How much annual budget do you need to feel comfortable in retirement?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:Depends on what style you are accustomed to. I don't understand the point of these posts. They aren't too valuable unless your question is what the minimum is for people to retire and what is needed for basic life, and addition of what budget can buy nicer things. There is always a floor.. There are basic needs people have to meet to survive (shelter, food, healthcare, and for elderly - also some assistance).

But there is no ceiling to luxury spending. People get mad when someone says how they need 7 figures passive income to enjoy themselves in retirement, but it can easily be spent by people with very high spending habits wanting luxury lifestyle, multiple homes, paying grandkids private schools and homes for the kids who aren't well off, travel, charity donations, pricey personal healthcare, etc. Some also want to leave sizeable wealth to their descendants and that's their goal in retirement. I think it would help to separate these goals that go beyond "comfortable in retirement" that tend to get blood boiling for majority of population that doesn't have 8 figure NW

Mostly because we think you should be paying more in taxes.

All of our income is taxed at over 50% when you include federal, state, fica, etc


Even cap gains are taxed at 22 fed and 7% state.

So nope we don't need to pay more taxes.
I don't hide money anywhere or have a way to protect it from taxes.

I don’t see how anyone’s income could be taxed at more than 50%. I mean my take home is less than 50% of what I earn but that is bc it includes retirement contributions and health insurance.

Because if you are earning $1.5M+ as W2 income, anything over ~$512K is taxed at 37-39%+, FICA is 7.5% (on lower amounts), medicare is 1.45%, state is ~10%. Earn higher and even higher percentage is taxed at those rates. So yes the "majority" is taxed at 45-50%+ quite easily.

That doesn’t add up, FICA is 6.2% up to $176,000 of income. Federal is 37% only after $626,000, income before that is taxed at lower rates. 10% is very high for a state tax rate, you should think about moving to a lower tax state. VA is 5.75%. I’d also be surprised if you didn’t have some income that’s not taxed, retirement contributions, health insurance premiums, etc.

Yes the lower is taxed lower. But if you have W2 income of well over 1M and any interest/dividend income is taxed as "income" you will have A LOT taxed at over 37% and your top state tax rate. at that point your "health insurance premiums" and your "retirement contributions" are really nothing in comparison. It's simple math. Yes the lower 500K is taxed less, obviously I get that. But my $1M+ in dividend/interest is also taxed as "income" along with my real income over ~$600K.

Point is, many of us with HHI are not "hiding from taxes" and certainly pay our fair share, we dont need to Pay more taxes.

Not sure why you think you don’t need to pay more in taxes. You are very very wealthy if you are earning 1M in dividends and 1.5M in salary.

Because we are already paying more than 90-95% of people. Happy to pay taxes, but when most is at 40-50%+, that is more than enough. tax businesses and close tax loopholes, but don't tell those who actually pay taxes to "pay more".

You are wealthier than 90-95% of people. You should pay more.

How do you not comprehend that we already are paying more than "most people" most of taxes are paid by the top 10%. The solution is not to tax us more, you need to tax businesses instead.

I've paid more in "state taxes" in a year than you likely have made in your lifetime. I don't get any more from my taxes than you do. Happy to pay at current rates, but no need to pay more.

BTW, I've always voted D for president despite voting against my own "interests", because I give a shit about others. But at some point, taxing the individuals more is not the solution Happy to pay my 40-50%+ on most of our income. but not more

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on what style you are accustomed to. I don't understand the point of these posts. They aren't too valuable unless your question is what the minimum is for people to retire and what is needed for basic life, and addition of what budget can buy nicer things. There is always a floor.. There are basic needs people have to meet to survive (shelter, food, healthcare, and for elderly - also some assistance).

But there is no ceiling to luxury spending. People get mad when someone says how they need 7 figures passive income to enjoy themselves in retirement, but it can easily be spent by people with very high spending habits wanting luxury lifestyle, multiple homes, paying grandkids private schools and homes for the kids who aren't well off, travel, charity donations, pricey personal healthcare, etc. Some also want to leave sizeable wealth to their descendants and that's their goal in retirement. I think it would help to separate these goals that go beyond "comfortable in retirement" that tend to get blood boiling for majority of population that doesn't have 8 figure NW

Mostly because we think you should be paying more in taxes.

All of our income is taxed at over 50% when you include federal, state, fica, etc


Even cap gains are taxed at 22 fed and 7% state.

So nope we don't need to pay more taxes.
I don't hide money anywhere or have a way to protect it from taxes.

I don’t see how anyone’s income could be taxed at more than 50%. I mean my take home is less than 50% of what I earn but that is bc it includes retirement contributions and health insurance.

Because if you are earning $1.5M+ as W2 income, anything over ~$512K is taxed at 37-39%+, FICA is 7.5% (on lower amounts), medicare is 1.45%, state is ~10%. Earn higher and even higher percentage is taxed at those rates. So yes the "majority" is taxed at 45-50%+ quite easily.

That doesn’t add up, FICA is 6.2% up to $176,000 of income. Federal is 37% only after $626,000, income before that is taxed at lower rates. 10% is very high for a state tax rate, you should think about moving to a lower tax state. VA is 5.75%. I’d also be surprised if you didn’t have some income that’s not taxed, retirement contributions, health insurance premiums, etc.

