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Correct, David. I retired early and get my increase annually. (and, no, I am not telling you my age)
[quote=”DavidCMurray”][quote=”jmcbuilder”]It takes 12 years from taking SS at 62 before there is a wash from taking at full retirement age. To me it seems taking early is a better way to go. Also there is the devaluation of the dollar that seems to be a long term trend.[/quote]
I don’t know about the long term devaluation of the dollar, but it seems to me to make sense for a lot of folks to take the money as soon as possible. First, it’s a bird in the hand. You’re guaranteed to have it. Second, what if you postpone your payout ’til (say) age 67 and die at age 68?
[/quote]Remember SS was designed with a life expectancy of only collecting 6 months of pension at retirement, not tens of years. Someone goofed.:D
[quote=”DavidCMurray”]So you’re saying that folks should only apply for their Old Age benefit when they enter hospice?
[/quote]No, not at all. I’m saying the government model was flawed, what else have they missed, if they even read their legislation. ” We have to pass the bill to know what’s in it” Nancy P.
Early social security is a no-brainer considering the state of the world economy and the dollar. I am curious as to what is going to happen to all of those expats who rely only on social security benefits and/or government pensions when those programs go bust. What will the Costa Rican government do with destitute pensionados(if anything)?
[quote=”sprite”]Early social security is a no-brainer considering the state of the world economy and the dollar. I am curious as to what is going to happen to all of those expats who rely only on social security benefits and/or government pensions when those programs go bust. What will the Costa Rican government do with destitute pensionados(if anything)?[/quote]
Should the US dollar collapse, the world economy would follow. I think that living in Costa Rica would be a much more pleasant experience than in most places in the world. You would probably be comfortable enough and people I think would join together to help each other. Unlike the trying times the States would endure.
This is what I think, and by the way, this has been a most excellent thread as it applies to all of us. As I’m going to be 64 this coming July I will be heading to the local social security office soon. A lot of you already know the condition of our Dollar, and agree that it’s on its last legs.
We have an enormous debt with China and the Chinese are not dumb. They realize they are holding a lot of depreciating Dollars and that’s why they are buying gold, as well as natural resources throughout the world. They are buying a lot of the good old USA as well. Sort of like reverse colonialism, if you know what I mean. I think the US government is going to default vis a vis China. nd this with Chinese support. We are about to take a hit in that our mighty Dollar will be devalued. We might even become the modern day coolies. Oh, things will not change, we will still get our money, it’s just that you will have to pay more for things that are more costly, including food.
I think the Fed has had it and will be replaced by something new, still controlled by the money power, and we will go back to a gold standard. Some of us that bought into the metals will get away like bandits, and most like I said before, will lose more than half their savings due to devaluation.
But as Paul Craig Roberts said, you’ll walk into Walmart and think that you are inside Neiman Marcus!
By the way, have you noticed that gold and silver have gone down? It’s the big white shoe boyz manipulating the metals to have some dummies panic sell. They want that gold! They don’t want us to have that gold and silver. In the meantime, if it goes down even more, the more I will buy. You should too.[quote=”johnnyh”]This is what I think, and by the way, this has been a most excellent thread as it applies to all of us. As I’m going to be 64 this coming July I will be heading to the local social security office soon. A lot of you already know the condition of our Dollar, and agree that it’s on its last legs.
We have an enormous debt with China and the Chinese are not dumb. They realize they are holding a lot of depreciating Dollars and that’s why they are buying gold, as well as natural resources throughout the world. They are buying a lot of the good old USA as well. Sort of like reverse colonialism, if you know what I mean. I think the US government is going to default vis a vis China. nd this with Chinese support. We are about to take a hit in that our mighty Dollar will be devalued. We might even become the modern day coolies. Oh, things will not change, we will still get our money, it’s just that you will have to pay more for things that are more costly, including food.
I think the Fed has had it and will be replaced by something new, still controlled by the money power, and we will go back to a gold standard. Some of us that bought into the metals will get away like bandits, and most like I said before, will lose more than half their savings due to devaluation.
But as Paul Craig Roberts said, you’ll walk into Walmart and think that you are inside Neiman Marcus!
By the way, have you noticed that gold and silver have gone down? It’s the big white shoe boyz manipulating the metals to have some dummies panic sell. They want that gold! They don’t want us to have that gold and silver. In the meantime, if it goes down even more, the more I will buy. You should too.
[/quote]Some years ago the Japanese were buying golf courses in California and Pebble Beach was one of them. They paid around 700 million and several years later sold out for around 500 million. The point is that they could not take their property from the US and certainly paid taxes. The Chinese would find the same problem. If the US government wanted to stop them they would create a barrier or a moratorium to stop them, so it looks like they own worthless paper like the rest of us.
All money is, is a way to store human effort that can be exchanged between parties as long as both parties agree on it’s worth. This includes gold and other metals. I’m not convinced of it having any value anymore than fiat currency’s. Does gold really have a place in modern times? You notice how it can be manipulated with the movement of the dollar.Metals, thus gold, have value due to industrial use. They also have ornamental use. Either way, the chance of them having zero value is small.
This is A great optic, sure, I can see their view. I also am aware of another thing the government could scrutinize long before it scrutinizes its Natural born citizens that worked all their lives to have that social security?
Why doesn’t the Divided States go after this money? They could shut down all money, bank, wire transfer systems and make taking anything across the border illegal.
To demonized someone for trying to live A less burdensome life in A much more peaceful place, folks who’ve worked, taught students, fought as soldiers, choosing to enact that freedom they earned, are now vilified?
