rockbier1218
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User ID: 1794
rockbier1218
8d ago
I have the misfortune of seeing this within my own family.
You’re right that there is no easy solution, given that lifespans have never been this long we have zero idea as a species how to handle this state of affairs where people can be massive drains on society at large from the age of 65-95 (or longer)
I am becoming more and more of a single issue “voter” on the topic of gerontocracy. In quotes because there is no party in the United States that is not actively trying to grow it and give more money to old people at the expense of the young.
In New York there is something called STAR tax relief for homeowners. Households making less than 500k/year get a yearly check that serves as relief for school taxes you pay as a homeowner. If you are over 65, you are a special citizen who gets extra money (means tested at 110k/year, but there’s no such extra relief for younger people who make less than 110k, and yearly income is not really as relevant for older people who don’t need to save for retirement, have probably already raised kids or don’t have any, probably have paid off a mortgage, don’t need to save for a kids college fund, have likely already accrued wealth such that income is effectively meaningless, I could go on). Why? Why do these people get extra money at my expense? It’s supremely unjust and makes no rational sense, other than pandering to a large voting bloc. Pure politics that flies totally under the radar. And our entire society is riddled with handouts like this. Combine this with falling birth rates, higher life expectancy, etc. I feel like a good 70-80% of economic malaise and existential issues facing America could be resolved or greatly ameliorated by just cutting this shit entirely.
Of course it makes sense, boomers are a massive cohort and old people have most of the wealth, and they vote. And for some reason young people seem completely oblivious as to how much of their taxes flow to the old, and suggesting you redistribute this somewhat triggers empathy and accusations of killing your sweet grandma. In some ways this issue is much harder to actively build a coalition around because almost all of us have elderly relatives around and we all expect to one day be in their position and wouldn’t it be nice to retire and have the government pay for everything when we do?
rockbier1218
16d ago
I also did the 30-year + aggressive payoff schedule (trending to 15 years and maybe less if family members die and I receive expected inheritance).
Keep in mind you do get to deduct mortgage interest paid, so if you are able to itemize deductions (should be more likely with SALT cap increasing to 40k) it works out to something more like 3-4% effective interest paid. Not bad if you want the flexibility and lower mandatory payments.
Dalrymple is like AC/DC in that they only write and play one song with a thousand small variations, but what a song!
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