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Old 01-12-2013, 05:43 AM   #211
knewton64
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Thumbs up RE: THE 2% SS TAX REDUCTION 2 YR HOLIDAY MEANS TO Me....

Quote:
Originally Posted by ekatiel View Post
We're losing about $200 a month. Trying to figure out where I'll cut. Unfortunately, vacation/entertainment funding seems to be the first on the chopping block . Thankful that we have "fluff" to cut out of our budget. I'm feeling for those who don't right now . --Katie


1) That I was able to pay 15 months AHEAD on my home mortgage.
(along with a lot of hard work these last 2 yrs at my job)

2) Increase my 401K 4% as well (from 12%).
3) Place the equivalent of 1% of it in my savings account; thus preparing for when it goes away.



So what am I 'cutting out'?


1) Not being able to pay AHEAD as much on my house mortgage (have 6 yrs now left to pay on it & its MINE).
2) deleting 1% out of the additional 4% contributions from my 401K that I have been making these last 2 yrs.
3) taking .05% out of the 2% and NOT putting it into my savings account monthly that I have been doing these last 2 yrs.
(Take note how these 3 are discretionary and not inputted as part of my primary monthly budgeting plans)



Now I am STILL working hard as ever in my profession - in the hotel hospitality industry (now if I could just "cut" that out !!)




So
now that the SS tax is now gone, I reply, "If you want something done and done right, work ahead and you WILL reap the rewards while others who screech at the 'injustice' being done (the SS tax now restored) will be left FAR behind.





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Last edited by knewton64; 01-12-2013 at 06:09 AM.
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Old 01-12-2013, 10:08 AM   #212
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Originally Posted by Marionnette View Post
Much depends on whether your current coverage meets the standards set forth in the law. If it doesn't provide you with the minimum level of coverage as dictated by the law, it won't count and you will need to purchase a policy that does. If you get your coverage through your employer, they will need to offer you a selection of healthcare plans that meet the specifics of the law or else pay a penalty (or is it a tax?).

We were notified last month that the current policy that we offer at our business will not be available when it comes time to renew. A similar policy will cost 19% more than the one we have now. Our employees will not be able to afford the cost increase and since we are not large enough to fall under the law that requires employers to provide coverage, we will not be offering health insurance as a part of their benefits package.
..and here we go...
What is funny is we will still have tons of uninsured and a huge mess to deal with. It is much cheaper for young people to just pay the penalty..and still go to emergency rooms, get indigent care, etc then to get insurance. My DH works for a company that has well under the 30 that 'have' to have insurance (although I know tons of big companies were granted 'temporary' waivers..we'll see how that plays out)..so we have always had to get our own care or go without. We have a large deductible plan and I sure hope that one fits in the new rules since it has worked well for us. My DH works as a vet tech and his boss has had his insurance through the AVMA forever..they have announced that they will no longer be offering health insurance because of the regulations and hassle. He has existing conditions so it is quite a challenge now for him to find a new plan.
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Old 01-13-2013, 09:20 AM   #213
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Quote:
Originally Posted by ekatiel View Post
If you've been on this board for any amount of time, you realize that nearly everyone here: 1) Has 100K in savings 2) Has NO debt, not even a car or a house 3)Has fully funded retirement and college savings accounts and 4) Has the financial memory of an elephant . I just roll with it . Many people who see this thread are probably embarrassed to admit they didn't know it was coming.

For us it went something like this: "Crud, we're going to be getting less money. Oh yeah, there was that holiday thingie like 2 years ago ." I imagine it was the same way for the majority of the population, except for people willing to post on this thread!! --Katie

I completely agree with you. Thank you for saying this because I was starting to feel really bad about myself .
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Old 01-13-2013, 09:40 AM   #214
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DH (as well as everyone else at his work) received a pay raise of close to 3% starting Jan 1st. We were thrilled until we realized that it will basically just cover what he will be losing. We are very thankful for the pay increase, it just stinks we won't really get to "see" it. Sure does beat bringing home a smaller paycheck though.
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Old 01-14-2013, 02:51 AM   #215
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my husband got a 2% raise in august, and we used that money to pay for my duaghters monthly dance budget. we will now rework the budget and find that money elsewhere, less grocery budget or fast food most likley. It sucks because we lose about $200 a month and it hurts, but we can adjust!
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Old 01-14-2013, 08:02 AM   #216
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Oh, I was told! It doesn't mean I listened! At 25 retirement seemed like lightyears away. I was single and having a lot of fun traveling and enjoying life. I was also in grad school.



