fixed income

[The Walk of the Penguin Mich]

Apr 18, 2024 22:52:28 GMT -5 Knee Deep in Water Chloe said:

Apr 18, 2024 21:44:21 GMT -5 resolution said:

So if someone retires, do they not count as being on a fixed income if their skills and abilities make them employable? Or do they count as a fixed income as soon as they retire with the intention of not going back to work?

Please know that I’m not trying to be disrespectful—I love debating the meanings of words and phrases. And I’m really not in any way disparaging those who have true limitations.

What’s the difference between retirement and choosing not work?

Ability?  TD continues to work, and will continue to work as long as his mind is well functioning.  People who have had jobs that are hard on their body are now dealing with aches and pains where their body just doesn’t want to work like it should.  

[Knee Deep in Water Chloe]

But then those people (which included my dad) are no longer physically healthy enough to keep working. They—in our current economy—would qualify for social services and be on a fixed income.

[Knee Deep in Water Chloe]

I completely understand if it seems like I’m splitting hairs. Again, not trying to be contrary; just trying to flesh out ambiguity.

[toomuchreality]

Apr 18, 2024 22:26:39 GMT -5 raeoflyte said:

Apr 18, 2024 21:44:21 GMT -5 resolution said:

So if someone retires, do they not count as being on a fixed income if their skills and abilities make them employable? Or do they count as a fixed income as soon as they retire with the intention of not going back to work?

Imo the distinction comes from choice or lack thereof. Trying to pass off a salary as fixed income is laughable. I wouldn't call retired with investments as fixed income even if you're living on just your SS income, because you have more options available if and when they're needed.

Fixed income to me is living on what you get from SS or disability, maybe a pension, but there is no rainy day fund. There isn't even an oh shit fund. There's little if any way of getting any other income. There's the money that's deposited on the first and you hope it lasts till the next deposit.

Exactly.

[The Walk of the Penguin Mich]

Apr 18, 2024 23:45:08 GMT -5 Knee Deep in Water Chloe said:

But then those people (which included my dad) are no longer physically healthy enough to keep working. They—in our current economy—would qualify for social services and be on a fixed income.

Social services is not even across the US.  For instance, where my dad was Meals on Wheels had absolutely excellent support.  They even provided pet supplies to the aged people’s pets.  I have since learned this is the exception, not the rule.  

My dad used to deliver, and when they had leftovers, they’d give their drivers a meal.  I tried it, they were pretty damned good (far better than some restaurants).  

[Deleted]

My definition of fixed income was literal.

fixed: 1.) fastened securely into position 2.) predetermined and not subject to or able to be changed

income: money received, especially on a regular basis, for work or through investments


My wages are predetermined and I receive them for work.


Maybe I am too literal. I never claimed to be the smartest person.

[raeoflyte]

Apr 18, 2024 22:49:45 GMT -5 Knee Deep in Water Chloe said:

Apr 18, 2024 21:22:58 GMT -5 raeoflyte said:

You have skills and abilities to move into other positions- so I definitely wouldn't call that fixed income. That's just being on a salary.

(I’m really just arguing for argument’s sake.).
Technically, isn’t that true for anyone because they can change jobs? And for those who have retired?

And regarding the teaching portion—it’s really hard to have a second job when a 1.0FTE teacher. When people say “oh, you knew what you signed up for” when going into teaching, how is that different than someone not saving anymore retirement than social security?

For the first question yes, thats not limited to teachers. My point there is that a salary isn't a fixed income. Many retirees, and early retirees especially are probably/usually in that bucket.

But that's where the other piece is important to me, if you're sitting on investments in retirement and letting those grow, you're not fixed income, you're on a budget. But most people are on a budget unless you're a truly high earner, or a high earner in a low cost of living, we're all still on budgets.

I agree it is splitting hairs to some degree, but on the other hand it is gross to compare middle class salary workers to seniors/disabled peopled who are actually trying to get by on nothing more than a SS check. When you have to make $1-2k last in areas where housing costs that much for most places.

