how to quote 2 posts, but George T, I don't know what MRD means either.

[GeorgeT]

Originally Posted by Pturner

Minimum Required Distribution.

Thanks PT. I don't think I'll ever need to worry about that!!!!

[Ohiogirl]

Thanks George T, I missed that. But you know, 70-1/2 doesn't sound very old suddenly. How'd that happen?!!!

[Boomer]

Originally Posted by GeorgeT

Forgive my ignorance but what is an MRD?

Hi George,

The MRD is that thing that kicks in at age 70 and 1/2 when the IRS won't wait any longer to start collecting income tax on tax-deferred retirement accounts. It's called the Minimum Required Distribution. But I think I have also seen it called the RMD.

It's when it's time to start paying the piper -- although I really never thought of the IRS as a piper.

There is a formula that calculates the minimum the taxpayer has to withdraw each year after age 70 and 1/2.

I always thought it was weird that it is called a distribution. Seems like it should be called a withdrawal.....But.....nope....it's the IRS calling it that -- wouldn't want to make things too clear.

Boomer

[GeorgeT]

Thanks Boomer. I'll not need to worry about that. I won't have a pension or medical from my current employer so I'll probably start collecting SS at 62. I ran the numbers already.

[Bill-n-Brillo]

Sandy and I should be so lucky as to have to worry about being forced to take the minimum distribution when we reach that point!!!

Bill