Yes the lower is taxed lower. But if you have W2 income of well over 1M and any interest/dividend income is taxed as "income" you will have A LOT taxed at over 37% and your top state tax rate. at that point your "health insurance premiums" and your "retirement contributions" are really nothing in comparison. It's simple math. Yes the lower 500K is taxed less, obviously I get that. But my $1M+ in dividend/interest is also taxed as "income" along with my real income over ~$600K.

Point is, many of us with HHI are not "hiding from taxes" and certainly pay our fair share, we dont need to Pay more taxes.

Not sure why you think you don’t need to pay more in taxes. You are very very wealthy if you are earning 1M in dividends and 1.5M in salary.

Because we are already paying more than 90-95% of people. Happy to pay taxes, but when most is at 40-50%+, that is more than enough. tax businesses and close tax loopholes, but don't tell those who actually pay taxes to "pay more".

You are wealthier than 90-95% of people. You should pay more.

How do you not comprehend that we already are paying more than "most people" most of taxes are paid by the top 10%. The solution is not to tax us more, you need to tax businesses instead.

I've paid more in "state taxes" in a year than you likely have made in your lifetime. I don't get any more from my taxes than you do. Happy to pay at current rates, but no need to pay more.

BTW, I've always voted D for president despite voting against my own "interests", because I give a shit about others. But at some point, taxing the individuals more is not the solution Happy to pay my 40-50%+ on most of our income. but not more

It’s already been pointed out that you are exaggerating how much you pay in taxes. In addition, you are in the top 1% so why aren’t you paying taxes to reflect that instead of the top 5-10%? I’m starting to think you are making things up.

[Anonymous]

We will have a pension of 200K. Not counting social security for DH (i have always been a sahm). Not counting around 2M in investments. House is worth around 700K. No mortgage. No college. Both kids married lavishly (200K-300K each) by us. No elderly cost. No SN kid cost. Will get medical insurance from work.

We don't count assets of gold, coins, inheritance. I hope to give my kids some money too after retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on what style you are accustomed to. I don't understand the point of these posts. They aren't too valuable unless your question is what the minimum is for people to retire and what is needed for basic life, and addition of what budget can buy nicer things. There is always a floor.. There are basic needs people have to meet to survive (shelter, food, healthcare, and for elderly - also some assistance).

But there is no ceiling to luxury spending. People get mad when someone says how they need 7 figures passive income to enjoy themselves in retirement, but it can easily be spent by people with very high spending habits wanting luxury lifestyle, multiple homes, paying grandkids private schools and homes for the kids who aren't well off, travel, charity donations, pricey personal healthcare, etc. Some also want to leave sizeable wealth to their descendants and that's their goal in retirement. I think it would help to separate these goals that go beyond "comfortable in retirement" that tend to get blood boiling for majority of population that doesn't have 8 figure NW

Mostly because we think you should be paying more in taxes.

All of our income is taxed at over 50% when you include federal, state, fica, etc


Even cap gains are taxed at 22 fed and 7% state.

So nope we don't need to pay more taxes.
I don't hide money anywhere or have a way to protect it from taxes.

I don’t see how anyone’s income could be taxed at more than 50%. I mean my take home is less than 50% of what I earn but that is bc it includes retirement contributions and health insurance.

Because if you are earning $1.5M+ as W2 income, anything over ~$512K is taxed at 37-39%+, FICA is 7.5% (on lower amounts), medicare is 1.45%, state is ~10%. Earn higher and even higher percentage is taxed at those rates. So yes the "majority" is taxed at 45-50%+ quite easily.

That doesn’t add up, FICA is 6.2% up to $176,000 of income. Federal is 37% only after $626,000, income before that is taxed at lower rates. 10% is very high for a state tax rate, you should think about moving to a lower tax state. VA is 5.75%. I’d also be surprised if you didn’t have some income that’s not taxed, retirement contributions, health insurance premiums, etc.

Yes the lower is taxed lower. But if you have W2 income of well over 1M and any interest/dividend income is taxed as "income" you will have A LOT taxed at over 37% and your top state tax rate. at that point your "health insurance premiums" and your "retirement contributions" are really nothing in comparison. It's simple math. Yes the lower 500K is taxed less, obviously I get that. But my $1M+ in dividend/interest is also taxed as "income" along with my real income over ~$600K.

Point is, many of us with HHI are not "hiding from taxes" and certainly pay our fair share, we dont need to Pay more taxes.

Not sure why you think you don’t need to pay more in taxes. You are very very wealthy if you are earning 1M in dividends and 1.5M in salary.

Because we are already paying more than 90-95% of people. Happy to pay taxes, but when most is at 40-50%+, that is more than enough. tax businesses and close tax loopholes, but don't tell those who actually pay taxes to "pay more".

You are wealthier than 90-95% of people. You should pay more.

How do you not comprehend that we already are paying more than "most people" most of taxes are paid by the top 10%. The solution is not to tax us more, you need to tax businesses instead.

I've paid more in "state taxes" in a year than you likely have made in your lifetime. I don't get any more from my taxes than you do. Happy to pay at current rates, but no need to pay more.

BTW, I've always voted D for president despite voting against my own "interests", because I give a shit about others. But at some point, taxing the individuals more is not the solution Happy to pay my 40-50%+ on most of our income. but not more

It’s already been pointed out that you are exaggerating how much you pay in taxes. In addition, you are in the top 1% so why aren’t you paying taxes to reflect that instead of the top 5-10%? I’m starting to think you are making things up.