[raeoflyte]

Apr 19, 2024 6:07:26 GMT -5 @blue said:

My definition of fixed income was literal.

fixed: 1.) fastened securely into position 2.) predetermined and not subject to or able to be changed

income: money received, especially on a regular basis, for work or through investments


My wages are predetermined and I receive them for work.


Maybe I am too literal. I never claimed to be the smartest person.

Your job is a choice. Don't like your job, apply for a new one, go for a promotion, ask for a raise. Not easy maybe but more likely than significant increases to SS recipients in their lifetimes.

You're paid on a salary, but you could get a different job or another job. Your income can be changed.

[busymom]

Apr 19, 2024 2:08:35 GMT -5 The Walk of the Penguin Mich said:

Apr 18, 2024 23:45:08 GMT -5 Knee Deep in Water Chloe said:

But then those people (which included my dad) are no longer physically healthy enough to keep working. They—in our current economy—would qualify for social services and be on a fixed income.

Social services is not even across the US.  For instance, where my dad was Meals on Wheels had absolutely excellent support.  They even provided pet supplies to the aged people’s pets.  I have since learned this is the exception, not the rule.  

My dad used to deliver, and when they had leftovers, they’d give their drivers a meal.  I tried it, they were pretty damned good (far better than some restaurants).  

    I agree that there is a huge difference in available services, depending on where you live in the good old USA.  My home state is awesome, as long as you live close to a major metropolitan area.  If you're "out in the sticks", there are some services, but not as many, and their budgets are stretched to the breaking point.  The services in the Florida community I previously lived in were poor to non-existent, and frankly the "give-a-darn" there was busted.  

[Deleted]

Apr 19, 2024 8:25:20 GMT -5 raeoflyte said:

Apr 19, 2024 6:07:26 GMT -5 @blue said:

My definition of fixed income was literal.

fixed: 1.) fastened securely into position 2.) predetermined and not subject to or able to be changed

income: money received, especially on a regular basis, for work or through investments


My wages are predetermined and I receive them for work.


Maybe I am too literal. I never claimed to be the smartest person.

Your job is a choice. Don't like your job, apply for a new one, go for a promotion, ask for a raise. Not easy maybe but more likely than significant increases to SS recipients in their lifetimes.

You're paid on a salary, but you could get a different job or another job. Your income can be changed.

literal: 1.) taking words in their usual or most basic sense without metaphor or allegory
2.) (of a translation) representing the exact words of the original text


fixed. income. 

[geenamercile]

An income that is the same every month, without the person receiving the income having the ability to increase/change the income if needed.  I consider fixed income in the neutral as terms of poor or not.  Social security, pensions, annuities, salaries would be fixed incomes in my mind.  With drawing from 401Ks, stock accounts not so because you choose the amount to withdraw.  Rental income is fixed for that rental contract.         

ETA-  I do think people can be on a mix of fix and variable income.  My aunt for example has fixed income, her SS and survivor pension benefit, but also has variable income in investments.  

[NoNamePerson]

OK off topic but I went to get set of tires this morning for my Chariot and went presented with the invoice I so wanted to say "but I'm elderly and on a fixed income" but I just knew in my heart of hearts I would be struck down by the hand of this YM&M thread. 

[raeoflyte]

Apr 19, 2024 9:39:30 GMT -5 @blue said:

Apr 19, 2024 8:25:20 GMT -5 raeoflyte said:

Your job is a choice. Don't like your job, apply for a new one, go for a promotion, ask for a raise. Not easy maybe but more likely than significant increases to SS recipients in their lifetimes.

You're paid on a salary, but you could get a different job or another job. Your income can be changed.

literal: 1.) taking words in their usual or most basic sense without metaphor or allegory
2.) (of a translation) representing the exact words of the original text


fixed. income. 

Your income is still able to be changed though. By your own quoted definition a salary may be the same, but that doesn't mean the income can't change which to me is the key difference.