I find this despicable. They’ve given amnesty, look the other way when they give pre natal care to an illegal, that the money cold be better spent on our homeless and military, they look the other way when they live 10 deep and impact services, water, sewage, school overcrowding and classroom translators, taking jobs for bare bones, and now, they send BILLIONS back.
I with go after the real funneling of funds. Illegally obtained, anything an illegal does in the states. From walking outside to going to work, to sending money home, it is an illegal act until they apply for residency. I. In the process of doing it here. What entitles them? ( other than A president/congress/war machine that lavishes in the unclaimed taxes google that)
Here’s the first paragraph in an article about the Billions sent back to other countries by illegal immigrants.Many immigrants send remittances to their family left behind in their native countries. For some individuals, it is necessary to send money to relatives remaining in their home countries, in order to either help supplement their income, or to provide their only source of income. Immigrants who have recently arrived in the United States tend to send money home often, despite earning relatively low wages. However, the longer an immigrant resides in the United States, the more money they tend to send to family back home. For example, recent immigrants tend to send $200 or $300 home on a monthly basis. Individuals who have been in the United States longer and are better off financially tend to send money less often but in larger amounts. It is estimated that worldwide remittances amount to more than $126 billion. Remittances have become a considerable force in the economy of many countries. Among the countries that receive the most in remittances are Mexico, the Philippines and India. Last year Mexico received more than $17 billion in remittances. The amount of remittances in Mexico exceeds the amount of foreign direct investment in the country. This is not surprising given that a significant portion of Hispanics in the United States are of Mexican descent. Other Latin American countries like El Salvador are popular destinations for remittances. In 2005 approximately $2.5 billion was sent to El Salvador. The amount represented more than 13% of El Salvador’s GDP, or gross domestic product. It is estimated that Latin Americans residing in the United States send $30 billion dollars to their native countries.
[quote=”VictoriaLST”]Metals, thus gold, have value due to industrial use. They also have ornamental use. Either way, the chance of them having zero value is small.[/quote]
Gold having no value is perhaps a poor choice of words, as far as industrial use gold has a very small part to play or there are alternatives to that metal. Sliver has far more industrial value. I’m not sure betting a retirement on metals because it’s pretty is a wise strategy. I’m not at odds with gold , just trying to understand it’s true value.
[quote=”VictoriaLST”]Metals, thus gold, have value due to industrial use. They also have ornamental use. Either way, the chance of them having zero value is small.[/quote]
You’ve made the above assertion before, Victoria, so let me just ask . . .
Let’s assume that the U.S.’ and the rest of the world’s economies go completely into the toilet. No form of currency is worth the material it’s made of, but you, and some “farsighted” others, have hoarded precious metals. You actually have physical possession of them.
Unable to exchange your currency for the necessities of life, how will you determine what your precious metals will buy? Just what will be the exchange rate between (say) a pound of flour and your gold? What about a pound of chicken? Or a gallon of gas? How will those exchange rates be determined and by whom?
And, with everyone, yourself included, in desperate straits to survive, and with the economy not producing the necessities of life, will your first priorities be to buy a new laptop, a pound of gold jewelry, or food? If the answer is “food”, then you’ll be in the majority in which case the [u]practical[/u] value of those precious metals will be pretty small, won’t it? Who among us will be skipping food, living in the cold and dark, and going barefoot in order to buy those new iPads that uses those precious metals you have in a practical way, and who will be buying all the gold neck chains?
Will you opt to be pretty, connected, or fed? If enough of us answer “fed”, then the demand for your precious metals will drop to virtually zero.
[quote=”DavidCMurray”][quote=”VictoriaLST”]Metals, thus gold, have value due to industrial use. They also have ornamental use. Either way, the chance of them having zero value is small.[/quote]
You’ve made the above assertion before, Victoria, so let me just ask . . .
Let’s assume that the U.S. and the rest of the world’s economies go completely into the toilet. No form of currency is worth the material it’s made of, but you, and some “farsighted” others, have hoarded precious metals. You actually have physical possession of them.
Unable to exchange your currency for the necessities of life, how will you determine what your precious metals will buy? Just what will be the exchange rate between (say) a pound of flour and your gold? What about a pound of chicken? Or a gallon of gas? How will those exchange rates be determined and by whom?
And, with everyone, yourself included, in desperate straits to survive, and with the economy not producing the necessities of life, will your first priorities be to buy a new laptop, a pound of gold jewelry, or food? If the answer is “food”, then you’ll be in the majority in which case the [u]practical[/u] value of those precious metals will be pretty small, won’t it? Who among us will be skipping food, living in the cold and dark, and going barefoot in order to buy those new iPads that uses those precious metals you have in a practical way, and who will be buying all the gold neck chains?
Will you opt to be pretty, connected, or fed? If enough of us answer “fed”, then the demand for your precious metals will drop to virtually zero.
[/quote]
The gold market has all the characteristics of the stock market. It’s just another game. A game that perhaps you don’t wish to risk a lifetimes earnings in. Lets face the fact that we are not in control but rather hedge funds or governments are. The tired line that gold has always been money may not be true. You don’t need the world to come apart to loose with gold. You sure don’t want to be the last holding Tulip bulbs when the pullback comes.
[quote=”jmcbuilder”] You sure don’t want to be the last holding Tulip bulbs when the pullback comes.[/quote]
Ain’t that the truth!
Seems to me, in my addled way, that those holding whatever we need (like food) will be selling it for what they know holds value in the recovery (like metals).
Yes, there will be a recovery. Civilizations rise and fall. The ‘survivors’ regroup, usually at a slightly higher level, and go on. Trade routes reopen. Salt and spices trade for…..well, gold. An ounce of pepper used to be worth an ounce of gold. But you know all this David.
Personally, I like land. They just don’t make it like they used to. 😀
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