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Financial Planning / Tax Strategies


Subject:  Re: FairTax Date:  1/24/2013  8:21 AM
Author:  JeanDavid Number:  117520 of 127613

Much of the populate might respond by saying, "So what? They're rich! They can afford it!" But the real problem with the FairTax is with people of modest means that are approaching their retirement goals. (Like me.) You're asking us to give up our goals and retire much, much later. Worse, people that have just entered their retirement years would have to either scale back their spending drastically or they'd need to go back to work.

I am already retired, and my spendthrift friends who have borrowed out all the equity in their houses and have no other money saved think I am rich. My view is that what I have saved has to last perhaps 26 more years, and the inflation sure to result from quantitative easing and other money printing is sure to bite me sooner or later.

As far as the option of going back to work is concerned, the company I worked for for 25 years no longer exists, though it lasted over 100 years. The company I worked for before that is gone. As is the company I worked for most recently.

Those who think I could go back to work are kidding themselves. I am 74 now. Ever heard of age discrimination? Sure it is illegal. So what? And even without that, almost all the jobs I can do either are no longer done, or at least, are no longer done in this country. I am not eager to move to India or The People's Democratic Republic of China, if they would even have me. People in more need of jobs that I currently am are already having an almost impossible time getting one. And those jobs mostly do not pay enough to live on.
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