Recent data show economy slowing -- sharply

[noonwitch]

Things are really scary for retirement age folks. A 60 year old wrote a letter to the editor of the lib rag, the St Louis Post-Disptach the other day. He was objecting to the latest idea of our pols. The Fair Tax being proposed here (they're trying to put it on the ballot in November) will eliminate the state 6% income tax.

The problem is that the government never gives anyone an even break. They're proposing additional sales taxes on everything, including the purchase of homes, which have never been taxed before. :eek:

The gentleman objected to paying state income tax (6%) during his entire career, now being taxed when he wants to buy a different house, plus a myriad of other things. It's a nightmare for the regular folks.

Gotta love those pols!

A couple of people at my office, who have 30+ years of service and are in their early 60s, postponed their planned retirements. They were both supposed to retire at the end of March, one is now saying October, and the other is saying it's indefinite.

I'm eligible for retirement in 10 years, when I reach 55. I'll have 33 years of service at that point. I'm hoping I will be able to afford to retire from this job, and take a lower-paying job at that point, because my pension is supposed to be able to supplement whatever I make at the new job. We'll see. I don't want to work here until I reach social security age (68, for me), unless I can get an easier job. I don't want to be in my 60s and still having to go to homes in poor repair, chasing runaway teenagers across town, etc. But I could sit at a phone and take CPS referrals until the day I forget how to work phones.

But my goal is to get an MA in pastoral counseling, and work for a Detroit-based ministry of some sort after I retire from Children's Services, maybe one that emphasizes family therapy. I've found the school, I just need to find a way to pay for it!

[lacarnut]

A couple of people at my office, who have 30+ years of service and are in their early 60s, postponed their planned retirements. They were both supposed to retire at the end of March, one is now saying October, and the other is saying it's indefinite.

I'm eligible for retirement in 10 years, when I reach 55. I'll have 33 years of service at that point. I'm hoping I will be able to afford to retire from this job, and take a lower-paying job at that point, because my pension is supposed to be able to supplement whatever I make at the new job. We'll see. I don't want to work here until I reach social security age (68, for me), unless I can get an easier job. I don't want to be in my 60s and still having to go to homes in poor repair, chasing runaway teenagers across town, etc. But I could sit at a phone and take CPS referrals until the day I forget how to work phones.

But my goal is to get an MA in pastoral counseling, and work for a Detroit-based ministry of some sort after I retire from Children's Services, maybe one that emphasizes family therapy. I've found the school, I just need to find a way to pay for it!

I am retired and not knowing if I could make it on my retirement and SS was kinda scary. If your house is paid off, have a good car and no debt, you can make it on 70 to 80 per cent retirement income. However, you can not go hog wild buying stuff and traveling unless you have a nice nest egg built up in savings. You just have to sit down and figure up what your expenses including budgeting for unforeseen things like home repairs and car repairs are. Subtract your expenses less your income. With no debt you can live on less than what you are probably making now. Civil service employee in LA can retire at 75% with 30 years of service. Many people think you have millions to retire which is bs. I have more disposable income now than when I was working because I don't go out to eat 5 days a week, save on gas, clothing expense is way down and no debt. Also, your federal and state taxes will go down.

[fettpett]

Yeah, I was a little confused by SLW's post, too. I thought I understood the Fair Tax..........I'm kinda new here - No, I'm actually REAL new - and haven't noticed a Fair Tax discussion going on. Can you guide me?

Also. They're trying to get it on a November ballot??!! Man, I just don't see this good, fair, tax law being passed by this congress. And I sure as hell don't want it defeated and then stained with past defeat. Better, I say, to wait until victory is within sight, and for right now I don't think it is.

I haven't seen any Fair Tax posts either since i Joined. However what she was talking about was that in Missouri they are trying to get it on the Nov ballot and someone misinformed fool was bitching about it in the paper.

as far as how it's suppose to work is that if you buy something that costs $100, $20 is tax all rolled into the price at the register. No going up to the checkout expecting to pay 100 bucks and end up spending 120 because of sales tax, etc (just generalizing i know there isn't 20% sales tax). How this affects everything is to bring down costs on the back end. with no Income taxes or business taxes, companies wont have to increase prices to compensate for the taxes. thats a general idea of how it works. there is more to the details.