Not exaggerating. Yes the first 500-600K is taxed less, but anything above that is at 37% federal along with medicare (1.8%) and state tax rate of 10%. So damn near at 50%. So sure 33% is taxed less, the other 67% is taxed approximately 50%. Simple math.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on what style you are accustomed to. I don't understand the point of these posts. They aren't too valuable unless your question is what the minimum is for people to retire and what is needed for basic life, and addition of what budget can buy nicer things. There is always a floor.. There are basic needs people have to meet to survive (shelter, food, healthcare, and for elderly - also some assistance).

But there is no ceiling to luxury spending. People get mad when someone says how they need 7 figures passive income to enjoy themselves in retirement, but it can easily be spent by people with very high spending habits wanting luxury lifestyle, multiple homes, paying grandkids private schools and homes for the kids who aren't well off, travel, charity donations, pricey personal healthcare, etc. Some also want to leave sizeable wealth to their descendants and that's their goal in retirement. I think it would help to separate these goals that go beyond "comfortable in retirement" that tend to get blood boiling for majority of population that doesn't have 8 figure NW

Mostly because we think you should be paying more in taxes.

All of our income is taxed at over 50% when you include federal, state, fica, etc


Even cap gains are taxed at 22 fed and 7% state.

So nope we don't need to pay more taxes.
I don't hide money anywhere or have a way to protect it from taxes.

I don’t see how anyone’s income could be taxed at more than 50%. I mean my take home is less than 50% of what I earn but that is bc it includes retirement contributions and health insurance.

Because if you are earning $1.5M+ as W2 income, anything over ~$512K is taxed at 37-39%+, FICA is 7.5% (on lower amounts), medicare is 1.45%, state is ~10%. Earn higher and even higher percentage is taxed at those rates. So yes the "majority" is taxed at 45-50%+ quite easily.

That doesn’t add up, FICA is 6.2% up to $176,000 of income. Federal is 37% only after $626,000, income before that is taxed at lower rates. 10% is very high for a state tax rate, you should think about moving to a lower tax state. VA is 5.75%. I’d also be surprised if you didn’t have some income that’s not taxed, retirement contributions, health insurance premiums, etc.

Yes the lower is taxed lower. But if you have W2 income of well over 1M and any interest/dividend income is taxed as "income" you will have A LOT taxed at over 37% and your top state tax rate. at that point your "health insurance premiums" and your "retirement contributions" are really nothing in comparison. It's simple math. Yes the lower 500K is taxed less, obviously I get that. But my $1M+ in dividend/interest is also taxed as "income" along with my real income over ~$600K.

Point is, many of us with HHI are not "hiding from taxes" and certainly pay our fair share, we dont need to Pay more taxes.

Not sure why you think you don’t need to pay more in taxes. You are very very wealthy if you are earning 1M in dividends and 1.5M in salary.

Because we are already paying more than 90-95% of people. Happy to pay taxes, but when most is at 40-50%+, that is more than enough. tax businesses and close tax loopholes, but don't tell those who actually pay taxes to "pay more".

You are wealthier than 90-95% of people. You should pay more.

How do you not comprehend that we already are paying more than "most people" most of taxes are paid by the top 10%. The solution is not to tax us more, you need to tax businesses instead.

I've paid more in "state taxes" in a year than you likely have made in your lifetime. I don't get any more from my taxes than you do. Happy to pay at current rates, but no need to pay more.

BTW, I've always voted D for president despite voting against my own "interests", because I give a shit about others. But at some point, taxing the individuals more is not the solution Happy to pay my 40-50%+ on most of our income. but not more

It’s already been pointed out that you are exaggerating how much you pay in taxes. In addition, you are in the top 1% so why aren’t you paying taxes to reflect that instead of the top 5-10%? I’m starting to think you are making things up.

Not exaggerating. Yes the first 500-600K is taxed less, but anything above that is at 37% federal along with medicare (1.8%) and state tax rate of 10%. So damn near at 50%. So sure 33% is taxed less, the other 67% is taxed approximately 50%. Simple math.

Boo boo move then.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on what style you are accustomed to. I don't understand the point of these posts. They aren't too valuable unless your question is what the minimum is for people to retire and what is needed for basic life, and addition of what budget can buy nicer things. There is always a floor.. There are basic needs people have to meet to survive (shelter, food, healthcare, and for elderly - also some assistance).

But there is no ceiling to luxury spending. People get mad when someone says how they need 7 figures passive income to enjoy themselves in retirement, but it can easily be spent by people with very high spending habits wanting luxury lifestyle, multiple homes, paying grandkids private schools and homes for the kids who aren't well off, travel, charity donations, pricey personal healthcare, etc. Some also want to leave sizeable wealth to their descendants and that's their goal in retirement. I think it would help to separate these goals that go beyond "comfortable in retirement" that tend to get blood boiling for majority of population that doesn't have 8 figure NW

Mostly because we think you should be paying more in taxes.

All of our income is taxed at over 50% when you include federal, state, fica, etc


Even cap gains are taxed at 22 fed and 7% state.

So nope we don't need to pay more taxes.
I don't hide money anywhere or have a way to protect it from taxes.

I don’t see how anyone’s income could be taxed at more than 50%. I mean my take home is less than 50% of what I earn but that is bc it includes retirement contributions and health insurance.

