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I'm no longer FIRE
Old 09-30-2018, 12:00 PM   #1
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I'm no longer FIRE

Ok. Gotta admit it. After over a decade of FIRE (2/2004-12/2009 non working years, 2010-2014 PT seasonally, 2/2015-10/2017 FT) I apparently hit SSA's definition of full benefit age. So now I'm just FIR. And can draw on my xH account (so instead of supporting him for 17+ years I get payback?).

Hence my question: How did you decide how much to have withheld from the check and how did you do it? What happens if I draw on his # and he decides to draw on mine (if he can remember my SSN)
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Old 09-30-2018, 12:06 PM   #2
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Ok. Gotta admit it. After over a decade of FIRE (2/2004-12/2009 non working years, 2010-2014 PT seasonally, 2/2015-10/2017 FT) I apparently hit SSA's definition of full benefit age. So now I'm just FIR. And can draw on my xH account (so instead of supporting him for 17+ years I get payback?).

Hence my question: How did you decide how much to have withheld from the check and how did you do it? What happens if I draw on his # and he decides to draw on mine (if he can remember my SSN)
How much to withhold depends on your other income streams. You don't get a flexible choice, you are offered 4 options, 7, 10, 12, or 22%. I started out on the low end, then bumped it up when income tax rules for 2018 changed.



https://www.ssa.gov/planners/taxwithold.html
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Old 09-30-2018, 12:20 PM   #3
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We take the full SS amount. I pay quarterly estimated taxes from other income or investments.
YMMV depending on each persons situation
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Old 09-30-2018, 12:24 PM   #4
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How much to withhold depends on your other income streams. You don't get a flexible choice, you are offered 4 options, 7, 10, 12, or 22%. I started out on the low end, then bumped it up when income tax rules for 2018 changed.



https://www.ssa.gov/planners/taxwithold.html
4 yrs to RMD so just pension @ 36k + taxable dividends. Thinking midstream (12%) might be too low as I've learned it will all be taxable? If I choose 'wrong' it can be changed next year
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Old 09-30-2018, 12:29 PM   #5
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And can draw on my xH account (so instead of supporting him for 17+ years I get payback?).

What happens if I draw on his # and he decides to draw on mine (if he can remember my SSN)
When either you and/or he file, you'll get an amount equal to your own benefit or half of the other's, whichever is larger. It won't matter to either of you whether the other has filed.
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Old 09-30-2018, 12:32 PM   #6
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I'm in the pre 1954 group so SSA said I can choose to get half his or all mine not whichever is greater but will research further as I want mine to keep growing until 70 (self funding possible assisted living in the future should kids / grandkids ever move out of my small town)
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Old 09-30-2018, 12:39 PM   #7
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I'm in the pre 1954 group so SSA said I can choose to get half his or all mine not whichever is greater but will research further as I want mine to keep growing until 70 (self funding possible assisted living in the future should kids / grandkids ever move out of my small town)
In this situation I'm glad I'm a few years older. https://www.ssa.gov/planners/retire/deemedfaq.html
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Old 09-30-2018, 12:54 PM   #8
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How much to withhold depends on your other income streams. You don't get a flexible choice, you are offered 4 options, 7, 10, 12, or 22%. I started out on the low end, then bumped it up when income tax rules for 2018 changed.



https://www.ssa.gov/planners/taxwithold.html
When I started SS at my FRA earlier this year I filed an IRS form W-4V to withhold taxes, but I was given the choices of 7%, 10%, 15% or 25%. Not that much of a difference from what you stated, but I chose 15% for this first year, to be adjusted in the future if appropriate.


My DH will do a file and suspend at his FRA birthday in January, and claim spousal benefits on mine until he reaches 70. We had planned to request that 15% be withheld on that as well, but if it is now 12%, that should be OK for the first year.
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Old 09-30-2018, 12:55 PM   #9
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I pay estimated taxes yearly.
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Old 09-30-2018, 01:35 PM   #10
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When I started SS at my FRA earlier this year I filed an IRS form W-4V to withhold taxes, but I was given the choices of 7%, 10%, 15% or 25%. Not that much of a difference from what you stated, but I chose 15% for this first year, to be adjusted in the future if appropriate.


My DH will do a file and suspend at his FRA birthday in January, and claim spousal benefits on mine until he reaches 70. We had planned to request that 15% be withheld on that as well, but if it is now 12%, that should be OK for the first year.
You cannot do "file and suspend" any longer. I think you mean "file and restrict".
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Old 09-30-2018, 01:51 PM   #11
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I started at 10%, which turned out to be too low; I ended up owing a lot of money this year so I upped it to 20%. That seems about right now, especially since I expect to be hurt by the 2018 tax changes, though it's hard to be sure. I'd be happy to get a refund, though I doubt that will happen. You can always adjust the amount if needed.

What your X claims will have no effect on what you're getting.
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Old 09-30-2018, 03:10 PM   #12
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You cannot do "file and suspend" any longer. I think you mean "file and restrict".
Yes....indeed.
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