Fairly New Here - Recommendations?

[COcheesehead]

Quote:

Originally Posted by ProspectiveBum OP said he and his wife will each get $1,800 per month from SS, which works out to a bit more than $43K per year. OP, I'd double-check those SS numbers to ensure they're not based on you continuing to work to full retirement age. I have a spreadsheet where I calculate my expected SS based on my earnings history, and my SS at 62 is pretty close to $1,800 per month, but I've been within spitting distance of the earnings max for most of my career. Seems odd that you and your wife would be expecting similar payouts if she hasn't been working (unless she earned more than you while she was employed). Anyway, probably good to double-check.

Thanks I missed that in the OP. The SS does seem high.

[mh]

Quote:

Originally Posted by treeofpain Thanks for the comments and encouragement so far. Wife worked for several years, but quit work a while back to care for aging parents. No pension unfortunately. Social Security would be around $1800/month for each of us at 62, which is when we will probably take it. I'm a year older than my wife. We managed to open a Roth last year and put $5K in it. Hoping to max it out this year ($6500 each = $13K total) by selling some personal property. Our taxes are basically zero due to deductions/charitable giving, but I am considered self-employed for SS purposes, and that unavoidable 15.3% is pure misery. I am sure some of you who own businesses can relate.

Your SS income seems a bit high given your other info you might want to double check that


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[treeofpain]

Double-checked SS - I was a little off. It will be $18K/year for me if I take it at 62. About $16K for wife, which brings our total to $34K.

[Walt34]

Quote:

Originally Posted by treeofpain Wife worked for several years, but quit work a while back to care for aging parents.

I can understand that, we (and many others here on the forum) have had to deal with that issue. DW was very happy to have the free time to look after her father and deal with aging issues without having to hold down a job at the same time.