Because if you are earning $1.5M+ as W2 income, anything over ~$512K is taxed at 37-39%+, FICA is 7.5% (on lower amounts), medicare is 1.45%, state is ~10%. Earn higher and even higher percentage is taxed at those rates. So yes the "majority" is taxed at 45-50%+ quite easily.

That doesn’t add up, FICA is 6.2% up to $176,000 of income. Federal is 37% only after $626,000, income before that is taxed at lower rates. 10% is very high for a state tax rate, you should think about moving to a lower tax state. VA is 5.75%. I’d also be surprised if you didn’t have some income that’s not taxed, retirement contributions, health insurance premiums, etc.

Yes the lower is taxed lower. But if you have W2 income of well over 1M and any interest/dividend income is taxed as "income" you will have A LOT taxed at over 37% and your top state tax rate. at that point your "health insurance premiums" and your "retirement contributions" are really nothing in comparison. It's simple math. Yes the lower 500K is taxed less, obviously I get that. But my $1M+ in dividend/interest is also taxed as "income" along with my real income over ~$600K.

Point is, many of us with HHI are not "hiding from taxes" and certainly pay our fair share, we dont need to Pay more taxes.

Not sure why you think you don’t need to pay more in taxes. You are very very wealthy if you are earning 1M in dividends and 1.5M in salary.

Because we are already paying more than 90-95% of people. Happy to pay taxes, but when most is at 40-50%+, that is more than enough. tax businesses and close tax loopholes, but don't tell those who actually pay taxes to "pay more".

You are wealthier than 90-95% of people. You should pay more.

How do you not comprehend that we already are paying more than "most people" most of taxes are paid by the top 10%. The solution is not to tax us more, you need to tax businesses instead.

I've paid more in "state taxes" in a year than you likely have made in your lifetime. I don't get any more from my taxes than you do. Happy to pay at current rates, but no need to pay more.

BTW, I've always voted D for president despite voting against my own "interests", because I give a shit about others. But at some point, taxing the individuals more is not the solution Happy to pay my 40-50%+ on most of our income. but not more

I only $101k and I agree with you. Businesses should pay more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on what style you are accustomed to. I don't understand the point of these posts. They aren't too valuable unless your question is what the minimum is for people to retire and what is needed for basic life, and addition of what budget can buy nicer things. There is always a floor.. There are basic needs people have to meet to survive (shelter, food, healthcare, and for elderly - also some assistance).

But there is no ceiling to luxury spending. People get mad when someone says how they need 7 figures passive income to enjoy themselves in retirement, but it can easily be spent by people with very high spending habits wanting luxury lifestyle, multiple homes, paying grandkids private schools and homes for the kids who aren't well off, travel, charity donations, pricey personal healthcare, etc. Some also want to leave sizeable wealth to their descendants and that's their goal in retirement. I think it would help to separate these goals that go beyond "comfortable in retirement" that tend to get blood boiling for majority of population that doesn't have 8 figure NW

Mostly because we think you should be paying more in taxes.

All of our income is taxed at over 50% when you include federal, state, fica, etc


Even cap gains are taxed at 22 fed and 7% state.

So nope we don't need to pay more taxes.
I don't hide money anywhere or have a way to protect it from taxes.

I don’t see how anyone’s income could be taxed at more than 50%. I mean my take home is less than 50% of what I earn but that is bc it includes retirement contributions and health insurance.

Because if you are earning $1.5M+ as W2 income, anything over ~$512K is taxed at 37-39%+, FICA is 7.5% (on lower amounts), medicare is 1.45%, state is ~10%. Earn higher and even higher percentage is taxed at those rates. So yes the "majority" is taxed at 45-50%+ quite easily.

That doesn’t add up, FICA is 6.2% up to $176,000 of income. Federal is 37% only after $626,000, income before that is taxed at lower rates. 10% is very high for a state tax rate, you should think about moving to a lower tax state. VA is 5.75%. I’d also be surprised if you didn’t have some income that’s not taxed, retirement contributions, health insurance premiums, etc.

Yes the lower is taxed lower. But if you have W2 income of well over 1M and any interest/dividend income is taxed as "income" you will have A LOT taxed at over 37% and your top state tax rate. at that point your "health insurance premiums" and your "retirement contributions" are really nothing in comparison. It's simple math. Yes the lower 500K is taxed less, obviously I get that. But my $1M+ in dividend/interest is also taxed as "income" along with my real income over ~$600K.

Point is, many of us with HHI are not "hiding from taxes" and certainly pay our fair share, we dont need to Pay more taxes.

Not sure why you think you don’t need to pay more in taxes. You are very very wealthy if you are earning 1M in dividends and 1.5M in salary.

Because we are already paying more than 90-95% of people. Happy to pay taxes, but when most is at 40-50%+, that is more than enough. tax businesses and close tax loopholes, but don't tell those who actually pay taxes to "pay more".

You are wealthier than 90-95% of people. You should pay more.

How do you not comprehend that we already are paying more than "most people" most of taxes are paid by the top 10%. The solution is not to tax us more, you need to tax businesses instead.

I've paid more in "state taxes" in a year than you likely have made in your lifetime. I don't get any more from my taxes than you do. Happy to pay at current rates, but no need to pay more.

BTW, I've always voted D for president despite voting against my own "interests", because I give a shit about others. But at some point, taxing the individuals more is not the solution Happy to pay my 40-50%+ on most of our income. but not more

It’s already been pointed out that you are exaggerating how much you pay in taxes. In addition, you are in the top 1% so why aren’t you paying taxes to reflect that instead of the top 5-10%? I’m starting to think you are making things up.