Agree to disagree of course but your premise asked the question if it was the same - I say it isn't, and I think you're disregarding a vulnerable population by equating a salary position which is usually a decent income with a group of people only earning SS.

[Deleted]

Apr 19, 2024 10:15:56 GMT -5 NoNamePerson said:

OK off topic but I went to get set of tires this morning for my Chariot and went presented with the invoice I so wanted to say "but I'm elderly and on a fixed income" but I just knew in my heart of hearts I would be struck down by the hand of this YM&M thread. 

Try it and let us know if you get a discount.    You might.

[Deleted]

Apr 19, 2024 10:21:21 GMT -5 raeoflyte said:

Apr 19, 2024 9:39:30 GMT -5 @blue said:

literal: 1.) taking words in their usual or most basic sense without metaphor or allegory
2.) (of a translation) representing the exact words of the original text


fixed. income. 

Your income is still able to be changed though. By your own quoted definition a salary may be the same, but that doesn't mean the income can't change which to me is the key difference.

Agree to disagree of course but your premise asked the question if it was the same - I say it isn't, and I think you're disregarding a vulnerable population by equating a salary position which is usually a decent income with a group of people only earning SS.

When I started this thread, I did not realize fixed income and low income were similar. That is why I started the thread. When I win the lottery, I might build some low income (or fixed income) housing. Right now, I cannot afford to provide discounted rent. 

[NoNamePerson]

Apr 19, 2024 10:25:49 GMT -5 @blue said:

Apr 19, 2024 10:15:56 GMT -5 NoNamePerson said:

OK off topic but I went to get set of tires this morning for my Chariot and went presented with the invoice I so wanted to say "but I'm elderly and on a fixed income" but I just knew in my heart of hearts I would be struck down by the hand of this YM&M thread. 

Try it and let us know if you get a discount.    You might.

Trust me I'm not above asking if there is a senior discount available! Just don't use the fixed income line.   Figure the worse that can happen is they say NO. 

[raeoflyte]

Apr 19, 2024 10:28:50 GMT -5 @blue said:

Apr 19, 2024 10:21:21 GMT -5 raeoflyte said:

Your income is still able to be changed though. By your own quoted definition a salary may be the same, but that doesn't mean the income can't change which to me is the key difference.

Agree to disagree of course but your premise asked the question if it was the same - I say it isn't, and I think you're disregarding a vulnerable population by equating a salary position which is usually a decent income with a group of people only earning SS.

When I started this thread, I did not realize fixed income and low income were similar. That is why I started the thread. When I win the lottery, I might build some low income (or fixed income) housing. Right now, I cannot afford to provide discounted rent. 

I never suggested you should if you look at my posts.

[TheOtherMe]

I consider myself to be on fixed income.  Pension, that is fine for LCOL area and miniscule SS.   Up until about 5 years ago, I work part time jobs.  I no longer have the desire to do that and I'm older now.

I never had any investments and never knew anything about them.

Since I got my inheritance, I have money in CDs.  That is my only income that isn't retirement income.  

[scgal]

Apr 19, 2024 10:21:21 GMT -5 raeoflyte said:

Apr 19, 2024 9:39:30 GMT -5 @blue said:

literal: 1.) taking words in their usual or most basic sense without metaphor or allegory
2.) (of a translation) representing the exact words of the original text


fixed. income. 

Your income is still able to be changed though. By your own quoted definition a salary may be the same, but that doesn't mean the income can't change which to me is the key difference.

Agree to disagree of course but your premise asked the question if it was the same - I say it isn't, and I think you're disregarding a vulnerable population by equating a salary position which is usually a decent income with a group of people only earning SS.

Sure it is the same. A decent income does not change it. A person on SS doesn't mean they are poor yet they are on a fixed income. If saying a person working is not on a fixed income because they have options to look for better employment then so does a person on SS, unless they are disabled they can look for way sto boost their income also they have a choice. The better way of looking at it would be poor not fixed. 

