|
|
07-01-2016, 12:40 PM
|
#21
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
|
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.
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
07-01-2016, 01:04 PM
|
#22
|
Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Thousand Oaks
Posts: 1,111
|
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
Sent from my iPad using Early Retirement Forum
|
|
|
07-01-2016, 02:18 PM
|
#23
|
Recycles dryer sheets
Join Date: Mar 2014
Location: Lexington
Posts: 84
|
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.
|
|
|
07-01-2016, 02:31 PM
|
#24
|
Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
|
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.
__________________
When I was a kid I wanted to be older. This is not what I expected.
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|