Not exaggerating. Yes the first 500-600K is taxed less, but anything above that is at 37% federal along with medicare (1.8%) and state tax rate of 10%. So damn near at 50%. So sure 33% is taxed less, the other 67% is taxed approximately 50%. Simple math.

But I assume most people are that level find ways to pay less no?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on what style you are accustomed to. I don't understand the point of these posts. They aren't too valuable unless your question is what the minimum is for people to retire and what is needed for basic life, and addition of what budget can buy nicer things. There is always a floor.. There are basic needs people have to meet to survive (shelter, food, healthcare, and for elderly - also some assistance).

But there is no ceiling to luxury spending. People get mad when someone says how they need 7 figures passive income to enjoy themselves in retirement, but it can easily be spent by people with very high spending habits wanting luxury lifestyle, multiple homes, paying grandkids private schools and homes for the kids who aren't well off, travel, charity donations, pricey personal healthcare, etc. Some also want to leave sizeable wealth to their descendants and that's their goal in retirement. I think it would help to separate these goals that go beyond "comfortable in retirement" that tend to get blood boiling for majority of population that doesn't have 8 figure NW

Mostly because we think you should be paying more in taxes.

All of our income is taxed at over 50% when you include federal, state, fica, etc


Even cap gains are taxed at 22 fed and 7% state.

So nope we don't need to pay more taxes.
I don't hide money anywhere or have a way to protect it from taxes.

I don’t see how anyone’s income could be taxed at more than 50%. I mean my take home is less than 50% of what I earn but that is bc it includes retirement contributions and health insurance.

Because if you are earning $1.5M+ as W2 income, anything over ~$512K is taxed at 37-39%+, FICA is 7.5% (on lower amounts), medicare is 1.45%, state is ~10%. Earn higher and even higher percentage is taxed at those rates. So yes the "majority" is taxed at 45-50%+ quite easily.

That doesn’t add up, FICA is 6.2% up to $176,000 of income. Federal is 37% only after $626,000, income before that is taxed at lower rates. 10% is very high for a state tax rate, you should think about moving to a lower tax state. VA is 5.75%. I’d also be surprised if you didn’t have some income that’s not taxed, retirement contributions, health insurance premiums, etc.

Yes the lower is taxed lower. But if you have W2 income of well over 1M and any interest/dividend income is taxed as "income" you will have A LOT taxed at over 37% and your top state tax rate. at that point your "health insurance premiums" and your "retirement contributions" are really nothing in comparison. It's simple math. Yes the lower 500K is taxed less, obviously I get that. But my $1M+ in dividend/interest is also taxed as "income" along with my real income over ~$600K.

Point is, many of us with HHI are not "hiding from taxes" and certainly pay our fair share, we dont need to Pay more taxes.

Would you prefer to make a lot less and pay a lot less in taxes?

You are paying higher taxes for your ability to make this crazy level of income in the first place. We all subsidize access to low wage labor pool proportionate to how much we benefit from the system.

[Anonymous]

To be “comfortable” with basics needs and to keep our current lifestyle I estimate we will need about $7k a month after taxes once accounting for no mortgage, health care, etc. However, I plan to have at least $12-14K after taxes while maintaining our retirement assets.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on what style you are accustomed to. I don't understand the point of these posts. They aren't too valuable unless your question is what the minimum is for people to retire and what is needed for basic life, and addition of what budget can buy nicer things. There is always a floor.. There are basic needs people have to meet to survive (shelter, food, healthcare, and for elderly - also some assistance).

But there is no ceiling to luxury spending. People get mad when someone says how they need 7 figures passive income to enjoy themselves in retirement, but it can easily be spent by people with very high spending habits wanting luxury lifestyle, multiple homes, paying grandkids private schools and homes for the kids who aren't well off, travel, charity donations, pricey personal healthcare, etc. Some also want to leave sizeable wealth to their descendants and that's their goal in retirement. I think it would help to separate these goals that go beyond "comfortable in retirement" that tend to get blood boiling for majority of population that doesn't have 8 figure NW

Mostly because we think you should be paying more in taxes.

All of our income is taxed at over 50% when you include federal, state, fica, etc


Even cap gains are taxed at 22 fed and 7% state.

So nope we don't need to pay more taxes.
I don't hide money anywhere or have a way to protect it from taxes.

I don’t see how anyone’s income could be taxed at more than 50%. I mean my take home is less than 50% of what I earn but that is bc it includes retirement contributions and health insurance.

Because if you are earning $1.5M+ as W2 income, anything over ~$512K is taxed at 37-39%+, FICA is 7.5% (on lower amounts), medicare is 1.45%, state is ~10%. Earn higher and even higher percentage is taxed at those rates. So yes the "majority" is taxed at 45-50%+ quite easily.

That doesn’t add up, FICA is 6.2% up to $176,000 of income. Federal is 37% only after $626,000, income before that is taxed at lower rates. 10% is very high for a state tax rate, you should think about moving to a lower tax state. VA is 5.75%. I’d also be surprised if you didn’t have some income that’s not taxed, retirement contributions, health insurance premiums, etc.

