- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Denmark raises retirement age to 70
Posted on 6/1/25 at 8:15 am to HailHailtoMichigan!
Posted on 6/1/25 at 8:15 am to HailHailtoMichigan!
quote:
They are not afraid to tax the crap out of their middle classes, because they understand it’s where the taxable income is located.
And there is virtually no upward mobility there - essentially none.
0
Posted on 6/1/25 at 10:16 am to GoCrazyAuburn
quote:
Data is here, straight from the IRS. As mentioned, those were 2022 figures, as I haven’t been able to find a full breakdown of a more recent year.
This appears to be just average federal income tax rate. I think total effective tax rate which would include FICA and state is a better metric.
This is notable to the original comment because capital gains are not subject to FICA.
So someone who makes a million capital gain with no other income in a year would pay an effective rate of around 19% vs mine at 1/5 of that income would be 14.85% income + 7.26% FICA which equals an effective rate of 22.11%.
With FICA, even someone on only $20K income is paying like 10%, so I think across the board that tax foundation chart is understating true tax burden on every income class.
This post was edited on 6/1/25 at 10:41 am
Posted on 6/1/25 at 10:55 am to HailHailtoMichigan!
I’d be fine retiring at 70 if I got 2-3 months of vacation every year.
Posted on 6/1/25 at 10:59 pm to TomRollTideRitter
You’re way overthinking the purpose of what I posted way too much 
It is very explicitly only referring to federal income tax, so it cannot be understating something that it isn’t trying to state.
Factoring in FICA taxes and such, while obviously going to impact the lower than 99% of earners more than the top 1%, would not come close to making the middle class the group that pays the highest effective rate, not even close to. Which, is the entire point.
quote:
so I think across the board that tax foundation chart is understating true tax burden on every income class.
It is very explicitly only referring to federal income tax, so it cannot be understating something that it isn’t trying to state.
Factoring in FICA taxes and such, while obviously going to impact the lower than 99% of earners more than the top 1%, would not come close to making the middle class the group that pays the highest effective rate, not even close to. Which, is the entire point.
This post was edited on 6/1/25 at 11:09 pm
Posted on 6/2/25 at 4:18 am to Rize
quote:Plus the interest it would have earned.
so that’s 540k that I would love to have in my own account
quote:It depends on what you consider "full benefits," a monthly check amount, or total lifetime payout. If it's the former, SS defines "full benefits" as happening around 67yrs.
Do you know if you have to work all the way to 67 to get full benefits
However, SS payments are based on your total contributions and generic life expectancy at the time of initiating payments. After 62, payouts appear to become virtually straight-up actuarial life-expectancy calculations. Accordingly, the longer you hold off the more money you're awarded per check, but with basically the same predicted lifetime payout overall, regardless as to whether you initiate payments at 62, 65, 67, or 70.
So IMO, if one is uncertain they have enough savings for retirement, it makes sense to try to hold off retirement and SS initiation until 70 to pull the largest monthly SS check possible. By the same token, if one does not need the money, it paradoxically makes more sense to initiate payments early.
Posted on 6/2/25 at 6:32 am to HailHailtoMichigan!
The rest of the world will sit back and watch the fallout and if it is successful, we’ll see more of this around the globe where they have social systems inforce
Posted on 6/2/25 at 8:40 am to olemissfan26
quote:
It’s the bloat of social services crippling the current and future US tax payers. I wish people 40 and under could “opt out” of SS and invest the money in something better that wasn’t a government Ponzi scheme.
Amen to that. SS has a very bad return on investment. Milton Friedman's Chilean system would work for younger people now. It would result in a major increase in their future retirement account on the order of 2 to 4 times return.
Posted on 6/2/25 at 8:42 am to SlidellCajun
quote:
The rest of the world will sit back and watch the fallout and if it is successful, we’ll see more of this around the globe where they have social systems inforce
This isn't anything new though. SS did this back in '83 I believe it was.
Page 4 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News