The Bush tax cuts

Community Leader
Registered: 04-07-2008
The Bush tax cuts
6
Wed, 12-01-2010 - 3:29pm

I'm just curious as to whether any of you follow political news. If so, have you been watching the hoopla over extending the Bush tax cuts? Do you worry about how either decision is going to affect you?

Do you ever get nervous now over our age bracket and wonder how old you're going to be when you finally retire with all this constant talk of financial hardships besetting people?

Karla
Community Leader
WALKING
EXERCISE and HEALTHY LIVING

Avatar for coldfingers
Community Leader
Registered: 04-30-2000
Wed, 12-01-2010 - 3:47pm

Well, Karla, didn't you bring up a hot topic?

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Avatar for jan_magee
iVillage Member
Registered: 03-25-2003
Wed, 12-01-2010 - 4:29pm

I agree with Cheryl. I couldn't put it any better. The former pres. took care of his buddies and heavy contributors, but forgot about us little people.

Dh has collected unemployment a few times, over the years, and it sure doesn't go far. The first time we burned through our savings, and were finally just about back to where we had been when he was laid off again, a few years later. Even though he's working again, it's for considerably less than he had been making, but at least it's a job with (not great) medical benefits.

As for retirement - dream on! We've known for years that when we get there, there will also be a flood of other boomers. With so many hitting SSI at the same time, there won't be enough money to pay for it all. We've been saving for it, but like I said above, we had to wipe it out once, already, just to make ends meet. Now we're playing catch-up, but we really doubt he'll ever be able to retire.

Jan


 

Community Leader
Registered: 04-07-2008
Wed, 12-01-2010 - 4:40pm

Cheryl, I live in a small town that has been hit hard and I know so many people personally on unemployment I can't imagine what's going to happen here.

I have to be honest and say at this point I'm concerned about how much more in taxes I'm going to have to pay if they aren't extended. I think I read somewhere that us middle class families will be paying anywhere from 2-6K more per household. Sheesh-that's definitely not in my budget!

I do not get how these public figures and politicians can get away with not paying taxes for years or forgetting about an extra 100K they had laying around or hidden in real estate somewhere yet the IRS came after me for a couple hundred dollars LAST YEAR because I had some income I had not reported (accidently-small amount early in the year-never got 1099 and forgot about it).

Karla
Community Leader
WALKING
EXERCISE and HEALTHY LIVING

Community Leader
Registered: 04-07-2008
Wed, 12-01-2010 - 4:45pm

Ha-retirement isn't in our vocabulary. We're doing good at this point to pay down the mortgage and put a little aside in savings each month. We aren't counting on SSI either and hope to be able to eat, take care of our home, and pay the utilities each month once we can no longer work because we are too old. We are however taking care of ourselves by trying to eat right and exercise daily so we have a chance at continuing employment into our 80's if our health holds out. ;)

Karla
Community Leader
WALKING
EXERCISE and HEALTHY LIVING

Avatar for coldfingers
Community Leader
Registered: 04-30-2000
Wed, 12-01-2010 - 6:56pm

Well, dh retired at 55.

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Community Leader
Registered: 04-07-2008
Thu, 12-02-2010 - 9:37am

Oh gosh I know Cheryl. My BIL is a paint contractor and he's nearing 50 and there is just no way he's going to be able to keep up to many years from now. My own husband is on his feet 8-10 hours a day and he's trying not to think about how he'll continue. He's actually just enrolled in a Community College for next semester to try to update his skills to hopefully move up to something less physical.

Interestingly, he has many many sr. citizens working for him in PT jobs to try to make ends meet now. He says the difference between older, supposed to be retired employees and young ones is unbelievable as far as attitude and ethics. HIs oldest employee was 85 years old and she almost never missed a day of work. She died shortly after getting off work one day-just went home and sat in a chair and died. So she literally worked up to the day she died.

Karla
Community Leader
WALKING
EXERCISE and HEALTHY LIVING