Yes the lower is taxed lower. But if you have W2 income of well over 1M and any interest/dividend income is taxed as "income" you will have A LOT taxed at over 37% and your top state tax rate. at that point your "health insurance premiums" and your "retirement contributions" are really nothing in comparison. It's simple math. Yes the lower 500K is taxed less, obviously I get that. But my $1M+ in dividend/interest is also taxed as "income" along with my real income over ~$600K.

Point is, many of us with HHI are not "hiding from taxes" and certainly pay our fair share, we dont need to Pay more taxes.

Not sure why you think you don’t need to pay more in taxes. You are very very wealthy if you are earning 1M in dividends and 1.5M in salary.

Because we are already paying more than 90-95% of people. Happy to pay taxes, but when most is at 40-50%+, that is more than enough. tax businesses and close tax loopholes, but don't tell those who actually pay taxes to "pay more".

You are wealthier than 90-95% of people. You should pay more.

How do you not comprehend that we already are paying more than "most people" most of taxes are paid by the top 10%. The solution is not to tax us more, you need to tax businesses instead.

I've paid more in "state taxes" in a year than you likely have made in your lifetime. I don't get any more from my taxes than you do. Happy to pay at current rates, but no need to pay more.

BTW, I've always voted D for president despite voting against my own "interests", because I give a shit about others. But at some point, taxing the individuals more is not the solution Happy to pay my 40-50%+ on most of our income. but not more

It’s already been pointed out that you are exaggerating how much you pay in taxes. In addition, you are in the top 1% so why aren’t you paying taxes to reflect that instead of the top 5-10%? I’m starting to think you are making things up.

Not exaggerating. Yes the first 500-600K is taxed less, but anything above that is at 37% federal along with medicare (1.8%) and state tax rate of 10%. So damn near at 50%. So sure 33% is taxed less, the other 67% is taxed approximately 50%. Simple math.

But I assume most people are that level find ways to pay less no?

yes, we try. But if income is W2 and interest and dividends and some cap gains, you have no way to avoid it. And most below the $50M level are just that.
You can't hide income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on what style you are accustomed to. I don't understand the point of these posts. They aren't too valuable unless your question is what the minimum is for people to retire and what is needed for basic life, and addition of what budget can buy nicer things. There is always a floor.. There are basic needs people have to meet to survive (shelter, food, healthcare, and for elderly - also some assistance).

But there is no ceiling to luxury spending. People get mad when someone says how they need 7 figures passive income to enjoy themselves in retirement, but it can easily be spent by people with very high spending habits wanting luxury lifestyle, multiple homes, paying grandkids private schools and homes for the kids who aren't well off, travel, charity donations, pricey personal healthcare, etc. Some also want to leave sizeable wealth to their descendants and that's their goal in retirement. I think it would help to separate these goals that go beyond "comfortable in retirement" that tend to get blood boiling for majority of population that doesn't have 8 figure NW

Mostly because we think you should be paying more in taxes.

All of our income is taxed at over 50% when you include federal, state, fica, etc


Even cap gains are taxed at 22 fed and 7% state.

So nope we don't need to pay more taxes.
I don't hide money anywhere or have a way to protect it from taxes.

I don’t see how anyone’s income could be taxed at more than 50%. I mean my take home is less than 50% of what I earn but that is bc it includes retirement contributions and health insurance.

Because if you are earning $1.5M+ as W2 income, anything over ~$512K is taxed at 37-39%+, FICA is 7.5% (on lower amounts), medicare is 1.45%, state is ~10%. Earn higher and even higher percentage is taxed at those rates. So yes the "majority" is taxed at 45-50%+ quite easily.

That doesn’t add up, FICA is 6.2% up to $176,000 of income. Federal is 37% only after $626,000, income before that is taxed at lower rates. 10% is very high for a state tax rate, you should think about moving to a lower tax state. VA is 5.75%. I’d also be surprised if you didn’t have some income that’s not taxed, retirement contributions, health insurance premiums, etc.

Yes the lower is taxed lower. But if you have W2 income of well over 1M and any interest/dividend income is taxed as "income" you will have A LOT taxed at over 37% and your top state tax rate. at that point your "health insurance premiums" and your "retirement contributions" are really nothing in comparison. It's simple math. Yes the lower 500K is taxed less, obviously I get that. But my $1M+ in dividend/interest is also taxed as "income" along with my real income over ~$600K.

Point is, many of us with HHI are not "hiding from taxes" and certainly pay our fair share, we dont need to Pay more taxes.

Would you prefer to make a lot less and pay a lot less in taxes?

You are paying higher taxes for your ability to make this crazy level of income in the first place. We all subsidize access to low wage labor pool proportionate to how much we benefit from the system.

Happy to pay taxes, but after years and years of paying at the top, with majority of income being W2/interest/dividends, We pay plenty. We vote D, against our own interests (it's the only perk of the current admin shitshow is lower taxes, oh and the extension and yearly increase of the estate tax at the 14-15M+ per person). But at some point, no I'm not responsible for "more". I'm not hiding anything, I'm not paying 10% overall. The solution is not to tax at 60/70%.

And no I don't want to make less. we worked hard, made choices to ensure that was not us. And if I only made $100K, I'd live within my means.

[Anonymous]

Anonymous wrote:We will have a pension of 200K. Not counting social security for DH (i have always been a sahm). Not counting around 2M in investments. House is worth around 700K. No mortgage. No college. Both kids married lavishly (200K-300K each) by us. No elderly cost. No SN kid cost. Will get medical insurance from work.

