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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

    @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

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    • 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.

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      • MikM Offline
        MikM Offline
        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

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        • 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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