User Profile: grandpa24551

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Recent Questions: (Show all)

CBO Analysis of the President's Budget Submission for Fiscal Year 2009

CBO: The Deductibility of State and Local Taxes

H.R. 3996 Tax Increase Prevention Act of 2007

CBO 2008 Study - Options for Responding to Economic Weakness

S. 1382, ALS Registry Act of 2008

Monthly Budget Review, Fiscal Year 2008, A CBO Analysis

Mortgage Reform and Predatory Lending

Flood Insurance Reform and Modernization Act of 2007

CBO's Health Insurance Simulation Model: A Technical Description

Prescription Drugs | Pharmacy Groups Lobby To Prevent Changes to Medicaid Reimbursement Formula

Prescription Drugs | Medical Organizations Pledge Support for Gift Disclosure Bill

antihypertensive medications may reduce the risk for Alzheimer disease

Private fee-for-service Medicare

Survey paints bleak picture of rising health-care costs

Election 2008 | November Elections To Contain Ballot Measures Addressing Health Care

House Republican Leaders Say They Have Votes To Sustain President Bush's Veto Of SCHIP Legislation

Private Insurers Offering Medicare Prescription Drug Plans

CHAMP Act -- Children's Health and Medicare Protection Act of 2007

H.R. 3648 - Mortgage Forgiveness Debt Relief Act of 2007

H.R.2895 National Affordable Housing Trust Fund Act of 2007

S. 898 - Alzheimer's Breakthrough Act of 2007

H.R. 1851, Section 8 Voucher Reform Act of 2007

S. 1492 - Broadband Data Improvement Act

S. 1315 -- Veterans' Benefits Enhancement Act of 2007

Group Homes vs. Assisted Living

WHAT IS A WORKOUT?

H.R. 1315 Veterans' Benefits Improvment Act of 2007

Federal Law Enforcement Pension Adjustment Equity Act of 2007 - H.R. 1661

CBO Monthly Budget Review for May

Foreign Holdings of U.S. Government Securities & U.S. Current Account

Health Care and the Budget:

The Impending Global Liquidity Crisis - Part 3

The Impending Global Liquidity Crisis - Part 2

The Impending Global Liquidity Crisis

Factors Underlying the Growth in Medicare

Reimbursement Politics

H.R. 337 Military Families Financial Security Act of 2007

H.R 1257 Shareholder Vote on Executive Compensation Act

Medicare Advantage Program

S. 845 Safety of Seniors Act of 2007

CBO Update on Utilization of Tax Incentives for Retirement Savings

Climate Change -- Intergovernmental Panel on Climate Change -- Physical Science Basis -- part 2

Climate Change -- Intergovernmental Panel on Climate Change -- Physical Science Basis

Climate Change

Medicare Part D: Medicare Gets Tougher -- from Clinical Geriatrics

Clinical Geriatrics - http://www.clinicalgeriatrics.com/

Medicare - Supplemental Insurance?

Pico della Mirandola: On the Dignity of Man

Saving on gasoline - a very small savings

Rehabilitation exercise resources and costs

Airline tickets

How I saved $62 on a $64 prescription.

Some Thoughts on Age and Income and the Cost of Aging

Reflections on my heart disease - part 2

Reflections on my heart disease - part 1

Reflection on retirement and aging -- a dog's story

Supplemental Medical Insurance program, (Medicare, Part B), 2007 planned cuts

Building my network of friends

Hawaiian Music on the Internet

Saving on your property tax

NYT article - proposed 5.1% cut in 2007 Medicare payments across the board

Recent Answers: (Show all)

Determining what someone should do with any amount of money depends on a number of factors. These... (Show entire answer)