We don't count assets of gold, coins, inheritance. I hope to give my kids some money too after retirement.

So, did you answer the question?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on what style you are accustomed to. I don't understand the point of these posts. They aren't too valuable unless your question is what the minimum is for people to retire and what is needed for basic life, and addition of what budget can buy nicer things. There is always a floor.. There are basic needs people have to meet to survive (shelter, food, healthcare, and for elderly - also some assistance).

But there is no ceiling to luxury spending. People get mad when someone says how they need 7 figures passive income to enjoy themselves in retirement, but it can easily be spent by people with very high spending habits wanting luxury lifestyle, multiple homes, paying grandkids private schools and homes for the kids who aren't well off, travel, charity donations, pricey personal healthcare, etc. Some also want to leave sizeable wealth to their descendants and that's their goal in retirement. I think it would help to separate these goals that go beyond "comfortable in retirement" that tend to get blood boiling for majority of population that doesn't have 8 figure NW

Mostly because we think you should be paying more in taxes.

All of our income is taxed at over 50% when you include federal, state, fica, etc


Even cap gains are taxed at 22 fed and 7% state.

So nope we don't need to pay more taxes.
I don't hide money anywhere or have a way to protect it from taxes.

I don’t see how anyone’s income could be taxed at more than 50%. I mean my take home is less than 50% of what I earn but that is bc it includes retirement contributions and health insurance.

Because if you are earning $1.5M+ as W2 income, anything over ~$512K is taxed at 37-39%+, FICA is 7.5% (on lower amounts), medicare is 1.45%, state is ~10%. Earn higher and even higher percentage is taxed at those rates. So yes the "majority" is taxed at 45-50%+ quite easily.

That doesn’t add up, FICA is 6.2% up to $176,000 of income. Federal is 37% only after $626,000, income before that is taxed at lower rates. 10% is very high for a state tax rate, you should think about moving to a lower tax state. VA is 5.75%. I’d also be surprised if you didn’t have some income that’s not taxed, retirement contributions, health insurance premiums, etc.

Yes the lower is taxed lower. But if you have W2 income of well over 1M and any interest/dividend income is taxed as "income" you will have A LOT taxed at over 37% and your top state tax rate. at that point your "health insurance premiums" and your "retirement contributions" are really nothing in comparison. It's simple math. Yes the lower 500K is taxed less, obviously I get that. But my $1M+ in dividend/interest is also taxed as "income" along with my real income over ~$600K.

Point is, many of us with HHI are not "hiding from taxes" and certainly pay our fair share, we dont need to Pay more taxes.

Would you prefer to make a lot less and pay a lot less in taxes?

You are paying higher taxes for your ability to make this crazy level of income in the first place. We all subsidize access to low wage labor pool proportionate to how much we benefit from the system.

Happy to pay taxes, but after years and years of paying at the top, with majority of income being W2/interest/dividends, We pay plenty. We vote D, against our own interests (it's the only perk of the current admin shitshow is lower taxes, oh and the extension and yearly increase of the estate tax at the 14-15M+ per person). But at some point, no I'm not responsible for "more". I'm not hiding anything, I'm not paying 10% overall. The solution is not to tax at 60/70%.

And no I don't want to make less. we worked hard, made choices to ensure that was not us. And if I only made $100K, I'd live within my means.

Agree 💯

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on what style you are accustomed to. I don't understand the point of these posts. They aren't too valuable unless your question is what the minimum is for people to retire and what is needed for basic life, and addition of what budget can buy nicer things. There is always a floor.. There are basic needs people have to meet to survive (shelter, food, healthcare, and for elderly - also some assistance).

But there is no ceiling to luxury spending. People get mad when someone says how they need 7 figures passive income to enjoy themselves in retirement, but it can easily be spent by people with very high spending habits wanting luxury lifestyle, multiple homes, paying grandkids private schools and homes for the kids who aren't well off, travel, charity donations, pricey personal healthcare, etc. Some also want to leave sizeable wealth to their descendants and that's their goal in retirement. I think it would help to separate these goals that go beyond "comfortable in retirement" that tend to get blood boiling for majority of population that doesn't have 8 figure NW

Mostly because we think you should be paying more in taxes.

All of our income is taxed at over 50% when you include federal, state, fica, etc


Even cap gains are taxed at 22 fed and 7% state.

So nope we don't need to pay more taxes.
I don't hide money anywhere or have a way to protect it from taxes.

I don’t see how anyone’s income could be taxed at more than 50%. I mean my take home is less than 50% of what I earn but that is bc it includes retirement contributions and health insurance.

Because if you are earning $1.5M+ as W2 income, anything over ~$512K is taxed at 37-39%+, FICA is 7.5% (on lower amounts), medicare is 1.45%, state is ~10%. Earn higher and even higher percentage is taxed at those rates. So yes the "majority" is taxed at 45-50%+ quite easily.

That doesn’t add up, FICA is 6.2% up to $176,000 of income. Federal is 37% only after $626,000, income before that is taxed at lower rates. 10% is very high for a state tax rate, you should think about moving to a lower tax state. VA is 5.75%. I’d also be surprised if you didn’t have some income that’s not taxed, retirement contributions, health insurance premiums, etc.

