No. of Recommendations: 1
<< Congratulations! You’re officially poor.>>
Exactly! You can live very well if you learn how to (legally) do your taxes right. It probably even more important than investing acumen.
<< This little exercise in retirement budgeting demonstrates that our official poverty line is a crock.>>
The Federal poverty line is a crock, but not in the direction you likely think it is.
https://www.thefp.com/p/why-do-americans-feel-poor...My strategy over the last 40 years has been to identify the amount of "skim, scam and fraud" in the system and develop a workaround. For example, if a well-made automobile lasts 20 years or more, and it loses 65% of it purchase price to depreciation over the first 3 or 4 years of ownership (like my 2020 Tesla Model Y), you're better off finding someone else to pay the depreciation and buying it used, i.e. 2020 price $65,000, my 2025 purchase price $21,000.)
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