Determining what someone should do with any amount of money depends on a number of factors. These include your living expenses, whether you currently earn enough money "to make ends meet". But you have already stated that you want to add your "$75, 000 lump sum" towards a Lifetime Retirement Stream as a supplement to Social Security Retirmement Benefits, plus any other pension or other savings that you have invested. So the next thing to look at is where is our economy going in the next few years -- say the next five years. It's clear that our economy, particularly our Financial Industry -- Banks, Investment and Brokerage Firms. some Insurance Firms -- are in BIG Trouble. We can define BIG Trouble as meaning that their Investments -- the investments that they made in behave of folks like you and me -- have TANKED. So that in many cases, they have been forced To FREEZE WITHDRAWLS by their invstors, their customers so that now you cannot pull your money out, and on top of that, the value of your investment is dropping! When you talk to these investment houses, these banks and insurance firms, remember that they are first and foremost SALES People regardless of their title such as Financial Advisor, Investment Counselor, etc., etc. They want you to BUY the particular investment/financial products that they are trying to sell you. That's how they earn their living. Since many of these Financial Products are now suspect, it suggests that you might want to steer clear of them for awhile -- a few years. In the meantime, Economists are forecasting an increase in INFLATION, in the Cost-Of-Living. To me, that means only one thing. And that is that I should invest in TREASURY BONDS that are Indexed to INFLATION. Quoting from Wipikedia: "Treasury Inflation-Protected Securities (or TIPS) are the inflation-indexed bonds issued by the U.S. Treasury. "These securities were first issued in 1997. The principal is adjusted to the Consumer Price Index, the commonly used measure of inflation. "The Coupon Rate is constant, but generates a different amount of interest when multiplied by the Inflation-Adjusted Principal, thus Protecting the Holder Against Inflation. "TIPS are currently offered in 5-year, 7-year, 10-year and 20-year maturities." Be careful that you are not being sold so-called Government insured bonds or other such squirrely named debt -- because that is what bonds are, they are instruments of debt. If the Bond Issuer goes bankrupt, then you lose your money. So you want to buy U.S. Treasury Issued Bonds!!!

I posted this already but it didn't show up -- so I'm trying again -- but it may mean that it may po... (Show entire answer)

I posted this already but it didn't show up -- so I'm trying again -- but it may mean that it may post twice. I suggest that you may want to Google "best places to retire to in Mexico". Then you may want to open some of the websites that show promise and do an information search with follow-up contacts. Good luck!

If possible, find yourself a job that you would enjoy, a job that you know that you would be able to... (Show entire answer)

If possible, find yourself a job that you would enjoy, a job that you know that you would be able to do well. And try to find it as soon as you can. My reason for beginning with this advice is that Long Term Debt at age 65 is a burden. You will have additional health issues that may be a significant financial burden as you continue to age. Trust me -- I know from personal experience, as well as the experience of others my age and older, that medical expenses can only increase as we get older. In fact, the most medically expensive month of your life may be the month before you die. As you know, the financial industry is in turmoil as the Jewels of Wall Street are starting to collapse. Inflation is increasing -- in part because the Fed is reducing the cost of money, again. So we are undergoing a period of transition with turbulence added. So there are few "safe" places to place your money. I do know that a good principle to follow is to try to preserve your capital vs. trying to get the highest return on your money at this time. With that in mind, I might look at Inflation indexed funds including U.S. Bonds that are indexed to the CPI or something similar. Good luck.

It seems to me that meeting new people is somewhat dependent upon your personality type. If you'r... (Show entire answer)

It seems to me that meeting new people is somewhat dependent upon your personality type. If you're outgoing, presentable, and pleasant, it seems to me that you won't have any trouble meeting other nice people whose company you would enjoy wherever you go or are in life. If you need an "ice breaker", (and you like and care about dogs), adopt one that you can care for -- grooming, veteranary care, exercise -- and take it for its twice a day walk. I wear a wedding ring, but I constantly meet fellow dog owners and dog lovers or folks who walk or jog along this popular trail. And we stop and talk about our dogs and dog experiences. The reason that I mention dog owners is that they represent a class of folks who have committed themselves to being responsible for the health and happiness of their dog. So dog owners represent folks who demonstrate their ability to be in a long term relationship, (with a dog), that is also a high maintenance responsibility -- two very important characteristics that you should be looking for -- and which you should also possess -- because as we age, health issues will become an increasing part of your life and the life of your partner.