Thankfully, my employer had mandatory retirement savings of 16% with their match. But I didn't save a whole lot on top of that!

Dawn

Quote:
Originally Posted by ilovemk76 View Post
ITA

I wish I was told some of the stuff at 25 that I know now. I would be retired rather than still working.
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Old 01-14-2013, 08:06 AM   #217
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I feel like we are doing well with handling what we have. We do not have car or other loans but we do have a mortgage.

The only reason I was well aware of the SS tax coming back is because I am married to a tax accountant who has talked about it for over a year.

We are budgeters though. If there is a way to do it for less, I will find it!

We are also savers.

Dawn

Quote:
Originally Posted by ekatiel View Post
If you've been on this board for any amount of time, you realize that nearly everyone here: 1) Has 100K in savings 2) Has NO debt, not even a car or a house 3)Has fully funded retirement and college savings accounts and 4) Has the financial memory of an elephant . I just roll with it . Many people who see this thread are probably embarrassed to admit they didn't know it was coming.

For us it went something like this: "Crud, we're going to be getting less money. Oh yeah, there was that holiday thingie like 2 years ago ." I imagine it was the same way for the majority of the population, except for people willing to post on this thread!! --Katie
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Old 01-14-2013, 08:07 AM   #218
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Quote:
Originally Posted by DawnM View Post
Oh, I was told! It doesn't mean I listened! At 25 retirement seemed like lightyears away. I was single and having a lot of fun traveling and enjoying life. I was also in grad school.



Thankfully, my employer had mandatory retirement savings of 16% with their match. But I didn't save a whole lot on top of that!

Dawn
Actually, if you start at 25, 16% for retirement is an excellent savings rate. I am envious. When I was 25, I was frittering away every penny I made and DH thought that as long as there are checks in the checkbook, he could write a check.

We've gotten better over the years. Our retirement savings currently(we are 45 and 46), including match, are about 16%m but DH will also have a SMALL pension, so we should be fine with that.
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Old 01-14-2013, 08:58 AM   #219
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I started at 22, right out of college, but I only worked 16 years. I am currently a SAHM.

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Actually, if you start at 25, 16% for retirement is an excellent savings rate. I am envious. When I was 25, I was frittering away every penny I made and DH thought that as long as there are checks in the checkbook, he could write a check.

We've gotten better over the years. Our retirement savings currently(we are 45 and 46), including match, are about 16%m but DH will also have a SMALL pension, so we should be fine with that.
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Old 01-14-2013, 09:04 AM   #220
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Unfortunately I don't' see a retirement for me or my wife at all. I foresee a semi-retirement for us.
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Old 01-14-2013, 09:09 AM   #221
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We are afraid that retirement may become increasingly involuntary.
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Old 01-14-2013, 10:03 AM   #222
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Quote:
While it's a bummer I don't have a problem with it. Everyone is supposed to pay in, that's my share so that's what I pay
I do have a problem with it because nothing was fixed. So much extra spending was added to the bill that it fixed nothing - just took our country further into debt.
Quote:
$331 million over two years for a tax credit on railroad track maintenance.

$100 million over the next seven years for NASCAR track owners.

$430 million in tax write-offs for film and television production. Movie studios will be able to take up to $15 million off costs if more than three-fourths of production is done in the United States

$7 million in tax breaks over three years for people buying two- or three-wheel electric scooters.

$222 million to Puerto Rico and U.S. Virgin Islands — mostly to rum distilleries — to increase a longstanding rum subsidy dating back to 1917.

$59 million in tax credits for algae grown for fuel meant to promote biodiesel and green energy.
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Old 01-14-2013, 10:34 AM   #223
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Quote:
Originally Posted by DawnM View Post
I started at 22, right out of college, but I only worked 16 years. I am currently a SAHM.
I too, have been (mostly) a SAHM for the past 13 years.
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Old 01-14-2013, 10:42 AM   #224
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The nation is running a smaller deficit than it has in a long time. Hopefully, it will continue to get better as time goes on.
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Old 01-14-2013, 10:56 AM   #225
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The nation is running a smaller deficit than it has in a long time. Hopefully, it will continue to get better as time goes on.
Continue to get better????? LMAO! Seriously? What Kool Aid are you drinking?
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