Yes the lower is taxed lower. But if you have W2 income of well over 1M and any interest/dividend income is taxed as "income" you will have A LOT taxed at over 37% and your top state tax rate. at that point your "health insurance premiums" and your "retirement contributions" are really nothing in comparison. It's simple math. Yes the lower 500K is taxed less, obviously I get that. But my $1M+ in dividend/interest is also taxed as "income" along with my real income over ~$600K.

Point is, many of us with HHI are not "hiding from taxes" and certainly pay our fair share, we dont need to Pay more taxes.

Would you prefer to make a lot less and pay a lot less in taxes?

You are paying higher taxes for your ability to make this crazy level of income in the first place. We all subsidize access to low wage labor pool proportionate to how much we benefit from the system.

Happy to pay taxes, but after years and years of paying at the top, with majority of income being W2/interest/dividends, We pay plenty. We vote D, against our own interests (it's the only perk of the current admin shitshow is lower taxes, oh and the extension and yearly increase of the estate tax at the 14-15M+ per person). But at some point, no I'm not responsible for "more". I'm not hiding anything, I'm not paying 10% overall. The solution is not to tax at 60/70%.

And no I don't want to make less. we worked hard, made choices to ensure that was not us. And if I only made $100K, I'd live within my means.

Agree 💯

Yes! Not everyone is where they are because of choices, but many many people are.

FOr example: do not take on massive debt for college, simply don't. State schools are $30-35K . Start at CC or a state U that minimizes debt. Get AP or Dual entry credits to shave off a semester or two. Go somewhere that gives you good merit and is less than that.

Also, if you want a career that starts at only $40-45K, then don't take on major debt. And plan to live a lifestyle you can support with that salary. You live with public transportation, have roommates or live at home. But you don't try to live above your means. So live a life according to your income.

If you chose a different major/career, you might make more and be able to "live a better life". But until your job can pay all the bills, you have to find a way to live beneath that.

So we both chose majors that could/would pay well. One chose to advance far up the career ladder (in management by 28, on exec team by 35, CEO level by 42). That was about choices, smaller private companies with lower pay (and some options as enticement). You work your asses off to make a small company excel, and often dont get paid that much until it sells. Bad year, the exec team doesn't get bonuses (which are 50%+ of you compensation), so the salary alone isn't that much for what you do.
But we spent our first 5-7 years getting debt paid off, saving for a home, and building an EF. We didn't start spending at our "earning level" until our kids were 4-5+. We lived nicely, but well under our means.

Had we chosen lower paying jobs, we would have lived differently.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Depends on what style you are accustomed to. I don't understand the point of these posts. They aren't too valuable unless your question is what the minimum is for people to retire and what is needed for basic life, and addition of what budget can buy nicer things. There is always a floor.. There are basic needs people have to meet to survive (shelter, food, healthcare, and for elderly - also some assistance).

But there is no ceiling to luxury spending. People get mad when someone says how they need 7 figures passive income to enjoy themselves in retirement, but it can easily be spent by people with very high spending habits wanting luxury lifestyle, multiple homes, paying grandkids private schools and homes for the kids who aren't well off, travel, charity donations, pricey personal healthcare, etc. Some also want to leave sizeable wealth to their descendants and that's their goal in retirement. I think it would help to separate these goals that go beyond "comfortable in retirement" that tend to get blood boiling for majority of population that doesn't have 8 figure NW

Mostly because we think you should be paying more in taxes.

All of our income is taxed at over 50% when you include federal, state, fica, etc


Even cap gains are taxed at 22 fed and 7% state.

So nope we don't need to pay more taxes.
I don't hide money anywhere or have a way to protect it from taxes.

I don’t see how anyone’s income could be taxed at more than 50%. I mean my take home is less than 50% of what I earn but that is bc it includes retirement contributions and health insurance.

Because if you are earning $1.5M+ as W2 income, anything over ~$512K is taxed at 37-39%+, FICA is 7.5% (on lower amounts), medicare is 1.45%, state is ~10%. Earn higher and even higher percentage is taxed at those rates. So yes the "majority" is taxed at 45-50%+ quite easily.

That doesn’t add up, FICA is 6.2% up to $176,000 of income. Federal is 37% only after $626,000, income before that is taxed at lower rates. 10% is very high for a state tax rate, you should think about moving to a lower tax state. VA is 5.75%. I’d also be surprised if you didn’t have some income that’s not taxed, retirement contributions, health insurance premiums, etc.

Yes the lower is taxed lower. But if you have W2 income of well over 1M and any interest/dividend income is taxed as "income" you will have A LOT taxed at over 37% and your top state tax rate. at that point your "health insurance premiums" and your "retirement contributions" are really nothing in comparison. It's simple math. Yes the lower 500K is taxed less, obviously I get that. But my $1M+ in dividend/interest is also taxed as "income" along with my real income over ~$600K.

Point is, many of us with HHI are not "hiding from taxes" and certainly pay our fair share, we dont need to Pay more taxes.

Would you prefer to make a lot less and pay a lot less in taxes?

You are paying higher taxes for your ability to make this crazy level of income in the first place. We all subsidize access to low wage labor pool proportionate to how much we benefit from the system.

Nope, but we made choices to get where we are. And when after the first 1/3 of our income, we pay almost 50%, yeah I'm allowed to believe I am paying enough for the good of society after 20+ years of being in that situation (and always being above 100K as a family even 35 years ago). I'm not asking to pay 5-10% total, just that you start realizing that there are plenty of W2/income high earners who don't have ways to "avoid paying taxes" and do pay 40-50%+ on a good portion of their income.