I think that you need to ask a Question first, such as what will you do with the net income from sel... (Show entire answer)

I think that you need to ask a Question first, such as what will you do with the net income from selling off your business, or are there disability issues related to your wife's inability to work any longer. I'm retired. So at my age, (I'll turn 70 this year), that means that I'm encountering end-of-life issues among my friends, which -- trust me -- are very challenging. But that probably isn't one of your concerns at this time.

I believe that the starting age for drawing Social Security Retirement Benefits is 62 plus x number ... (Show entire answer)

I believe that the starting age for drawing Social Security Retirement Benefits is 62 plus x number of months depending upon your birth date. But the BEST suggestion that I can offer, (and the one that I've used to find answers to my own Social Security questions), is to make an appointment to visit with your local Social Security Office to get detailed answers and explanations to your questions. Since you will be making an appointment by phone with Social Security, they will ask you what this is in reference to, and at that point you can start to explain your question(s). The Social Security representative will tell you what you need to bring with you to the appointment, unless, of course, your question can be answered to your satisfaction on the phone. Good luck.

Before I retired, for the third and last time, I think, I used to use CE Weekly, (as in Contract Eng... (Show entire answer)

Before I retired, for the third and last time, I think, I used to use CE Weekly, (as in Contract Engineering Weekly), with very good success. Their website http://www.ceweekly.com/ is very useful to folks new to the contract field as well as to veteran contract engineers and technical personnel -- which covers everything from technical writers to planners, engineers, technicians, buyers, etc., etc. I highly recommend ceweekly.com as a starting place for your job search. Good luck.

The fact that your father-in-law is still living in his/their house should be reflected in their div... (Show entire answer)

The fact that your father-in-law is still living in his/their house should be reflected in their divorce settlement. What are the conditions that allow him to maintain his residence there? Apparently, from you question, your father-in-law cannot afford the living expenses associated with living in the house. One option is that, if he has an extra bedroom, that he rent that out to gain some extra income and perhaps some help in maintaining the house. Since your father-in-law is in his 80's, he might want to consider putting the house on the market, and then splitting the proceeds of the sale with his ex-wife. Many parts of the country are in a falling real estate market. The two options are sell now. Or wait for the market to recover.

My understanding is that a reverse mortgage is based upon the property value of your home. In many ... (Show entire answer)

My understanding is that a reverse mortgage is based upon the property value of your home. In many areas, those property values are falling. My suggestion is that you visit your local savings bank or regular commercial bank and discuss your question with them. The issue, of course, is whether you can comfortably repay the loan that you take out. These days, banks are more careful about determining how credit worthy is the applicant. And they adjust the interest rate accordingly. In other words, the banks will increase the interest rate as the Credit Score of the applicant goes down.

You can start to receive Social Security Retirement Benefits at age 62 and 1 month in 2010. You c... (Show entire answer)

You can start to receive Social Security Retirement Benefits at age 62 and 1 month in 2010. You can receive full Social Security Retirement Benefits at age 70 in 2017. But you may want to go on line at ssa.gov to verify the my answer.

Social Security sends a Medicare Initial Enrollement package, (containing information about Medicare... (Show entire answer)

Social Security sends a Medicare Initial Enrollement package, (containing information about Medicare, a questionnaire, and the red-white-and-blue Medicare card), about three months before a person's 65th birthday. If you wait until your retirement age of 65 -- plus the appropriate number of months based upon your birth date -- to sign up for full Social Security or Railroad Retirement benefits, you will NOT receive a notice of your eligibility for Medicare at age 65. You report that you had not received your Medicare Part B card about three weeks after you had applied, but you make no mention of Part A. If you haven't received your Medicare Part A and Part B card by now, my suggestion is that you make an appointment with your local Social Security Office to get an update. You can also do this by phone or by using the Internet. But my personal preference, since I'm retired and have the time, is usually face-to-face.