[minnesotapaintlady]

I got into this debate on Facebook a while ago when it was suggested that property taxes for seniors should be frozen since they were on a fixed income.  I felt it should have to do more with income than age.  There are a lot of wealthy seniors on "fixed incomes".  My parents make WAY more than me on their fixed income with two social security checks and two pensions.  I mean, my mom was over yesterday and was showing me something in her Apple Pay and she had 75K...in her Apple Pay...her "fun money" account.    I totally get there are ones taking home $1200/month total too, and I'm not discounting that, but you can have high fixed income as well.

[TheOtherMe]

Iowa implemented some kind of abatement on property taxes.  It doesn't take effect until next year but the forms had to be in by a certain date.  It's not all or nothing.  It's a small %.

Colorado has a program for tax abatement that is based on income.  The $$$ amount is quite low and the people that qualify definitely can't afford the property taxes on the greatly increased values of their paid off homes.  They also have a program for a higher level of income where you can work off some of the property tax.

I don't know the details of either because my income was too high.

[minnesotapaintlady]

MN has a property tax refund based on income and amount of property tax.  There are deductions for each family member so a larger family with the same income would get a bigger refund.  It's available to renters too. The property owner has to supply the renter with a statement showing rent paid and that is used to calculate if you're eligible for a refund of property taxes.

[Deleted]

"Fixed income" is one of those terms that always kind of bugs me.  It seems to be used to describe old and poor, but since "fixed" just means static, it could be a fixed high income. 

Right now my grocery store offers a weekly discount for people over 55.  Dh will be 55 next year, so I will be taking him to the grocery store.  But in my head, I am really confused by the 55 number.  Most 55 year olds I know are doing better than ever, peak earning years, kids are out of the house, the house is often paid off or close to it, no debt.  

"Single income" is another one that bothers me.  We have been single income since dd was born and people always assume we are poor.  It works out for us, because no one ever asks to borrow money, but we have been told on occasion that we weren't asked for money because we are "single income." Always said in a whisper for some reason, like it is a secret.  

We also take advantage of veterans discounts, everywhere they are offered.  Not really sure why that one is offered, but hope it isn't because they assume financial hardship.  

[NoNamePerson]

Apr 22, 2024 11:49:46 GMT -5 @pooks said:

"Fixed income" is one of those terms that always kind of bugs me.  It seems to be used to describe old and poor, but since "fixed" just means static, it could be a fixed high income. 

Right now my grocery store offers a weekly discount for people over 55.  Dh will be 55 next year, so I will be taking him to the grocery store.  But in my head, I am really confused by the 55 number.  Most 55 year olds I know are doing better than ever, peak earning years, kids are out of the house, the house is often paid off or close to it, no debt.  

"Single income" is another one that bothers me.  We have been single income since dd was born and people always assume we are poor.  It works out for us, because no one ever asks to borrow money, but we have been told on occasion that we weren't asked for money because we are "single income." Always said in a whisper for some reason, like it is a secret.  

We also take advantage of veterans discounts, everywhere they are offered.  Not really sure why that one is offered, but hope it isn't because they assume financial hardship.  

  I remember changing banks when I hit 50 because they offered free checking for "elderly" 50 yr. old folks!! Hey, I get confused when they say someone stole an elderly persons purse in parking lot and let it be know the elderly person was 62! I call that a baby    But that's just my take on stuff and my take ain't worth diddly squat in the grand scheme of things.

ETA: I also take advantage of any discounts offered. No reason not to. 

[susana1954]

I am retired.  I think of myself as being on a "fixed income" because my pension has a ZERO COLA.  Retirees last received an increase over 10 years ago, and the governor's attitude is that we knew what we would receive when we retired so live with it.  I do receive SS, and there is a COLA attached to that.  Some years it is very little, just like the interest rate that everyone received on savings for years.  Sometimes it is significant but that is because of inflation.  

