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Honored Contributor
millieshops
Posts: 16,597
Registered: ‎03-09-2010

Re: Social Security question

‎11-03-2014 12:16 PM

Desertdi- It was that word "penalty" that made me think what I did. Sorry if I misinterpreted you.

I certainly can't say I love taxes, but I see them as a necessity, not a penalty.

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Honored Contributor
Desertdi
Posts: 23,914
Registered: ‎03-13-2010

Re: Social Security question

‎11-03-2014 12:34 PM

On 11/3/2014 millieshops said:

Desertdi- It was that word "penalty" that made me think what I did. Sorry if I misinterpreted you.

I certainly can't say I love taxes, but I see them as a necessity, not a penalty.

Sorry for the misunderstanding. I began investing from my first-ever paycheck, at my father's insistence. As a result, I have some retirement income -- however, I am being taxed on that income for a second time. And, therefore, still contributing to the government "pot"..... I don't consider it a hardship. I do find it an oddity that people who have tried to save money, get taxed twice. Please understand, I am talking about individuals here -- NOT billion dollar corporations who seem to skate by...........

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Honored Contributor
tansy
Posts: 17,001
Registered: ‎01-02-2011

Re: Social Security question

‎11-03-2014 01:32 PM

On 11/3/2014 millieshops said:

Desertdi- It was that word "penalty" that made me think what I did. Sorry if I misinterpreted you.

I certainly can't say I love taxes, but I see them as a necessity, not a penalty.

When I used the word penalty, I meant there would be no reduction in the benefit.
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Honored Contributor
151949
Posts: 25,929
Registered: ‎03-09-2010

Re: Social Security question

‎11-03-2014 03:15 PM

On 11/3/2014 Desertdi said:
On 11/3/2014 millieshops said:
On 11/3/2014 Desertdi said:
On 11/3/2014 tansy said:
On 11/2/2014 annabellethecat said:

No, my husband was an investor. He did very well. When he died I sold some of our houses, land, etc and an investment company handles it.

I get 18% interest from that each year. I also own other properties, etc. So the investments give me a good income. This income is too much money right now to claim my late husband's social security.

Had he not worked so hard, I wouldn't even bother with it. But he worked very hard and paid into it. I donate a lot of money to charity so I'm not the least bit guilty.

That's what I mean about not locking into an amount.

If you are at your full retirement age, you can collect your husband's SS benefit with no penalty.

Uh......."no penalty" except for federal, state and local income taxes.............

So you'd give up the military, Social Security and Medicare, schools, roads, police, etc. -- all of which our taxes support?

WHAT?????? I gladly pay my taxes to live in this glorious country. You are reading something into this that I did not say...........

When you call taxes a penalty it definitely has a negative tone.

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Honored Contributor
151949
Posts: 25,929
Registered: ‎03-09-2010

Re: Social Security question

‎11-03-2014 03:17 PM

On 11/3/2014 Desertdi said:
On 11/3/2014 millieshops said:

Desertdi- It was that word "penalty" that made me think what I did. Sorry if I misinterpreted you.

I certainly can't say I love taxes, but I see them as a necessity, not a penalty.

Sorry for the misunderstanding. I began investing from my first-ever paycheck, at my father's insistence. As a result, I have some retirement income -- however, I am being taxed on that income for a second time. And, therefore, still contributing to the government "pot"..... I don't consider it a hardship. I do find it an oddity that people who have tried to save money, get taxed twice. Please understand, I am talking about individuals here -- NOT billion dollar corporations who seem to skate by...........

you can't get taxed on the same income twice. - how do you perceive that is happening?

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Esteemed Contributor
ccassaday
Posts: 7,449
Registered: ‎10-21-2010

Re: Social Security question

‎11-03-2014 03:26 PM

You cant be taxed twice. When you put money into an investment it is not taxed until you take it out.
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Honored Contributor
Desertdi
Posts: 23,914
Registered: ‎03-13-2010

Re: Social Security question

‎11-03-2014 04:19 PM

On 11/3/2014 ccassaday said: You cant be taxed twice. When you put money into an investment it is not taxed until you take it out.

I was referring to the stock market...........

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Honored Contributor
Desertdi
Posts: 23,914
Registered: ‎03-13-2010

Re: Social Security question

‎11-03-2014 04:20 PM

On 11/3/2014 happy housewife said:
On 11/3/2014 Desertdi said:
On 11/3/2014 millieshops said:

Desertdi- It was that word "penalty" that made me think what I did. Sorry if I misinterpreted you.

I certainly can't say I love taxes, but I see them as a necessity, not a penalty.

Sorry for the misunderstanding. I began investing from my first-ever paycheck, at my father's insistence. As a result, I have some retirement income -- however, I am being taxed on that income for a second time. And, therefore, still contributing to the government "pot"..... I don't consider it a hardship. I do find it an oddity that people who have tried to save money, get taxed twice. Please understand, I am talking about individuals here -- NOT billion dollar corporations who seem to skate by...........

you can't get taxed on the same income twice. - how do you perceive that is happening?

I was referring to investments in the stock market. You most certainly are taxed on your dividends.

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Honored Contributor
151949
Posts: 25,929
Registered: ‎03-09-2010

Re: Social Security question

‎11-03-2014 05:30 PM

On 11/3/2014 Desertdi said:
On 11/3/2014 happy housewife said:
On 11/3/2014 Desertdi said:
On 11/3/2014 millieshops said:

Desertdi- It was that word "penalty" that made me think what I did. Sorry if I misinterpreted you.

I certainly can't say I love taxes, but I see them as a necessity, not a penalty.

Sorry for the misunderstanding. I began investing from my first-ever paycheck, at my father's insistence. As a result, I have some retirement income -- however, I am being taxed on that income for a second time. And, therefore, still contributing to the government "pot"..... I don't consider it a hardship. I do find it an oddity that people who have tried to save money, get taxed twice. Please understand, I am talking about individuals here -- NOT billion dollar corporations who seem to skate by...........

you can't get taxed on the same income twice. - how do you perceive that is happening?

I was referring to investments in the stock market. You most certainly are taxed on your dividends.

Dividends are an earning so yes, they are taxed , but not the money that was invested originally.

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Honored Contributor
Desertdi
Posts: 23,914
Registered: ‎03-13-2010

Re: Social Security question

‎11-03-2014 05:35 PM

On 11/3/2014 happy housewife said:
On 11/3/2014 Desertdi said:
On 11/3/2014 happy housewife said:
On 11/3/2014 Desertdi said:
On 11/3/2014 millieshops said:

Desertdi- It was that word "penalty" that made me think what I did. Sorry if I misinterpreted you.

I certainly can't say I love taxes, but I see them as a necessity, not a penalty.

Sorry for the misunderstanding. I began investing from my first-ever paycheck, at my father's insistence. As a result, I have some retirement income -- however, I am being taxed on that income for a second time. And, therefore, still contributing to the government "pot"..... I don't consider it a hardship. I do find it an oddity that people who have tried to save money, get taxed twice. Please understand, I am talking about individuals here -- NOT billion dollar corporations who seem to skate by...........

you can't get taxed on the same income twice. - how do you perceive that is happening?

I was referring to investments in the stock market. You most certainly are taxed on your dividends.

Dividends are an earning so yes, they are taxed , but not the money that was invested originally.

There's also the "small matter" of capital gains tax............

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