The Motley Fool Discussion Boards

Previous Page

Politics & Current Events / Retire Early CampFIRE

URL:  http://boards.fool.com/quotas-a-re-person-i-presume-you-have-a-decent-30369476.aspx

Subject:  Re: The Change is Complete Date:  11/8/2012  1:05 PM
Author:  straitarrow Number:  653829 of 875606

"As a RE person, I presume you have a decent nest egg. With the way wealth is being demonized in this country, it's not hard to imagine the growing 'entitlement' mentality to grow to the point where someone with 1 mil nest egg (only 40k per year) as a rich sob that needs to be hit with a wealth tax.....
"RE people will be a target because of their investments. It will start slow...but it will happen. Taxing the super rich is not enough. 1 million sounds awful good to the average Joe living on 25k of ss or a minority sucking off the system."decath




Excellent point...and very worrisome too!

There are many over 70 or 80 who are retired with no debts, 1 mil or a bit over saved some in stocks and some in CD's or M/M, adult children who hope for a future like their parents.
These typical middle class parents live frugally but comfortable .... planning to will their hard won estate and paid off home to their kids. (BTW, Kids will have few of retirement benefits enjoyed by parents)

Now comes "The Change" which could upset their lifetime of work and planning! Possible Tax law changes on Cap Gains, Estate tax (Fed & State), Stock Market plummet, certain inflation already in process, possible nursing home and med costs, and who knows what else is in store.

Is there an answer?
Max gifting of savings where possible?
Sell stock and take a big hit? (compared to cost basis change at death)
Take a chance on the politicians and the future?

Many want to know!
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us