WWE Champions General - Despite his claims, DSP is still spending thousands of dollars on the WWE Champions mobile game

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Another thing: Does he have to pay some kind of social security/insurance to get a state pension or the like? I can't see anything like that. Does that mean he'll be destitute as an old man begging for pennies on the internet?
 
Major said:
Another thing: Does he have to pay some kind of social security/insurance to get a state pension or the like? I can't see anything like that. Does that mean he'll be destitute as an old man begging for pennies on the internet?
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That would be covered by his installment plans with the IRS: if we assume that he is claiming the same business deductions on his taxes that he claimed on the bankruptcy the amounts he owes line up well with paying both regular income + payroll (earmarked for old-age benefits) taxes.

That being said Social Security (old age pension) is meant to be supplemental income in retirement rather than a sole source of income so he would need to accept a major drop in his standard of living if he does not want to e-beg until the day he dies. By the same token Medicaid (old-age healthcare) does not make everything free so we can look forward to interminable begging when his health finally starts failing too.
 
Major said:
I'm reading the bank leaks sheet.

Is it net spend? Does it include any pension payments or would those not show up?

If he isn't paying in to a pension he's mega-fucked because the amount he would need to pay to catch up would be ridiculous
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This made me laugh out loud, thank you. In the US, we have 401ks (private) and Social Security (government program). 401ks are managed by your employer, so in Phil's case this means: not at all. Phil's tax payments include funding Social Security which theoretically would pay him in retirement a nominal amount. But we no longer have a country thanks to Jews and Biden so that money will instead go to Somalians and Guatemalans. On the bright side, hopefully one of them will stab retired Phil to death and I will get to read about it here before I die.
 
Major said:
I'm reading the bank leaks sheet.

Is it net spend? Does it include any pension payments or would those not show up?

If he isn't paying in to a pension he's mega-fucked because the amount he would need to pay to catch up would be ridiculous
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Phil's actual plan is to stream until he dies, there is no financial planning for the future
 
Whaler said:
we won't know when Phil has a stroke
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he's already had a stroke. the camera was.on. it was on the whole time. hello! IMG-20231023-WA0002.jpg
 
SocietyLiver1488 said:
This made me laugh out loud, thank you. In the US, we have 401ks (private) and Social Security (government program). 401ks are managed by your employer, so in Phil's case this means: not at all. Phil's tax payments include funding Social Security which theoretically would pay him in retirement a nominal amount. But we no longer have a country thanks to Jews and Biden so that money will instead go to Somalians and Guatemalans. On the bright side, hopefully one of them will stab retired Phil to death and I will get to read about it here before I die.
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What's considered a typical personal pension contribution in yankeeland?
 
Major said:
What's considered a typical personal pension contribution in yankeeland?
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15% of pre-tax income, not counting contributions to social security. For a typical middle class Burgerlander this works out to assets in the low 7 figures at retirement; with Phil's higher income and addiction issues I imagine he would need more (probably in the ballpark of $2 million) if he wanted to retire in his late 50s-early 60s.

You didn't ask about this next bit but it is still relevant: Retirement accounts (called 401ks or IRAs) have a yearly limit on contributions in exchange for preferential tax treatment, so Phil's ability to catch up to where he should be financially is greatly limited even if he started cutting back and saving tomorrow.
 
UncleTusky said:
15% of pre-tax income, not counting contributions to social security. For a typical middle class Burgerlander this works out to assets in the low 7 figures at retirement; with Phil's higher income and addiction issues I imagine he would need more (probably in the ballpark of $2 million) if he wanted to retire in his late 50s-early 60s.

You didn't ask about this next bit but it is still relevant: Retirement accounts (called 401ks or IRAs) have a yearly limit on contributions in exchange for preferential tax treatment, so Phil's ability to catch up to where he should be financially is greatly limited even if he started cutting back and saving tomorrow.
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jokes on you. He's planning to die way before he has to retire.
 
grump said:
jokes on you. He's planning to die way before he has to retire.
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Which is still its own type of optimistic. Even if he doesn't get cold feet/second thoughts about never retiring, there are all kinds of things (stroke, diabetes, seizure, even a bad compound fracture) that wouldn't kill him outright but could make him stop/cut back on streaming. It's not what most people think when they hear 'retirement' but the principle is the same - he'd be out of work and forced to rely on his savings to get by.
 
Kung Lao said:
I think the real joke is that DSP would just go bankrupt again instead of paying any 5 figure (or more) medical bill. Hit the responsible tax payers where it hurts Phil!
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Phil's retirement plan:
1. Inherit house and savings from his stoopid parents. Sell those and live off of that money
2. Trans-nightmare Ryan will continue to pay him until he dies in 30 years.

UncleTusky said:
That would be covered by his installment plans with the IRS: if we assume that he is claiming the same business deductions on his taxes that he claimed on the bankruptcy the amounts he owes line up well with paying both regular income + payroll (earmarked for old-age benefits) taxes.

That being said Social Security (old age pension) is meant to be supplemental income in retirement rather than a sole source of income so he would need to accept a major drop in his standard of living if he does not want to e-beg until the day he dies. By the same token Medicaid (old-age healthcare) does not make everything free so we can look forward to interminable begging when his health finally starts failing too.
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Phil will make no effort to pay off his house before he 'retires'. I expect a second and third mortgage, assuming he doesn't lose the place.
 
Major said:
What's considered a typical personal pension contribution in yankeeland?
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We have a pretty complex system. Only government workers, railroad workers, and some legacy industries have "pensions." Most of us have a combination of private retirement plans, and social security.

Social Security replaces around 50% of your income, if you elect to wait to take payments until age 70 and have had 35 years of work contributing, 30% if you start taking social security before age 70. To have ANY social security, you need to have worked 10 years with contributions, which are 6.2% on the employeer, and 6.2% on the employee ( so self-employed 12.4% ).

Now taking a 50%-70% paycut obviously causes problems even if you have paid off a mortgage, so many of us have private retirement plans. It's closer to . IRAs you can contribute up to $6500 a year, and can start withdrawing from that plan with a tax benefit at 59.5 years of age, and must start taking withdraws at 73. That's on you though, it's entirely self-managed and optional.

Most companies offer 401(k) plans, where you contribute a percentage of your salary ( typically 3-6% ), and the company matches that amount. You get to choose what to invest it in from some limited options, and similar to IRAs you have a tax benefit to this.

In the US, your income doesn't get dragged down as much by taxes and forced contribution plans, but it's up to the individual to invest and save and find an employer with good retirement contributions or else you end up poor in retirement.

Phil is completely fucked. It's salvageable as he's age 40 and has 30 years to fix this, but he essentially has a negative net worth and may have never even logged in to the social security website to check his credits. ( https://www.ssa.gov/myaccount/ ). People who work under the table or don't properly pay taxes aren't owed a dime of social security, and are often livid when they find that out. They never paid in, so they never get paid out.
 
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When Phil does start to fall off it's going to be 10x worse than the Boogie issue.

Boogie spent $10,000's on cards and collectables that he can now sell.

Good luck selling jpg's Phil.
 
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