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The New Coffee Room

  1. TNCR
  2. General Discussion
  3. Pay me now or pay me later.

Pay me now or pay me later.

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  • George KG George K

    @jon-nyc said in Pay me now or pay me later.:

    I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

    Good point. A dollar now is probably worth a lot more than a dollar 30 years hence.

    JollyJ Offline
    JollyJ Offline
    Jolly
    wrote on last edited by
    #16

    @George-K said in Pay me now or pay me later.:

    @jon-nyc said in Pay me now or pay me later.:

    I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

    Good point. A dollar now is probably worth a lot more than a dollar 30 years hence.

    Social Security is adjusted for inflation.

    Supposedly.

    “Cry havoc and let slip the DOGE of war!”

    Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

    George KG 1 Reply Last reply
    • JollyJ Jolly

      @George-K said in Pay me now or pay me later.:

      @jon-nyc said in Pay me now or pay me later.:

      I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

      Good point. A dollar now is probably worth a lot more than a dollar 30 years hence.

      Social Security is adjusted for inflation.

      Supposedly.

      George KG Offline
      George KG Offline
      George K
      wrote on last edited by
      #17

      @Jolly said in Pay me now or pay me later.:

      @George-K said in Pay me now or pay me later.:

      @jon-nyc said in Pay me now or pay me later.:

      I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

      Good point. A dollar now is probably worth a lot more than a dollar 30 years hence.

      Social Security is adjusted for inflation.

      Supposedly.

      I realize that, of course. The point Jon was making, I believe, is that $5000 is much more valuable to a 35 year old today than the equivalent inflation-adjusted amount 30 years later.

      "Now look here, you Baltic gas passer... " - Mik, 6/14/08

      The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

      JollyJ 1 Reply Last reply
      • markM Offline
        markM Offline
        mark
        wrote on last edited by mark
        #18

        I'm 58 (really? when the fuck...?) and it's worth more to me now, than at 65.

        1 Reply Last reply
        • CopperC Offline
          CopperC Offline
          Copper
          wrote on last edited by
          #19

          3 months of my SS is a lot more than $5K, my wife too.

          markM 1 Reply Last reply
          • LuFins DadL Offline
            LuFins DadL Offline
            LuFins Dad
            wrote on last edited by LuFins Dad
            #20

            Personally, I like the idea so long as it doesn’t open Pandora’s Box and become something that happens for every perceived emergency.

            It’s better than the fed printing money and devaluing your retirement savings through inflation.

            The Brad

            1 Reply Last reply
            • George KG George K

              @Jolly said in Pay me now or pay me later.:

              @George-K said in Pay me now or pay me later.:

              @jon-nyc said in Pay me now or pay me later.:

              I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

              Good point. A dollar now is probably worth a lot more than a dollar 30 years hence.

              Social Security is adjusted for inflation.

              Supposedly.

              I realize that, of course. The point Jon was making, I believe, is that $5000 is much more valuable to a 35 year old today than the equivalent inflation-adjusted amount 30 years later.

              JollyJ Offline
              JollyJ Offline
              Jolly
              wrote on last edited by
              #21

              @George-K said in Pay me now or pay me later.:

              @Jolly said in Pay me now or pay me later.:

              @George-K said in Pay me now or pay me later.:

              @jon-nyc said in Pay me now or pay me later.:

              I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

              Good point. A dollar now is probably worth a lot more than a dollar 30 years hence.

              Social Security is adjusted for inflation.

              Supposedly.

              I realize that, of course. The point Jon was making, I believe, is that $5000 is much more valuable to a 35 year old today than the equivalent inflation-adjusted amount 30 years later.

              Depends on the H&B (Hookers & Blow) Index.

              “Cry havoc and let slip the DOGE of war!”

              Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

              1 Reply Last reply
              • CopperC Copper

                3 months of my SS is a lot more than $5K, my wife too.

                markM Offline
                markM Offline
                mark
                wrote on last edited by
                #22

                @Copper said in Pay me now or pay me later.:

                3 months of my SS is a lot more than $5K, my wife too.