I am fortunate because I have additional retirement savings in addition to a pension and SS.  But I try to save that for the big stuff in life.  What I live on is fixed . . . at least in my head.

On the subject of renting, I sold my house last summer.  I had a $750 house payment, which included taxes and insurance.  It now rents for $1800 plus the renters have to cover lawn service for a half-acre, which cost me an additional $250 from April to October.  I was stunned because I essentially couldn't afford to rent my own house!  It would have taken more than 40% of my take-home.

I have a lot of sympathy for renters these days.  That doesn't mean, @blue, that you should rent your house for any less than you think is fair.  But sympathy is free.

[scgal]

I am curious. What retirees or people who have kids out of school that think they shouldn't have to pay school taxes think about student debt forgiveness. I mean after all their taxes are paying for that too. 

[NoNamePerson]

Apr 23, 2024 8:20:32 GMT -5 scgal said:

I am curious. What retirees or people who have kids out of school that think they shouldn't have to pay school taxes think about student debt forgiveness. I mean after all their taxes are paying for that too. 

I have no problem with paying school taxes even though I am retired. Never had a problem paying school tax the few years my son was in private school. Conflicted about student loan forgiveness. I was fortunate back in the day that the VA paid for me (not a veteran but because father killed in WWII) but the cost of college education today is so very expensive. I also remember the days of Pell grants, etc or at least I think it was called that. But don't believe that a college education should be available to only the wealthy. And that seems to be the norm. I know there are plans in place to put aside money for kids education but not everyone can do that either. 

I admit that I have no clue what, if any, restrictions are placed on student loans as to what funds are used for other than school fees. I know it has to be used for school fees, etc  I'm just rambling here so maybe I'll get a better understanding of student loans without dinking all over the place online. I'm lazy that way. 

[TheOtherMe]

I have no problems paying property taxes that goes to the public schools.  I have big time issues for the money that goes to private school vouchers.  

I used to listen to my aunts and uncles ranting about schools didn't need more money after their kids were out of school.  That's not how they talked when they had kids in school.

Now out governor in Iowa is diverting money from public schools to the private schools via several schemes and I have major problems with that.

Iowa also has a rent/heat rebate for low income people.  I didn't know about that until I was a volunteer Rep Payee.  The only client I had who didn't live in a nursing home qualified for that.  

[NoNamePerson]

Apr 23, 2024 9:27:15 GMT -5 TheOtherMe said:

I have no problems paying property taxes that goes to the public schools.  I have big time issues for the money that goes to private school vouchers.  

I used to listen to my aunts and uncles ranting about schools didn't need more money after their kids were out of school.  That's not how they talked when they had kids in school.

Now out governor in Iowa is diverting money from public schools to the private schools via several schemes and I have major problems with that.

Iowa also has a rent/heat rebate for low income people.  I didn't know about that until I was a volunteer Rep Payee.  The only client I had who didn't live in a nursing home qualified for that.  

I would have a major problem with that too. I haven't delved into it much but around here most, if not all, private schools are church run schools. What happened to the separation of church and state? DUDH dumb question on my part. Hangs head in shame  

[TheOtherMe]

To those of us who want public schools, it feels like the governor and the legislators behind her are trying to do away with the public school system.  

I've read there is one private school in the state that is not affiliated with a religion.  

She also got funding to the agency that is in charge of special ed kids.  

The private kids won't accept kids with special needs and serious money is being removed from the public school system.  Several larger districts have announced large staff layoffs for next school year.  

This is not sustainable.

Iowa used to be right at the top of rankings for education.  Now it's in the bottom 10.  It will soon be at the bottom because of the money going to private schools.

Public schools are also required to bus private school kids to their schools on the public schools normal school days.  If the calendars conflict, at least they don't have to bus the kids.

Should have heard the screaming when the larger public school here went to a one hour later start on Friday so they could do continuing ed.  Private school parents actually have to get their kids to school because there is no special bus run for your kids.