If your husband is receiving Disability, my understanding is that there will NOT be a reduction in Y... (Show entire answer)

If your husband is receiving Disability, my understanding is that there will NOT be a reduction in YOUR Social Security Retirement Benefits. However, if your husband is receiving Disability THROUGH Social Security, then that is called Dual Entitlements, and my understanding is that there WILL be a reduction in the combined Social Security Retirement and Disability Benefits. Your best bet is to call your local Social Security Office and make an appointment to discuss the specifics of your situation with them. Bring some identification with your photo and with your current address, and any other documentation that you think might help the Social Security Representative to understand your issue and to give you a considered response. You can also go on the Internet and enter http://www.ssa.gov/ to read up on information that might help you. If you are hesitant, bring along a friend who you think might be able to help you explain your situation to Social Security. It's best make an appointment for the middle of the week and not for the beginning or the end of the month.

from http://taxguide.completetax.com/text/Q15_3110.asp "The Self-Employment Contributions Act (SE... (Show entire answer)

from http://taxguide.completetax.com/text/Q15_3110.asp "The Self-Employment Contributions Act (SECA) tax is basically the business owner's version of the FICA tax that employees pay. Like FICA, it is made up of your "contributions" to both the Social Security and Medicare programs. "However, the basic tax rate for the self-employed under SECA is 15.30 percent - twice the 7.65 percent rate that employees must pay on their paychecks as FICA tax - to reflect the fact that employees pay one-half the FICA tax and employers pay the other half. "What income counts? "For starters, you don't have to worry about paying the SECA tax at all if your total business income, from all Schedule Cs combined and from any partnership or S corporation income that is treated as self-employment income, is less than $400. "But if your total income is $400 or more, you must file a Schedule SE and pay SECA tax on your entire net business income, including the first $400. "If you are filing jointly and your spouse also files one or more Schedule Cs, each spouse must count his or her own income separately." In short, there is no "social security loop hole". As an Employee, your Employer paid his/her half of the Social Security tax, and you paid your half. Now, as Self-employed, the IRS views you as both the Employer and Employee and you must therefore pay both sides of the tax. Otherwise, when it came time to collect Social Security Retirement Benefits, you would have paid 50 percent less then Employees and Employers who together paid the whole tax. On the other hand, most of us want to receive the whole Social Security Retirement Benefit -- and to afford that, the IRS requires that you pay both Employer and Employee taxes. I used to work for myself. In terms of Benefits, Social Security Benefits are the BEST retirement pension and medical insurance deal -- and are well worth the premium that we pay. Private Insurance coverage, as you know, would cost you a lot more and would provide much more restrictive benefits -- since the primary objective of Private Enterprise, including the Insurance Industry, is to make as much Income and Profits as possible.

Before I retired, I worked from time to time as a Contract Engineer. The pay was better than what I... (Show entire answer)

Before I retired, I worked from time to time as a Contract Engineer. The pay was better than what I received as a Direct Employee, though there were no "Benefits" except for some holiday and vacation pay which varied depending upon the contract. While I don't know what your area of expertise is, I know that the Contract Employment field now covers the whole range of Direct Employment. To get started in learning about this, I recommend visiting http://www.ceweekly.wa.com/. There is a subset titled Job Hunting Tutorials that gives a good explanation and description of the Contract Job world. I used it for years and it helped me to find work that I wanted and that paid very well. I would also google Contract Employment and browse the listed websites. Your objective is to gain some information and familiarity with Contract work -- sufficient so that (1) your resume can reflect what Contract Agencies and Employers look for, and (2) it prepares you for your phoning some of the Contract Employment firms. You need to be aware that the work may not always be local. On the other hand, you can expense on your taxes ALL your living expenses. Finally, you can email me at leochen24551@yahoo.com if you have further questions. Good luck.

I read your post with interest. My 88 year old mother lives in a nice condominium near an upscale m... (Show entire answer)

I read your post with interest. My 88 year old mother lives in a nice condominium near an upscale market. She used to walk the half mile to the market, but she can't any longer. So she uses a cab. She does use a walker now to get around. As an aside, it's been my observation that women are much more determined then men to walk. I live in my single level house, (though it also has a walk out finished lower level since it is sited on a sloping lot). By car, the local supermarket is 1.1 miles from my house. Though I'm perfectly capable of walking that distance, (even though its hilly), I choose not to. I could argue that the lack of sidewalks makes the walk more difficult, but I know that is an excuse. It helps me though to observe that no one else walks to the market either!

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