                It's a not a guaranteed full 3 months that is the max it would take to repay. If you make more than that, it will get paid back faster than 3 months.

                1 Reply Last reply
                • MikM Away
                  MikM Away
                  Mik
                  wrote on last edited by
                  #23

                  If one already makes more than that why take the loan?

                  “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

                  1 Reply Last reply
                  • jon-nycJ Online
                    jon-nycJ Online
                    jon-nyc
                    wrote on last edited by
                    #24

                    If you have high time preference or a low life expectancy it makes sense.

                    Or if you think it’ll be worth more invested in something

                    Only non-witches get due process.

                    • Cotton Mather, Salem Massachusetts, 1692
                    JollyJ 1 Reply Last reply
                    • jon-nycJ jon-nyc

                      If you have high time preference or a low life expectancy it makes sense.

                      Or if you think it’ll be worth more invested in something

                      JollyJ Offline
                      JollyJ Offline
                      Jolly
                      wrote on last edited by
                      #25

                      @jon-nyc said in Pay me now or pay me later.:

                      If you have high time preference or a low life expectancy it makes sense.

                      Or if you think it’ll be worth more invested in something

                      Free money to take a flyer on high risk stuff?

                      “Cry havoc and let slip the DOGE of war!”

                      Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                      1 Reply Last reply
                      • ImprovisoI Offline
                        ImprovisoI Offline
                        Improviso
                        wrote on last edited by
                        #26

                        Well... considering we've only got 12 years left before the world ends, take the money and run. 😬

                        We have the freedom to choose our actions, but we do not get to choose our consequences.
                        Yes, there are two paths you can go by, but in the long run, there's still time to change the road you're on.

                        1 Reply Last reply
                        • AxtremusA Offline
                          AxtremusA Offline
                          Axtremus
                          wrote on last edited by
                          #27

                          Similar proposal reviewed but rejected by the White House:
                          https://www.washingtonpost.com/business/2020/05/10/top-white-house-advisers-unlike-their-boss-increasingly-worry-stimulus-spending-is-costing-too-much/

                          "...
                          Senior administration officials have discussed the “Eagle Plan,” a 29-page memo that called for an overhaul of federal retirement programs in exchange for upfront payments to some workers, but the White House has already rejected it, according to three administration officials. ...

                          The proposal calls for giving Americans $10,000 upfront in exchange for curbing their federal retirement benefits, such as Social Security, the report says. ...

                          The plan’s first page says it was written by Paul Touw, chief strategy officer to U.S. State Department undersecretary Keith Krach, whose responsibilities do not include creating domestic policy. ..."

                          Why the State Department proposed a plan that deals with Social Security?
                          That is a mystery. :man-shrugging:

                          1 Reply Last reply
                          • LuFins DadL Offline
                            LuFins DadL Offline
                            LuFins Dad
                            wrote on last edited by
                            #28

                            5K vs 10K and the verbiage "curbing Social Security"? Yeah, that's a non-starter.

                            The Brad

                            1 Reply Last reply
                            • jon-nycJ Online
                              jon-nycJ Online
                              jon-nyc
                              wrote on last edited by
                              #29

                              In recent years there have been right-of-center proposals for doing similar things to provide parental leave and care leave. Draw for a few months when you need it, start SS a bit later. Somewhat analogous to borrowing against your 401k.

                              Only non-witches get due process.

                              • Cotton Mather, Salem Massachusetts, 1692
                              CopperC 1 Reply Last reply
                              • jon-nycJ jon-nyc

                                In recent years there have been right-of-center proposals for doing similar things to provide parental leave and care leave. Draw for a few months when you need it, start SS a bit later. Somewhat analogous to borrowing against your 401k.

                                CopperC Offline
                                CopperC Offline
                                Copper
                                wrote on last edited by
                                #30

                                @jon-nyc said in Pay me now or pay me later.:

                                Somewhat analogous to borrowing against your 401k.

                                In the old days the mob and the union used to do that.

                                It didn't work very well.

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