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Author: arthurpb Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19218  
Subject: Gurdison/TMF Cookie - Thanks! Date: 2/23/2001 1:23 PM
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Referencing my post #6287, thank you for your reply. In 1994 invested the max ($2500) in an IRA that lost most of my gains over the years, but I have some capital gains from a house sale of about $50000. Invested in stocks, lost about a third of that last year. Indeed, my SS is $423/mo....... a self-employed individual is totally screwed when it comes to retirement. Doesn't look very good, does it?
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Author: billjam Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 6293 of 19218
Subject: Re: Gurdison/TMF Cookie - Thanks! Date: 2/23/2001 4:37 PM
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<<<Indeed, my SS is $423/mo.......>>>

I find this hard to believe unless you were barely making a living all those years. My father was self-employed and received SS over three times this amount. However your story reminds me of an uncle who was also self-employed. He owned a grocery store and fed his family very, very well. Everyone knew he wasn't reporting all the groceries as income. Also he often bartered groceries for goods and services from other merchants, the missing inventory further reducing his taxable income. Never got caught by IRS but the low reported income sure cut his SS. I love the guy but I can't feel sorry for him. He did it to himself.


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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 6294 of 19218
Subject: Re: Gurdison/TMF Cookie - Thanks! Date: 2/23/2001 5:13 PM
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Billjam writes:

<<<Indeed, my SS is $423/mo.......>>>

I find this hard to believe unless you were barely making a living all those years.


Yeah, it is hard to fathom this one. Here's what the SSA shows as benefit examples for those who considered as workers with low earnings. Low earnings is defined as 45 percent of the national average wage.

http://www.ssa.gov/OACT/COLA/exampleLow.html

Looking at those SSA benefit numbers, one has to believe the writer who started this thread either failed to report one heck of a lot of income or really had a substandard job.

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Author: gurdison Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 6303 of 19218
Subject: Re: Gurdison/TMF Cookie - Thanks! Date: 2/25/2001 3:58 PM
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<your story reminds me of an uncle who was also self-employed. He owned a grocery store and fed his family very, very well. Everyone knew he wasn't reporting all the groceries as income. Also he often bartered groceries for goods and services from other merchants, the missing inventory further reducing his taxable income. Never got caught by IRS but the low reported income sure cut his SS.>


I have also heard enough stories of those with cash businesses somehow not earning as much "income" as you would think they would. I tried to give the original poster the benefit of the doubt, but your explanation is very plausible. Most businesses that could not regularly turn a decent profit would not get the chance to be around for over 25 years.

A lot of times when we respond to a posters questions, we do not know enough of the details to be really helpful. Sometimes they get into a bad spot due to bad luck, a family illness or a downturn in the economy. Other times it is due to their own mistakes. Obviously, if more information is provided, a better, fuller answer can be given.


BRG

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