I just got a note from social security - United Sates Retirement

They won't be collecting taxes on Social Security payments - not sure when it starts but boy howdy

it's shame the new bill will add 3 trillion to the debt over the next ten years for my grandchildren to pay but...

at least I can get some tax free money - yikes

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sree251 · 41-45, M

What tax free money? Do people work after retirement?

LamontCranston · M

@sree251 It may be news to you but to most people social security payments are taxable.

jackjjackson · M

Of course. It’s included in taxable income however after exemptions and deductions only adjusted gross income is taxable. @LamontCranston

sree251 · 41-45, M

@LamontCranston

It may be news to you but to most people social security payments are taxable.

Yes, if social security payments exceed the limit of the non-taxable amount. Let's say that limit is $25,000 for a single filer. If your social security benefits amount to $25,000 or below, you don't pay any taxes. Can I live on $25,000 a year? Easily.

LamontCranston · M

@sree251 Well, good for you. enjoy the ramen noodles.

sree251 · 41-45, M

@LamontCranston

Well, good for you. enjoy the ramen noodles.

I spend $800 a month on groceries mainly at Wholefoods. How much do you need to stay alive?

Pretzel · 70-79, M

@sree251 yeah, I have a 40 hour a week job so I can pay off my mortgage

Pretzel · 70-79, M

@LamontCranston not after the last bill was passed today

Pretzel · 70-79, M

@jackjjackson

https://blog.ssa.gov/social-security-applauds-passage-of-legislation-providing-historic-tax-relief-for-seniors/

haven't seen how it works in the real world though

sree251 · 41-45, M

@Pretzel

yeah, I have a 40 hour a week job so I can pay off my mortgage

You have a mortgage? You are 70.

Pretzel · 70-79, M

@sree251 I do the mortgage company didn't care if I was older

LamontCranston · M

@sree251 This in on $25000 a year? This does not compute.

sree251 · 41-45, M

@LamontCranston

This in on $25000 a year? This does not compute.

I will compute it for you. Annual food cost $9,600 ($800x12 months). I own my house outright (no mortgage). Property tax $2000. Utilities $2000. I don't own a car. Did I leave out anything? If not, I have plenty left over to cover contingencies which are few and minor.

LamontCranston · M

@sree251 Do you buy clothes? soap, toiletries? booze, beer or wine? medicine? what about medicare? public transport? do you have any memberships of any kind? gym? subscriptions to left wing rags?
.the utilities number is incredible. what about repairs ? You've left a lot out and I do not believe you.

sree251 · 41-45, M

@LamontCranston Thank you for pointing to things I left out. I don't drink alcohol. No medicines. Dental visits twice a year $300. I do use Lyft about 4 times a month 4 x $ 20 x 12 = $ 240. Gym at the YWCA $180 ($15/month). Total additional $720. Plenty left over still.

Why are the utilities number incredible? How much do you pay for water and electricity?