As interest rates increase to a more historically normal level, the pressure on the budget will increase correspondingly taking a larger portion of the budget to service interest on the growing national debt and reducing available funds for other things. Social security taxes already take 15% (employee and employer contribution combined) of salaries now and I wonder whether there is the will in Congress to increase them as they are seen by some as a regressive tax. When I get my social security statements it does warn that I may only get 75% of what they estimate my benefit would be. At some point something has to give and my guess is that there will be no ceiling (or at least a much higher ceiling) on income subject to social security tax and a phased in means test to address shortfalls in the social security system in an effort to shift available funds to those with the least retirement income. Not saying this is something I want to happen or taking a side either way just saying I think this more likely than an increase in social security taxes.
If you don't stand for something, you will fall for anything.
Its a hiking based website. Please make the connection to hiking if you want to bring in economics. This thread is getting to the edge of politics. Some enticing economic discussion of opinions where I suspect many would like to chime in but this isnt the Money Mustache website or a Suzie Orman Q&A just as it isnt a food politics, rah rah organic food, or general social or cultural issues website.
My wife and I planned to thru when we retired. This passed year my father passed at 62 in a motorcycle accident. Completely changed my plans about our hike and life altogether. We are doing it in 2019. Do it when you can, now. You never know, in the blink of an eye it can all change. Good luck!!
Can't exactly tell what you're saying, but IMHO this financial discussion is pertinent to the OP. And with due respect my friend, who are you to slam a slight bit of drift, if you in fact are doing so? And finally, who the heck is Suzie Orman? Don't answer that, I don't care, sounds like a TV show of some sort.
It does not need to be excused, this is one of the most useful threads I have ever seen on Whiteblaze. And if you cannot afford to thru-hike, or cannot stop working long enough to thru-hike, well there goes your dream of try-hiking. I find this thread very pertinent to hiking.
Please carry on....
“For of all sad words of tongue or pen,
the saddest are these, 'It might have been.”
John Greenleaf Whittier
In our local paper, there is a Tuesday syndicated column by a retired Social Security guy. VERY informative!
his name is Tom Margenau. His columns are also here.... https://www.creators.com/read/your-social-security
About 4 times a year, he is talking the Widows benefits, or the File&Suspend options (which have all changed...I think if you are not old enough to already be filing, it won't matter), he talks maximization strategies.
And yeah, figuring out HOW to pay for "life to hike" with all of peoples personal variables, is very informative to me.
For a couple of bucks, get a weird haircut and waste your life away Bryan Adams....
Hammock hangs are where you go into the woods to meet men you've only known on the internet so you can sit around a campfire to swap sewing tips and recipes. - sargevining on HF
someone posted earlier, about requesting a sabbatical. A guy I've hiked with a few times, did just that. BUT, understand. He was already retired from the military. And he was in health care. He'd been hiking shorter trails, done some sections on the AT. He told them in early January, he wanted a sabbatical for 6 months to thru hike the AT. they said "no". He then said "so my last day will be end of March" (knowing in health care, he can interview on Monday and start work the next week). They backed down in minutes.....he got his sabbatical. Since he has military health care, all he wanted was the job to be there when he came back. And being in "retirement" years....makes difference.
For a couple of bucks, get a weird haircut and waste your life away Bryan Adams....
Hammock hangs are where you go into the woods to meet men you've only known on the internet so you can sit around a campfire to swap sewing tips and recipes. - sargevining on HF
It is complicated, I agree. And it's definitely a personal thing. I faced the same thing. Retired at 66, needed more income than my investments could provide. But, thank G-d, I'm fairly healthy - and optimistic - thinking I could live to be 110! I thought, "Do I really want to give up that extra income every month - for maybe 40 years - or can I inconvenience myself, make some sacrifices for 4 more years"? I'd already been working 42 years, so 4 more didn't seem to be too heavy a price. I would have driven Uber or worked Walmart or Home Depot those years if I had to. Could have sold the house, and bought a smaller one with no mortgage if I had too.
It is a very low percentage of people that do wait that long. I'm glad I'm one of them.
Now - to make my buddy Dogwood happy - I CAN GO HIKING, LISTENIN TO SUZE ORMAN ANYTIME I FEEL LIKE IT!!
So is diet as it relates to having the physical ability to thru hike. That doesn't mean, as I've been rightly chided for, but through deragatory name calling ie; Food Nazi, Food Police, going down a dietary and nutritional rabbit hole or digressing into personal food politics opinions everytime food is mentioned.
Desire targeted medical advice MAYBE it is more constructive to see a M.D. Want specific financial advice or general state of the financial markets opinions MAYBE better to contact a financial advisor?
Jus sayin.
@ jefals Suzie Orman on audio tape as pre hike prep. Smiley.
Here is an interesting article that breaks down the odds of living to a certain age. People are probably going to live longer than they think which is a consideration for retirement planning. There are no guarantees about living past tomorrow in this life but I hope you make it to 110 jefals.
If you don't stand for something, you will fall for anything.
" Of all the paths you take in life, make sure a few of them are dirt. "
Having sufficient financial independence and health to go hiking for weeks or months takes a lot of planning. I think this thread is far more relevant than many I've seen on WhiteBlaze.
I think it's as much a lack of other responsibilities than financial Independence.
If you have debt you has to service well then you're kind of screwed. Could be mortgage car car insurance health insurance, etc.
If you have to provide for anybody else will your kind of screwed as well.
If you don't mind living the lifestyle bordering on homeless bum, your prospects look pretty good.
As far as retired folk go, unfortunately it takes a lot of money to play everyday. That could be golf, fishing, whatever it takes a lot of money to go have fun everyday. So retired people tend to find things to do that aren't that expensive. A little gardening, work on projects around the house, part time work or even volunteer work to keep them busy. Then you do a little fun things maybe one day or 2 day a week or something
By comparison to some hobbies, hiking is dirt cheap.
Last edited by MuddyWaters; 03-29-2018 at 12:42.