gwraigty
Thinks s/he gets paid by the post
Did you mean $7,000 HSA contribution?
Signed up for Social Security
- Thread starter dm
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Did you mean $7,000 HSA contribution?
street
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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I don't plan on living past my break even point at 82 years of age, I might but I don't know that.
You are very welcome to all I leave to YOU! I hope you live till your 115 plus and collect from others have taken SS at age 62. I really do wish you to make a century plus in age and have a healthy body and mind to enjoy your large SS check.
I hope I answered that question of yours.
Cut-Throat
Thinks s/he gets paid by the post
No you didn't answer my question..... I'll re-phrase.... You said 'You didn't want to leave any money on the table'.
I assume that you have investments, savings in cash, stocks etc..... So again my question is; How are you going to NOT leave anything on the table as far as your portfolio is concerned?
I mean .... You don't want to die with 'money on the table' - do you?
skipro33
Thinks s/he gets paid by the post
SS evaporates when one dies. It's not inheritable. By not collecting at least the minimum amount by taking at 62 before dying is 'leaving money on the table' in my opinion. My investments, savings and real property all go to heirs. Not left on the table, instead my family benefits. SS money, no one I care about benefits when I die.
Well I don’t know about you, but I haven’t figured a surefire way (short of shooting myself in the head) of flopping into my grave with only my last dollar in my pocket.
So I pretty much expect to die with too much "money on the table".
But I’m open to any suggestions on how to pull a trick like dying broke that doesn’t include poverty... ;-)
Cut-Throat
Thinks s/he gets paid by the post
Cut-Throat
Thinks s/he gets paid by the post
Your higher S.S. taken at age 70 is indeed 'inheritable' by your surviving spouse. She/He will thank you for this.
skipro33
Thinks s/he gets paid by the post
Based on both family history and personal medical history, it is unlikely DW will survive me. If she does, she'll still end up with a butt load more disposable income than she could ever hope to burn through with all the money I won't be spending on 'stuff'.
We've discussed what she would do if I precede her in death. She would like to move to an independent living facility that has transition to assisted and eventually nursing. Not hard to find in our area and compared to our budget for both of us now, definitely less than we are currently spending. Our current living arrangement is a rather large and laborious estate where I spend much of the year maintaining and she wouldn't want to get involved with at all. Example; I spend several hours each day this time of year clearing downed trees, brushing up and burning. I enjoy it and it's necessary to reduce fire hazard. I doubt she could even figure out how to fuel the tractor, let alone start it and operate it. She certainly wouldn't consider it her idea of retirement even to hire it out. She enjoys her sewing, quilting, female friend gatherings and a to a lesser extent cooking and general home making. We are very traditional that way and wouldn't have it any other. Today she and 2 other lady friends are on a fabric shopping spree, then dinner at Cracker Barrel. I have buckboard bacon in the smoker ready to be pulled later for slicing and storing.
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gwraigty
Thinks s/he gets paid by the post
Ah yes, you can contribute an additional $1,000 for 55 and older. That brings it to $8,000 total. But I don't believe that's per person. The worksheet my husband's employer provides says $7,000 Family PLUS $1,000 if you're over 55. (Minus what they contribute to arrive at the figure my husband can contribute via payroll deduction.) It doesn't say PLUS $1,000 for employee, PLUS $1,000 for employee's spouse, for a total of $9,000.
I can find nothing in a Google search that refutes my understanding. Can you provide a link to information that would prove me wrong?gwraigty
Thinks s/he gets paid by the post
From this link:
https://www.connectyourcare.com/blog/irs-2019-hsa-contribution-limits-enable-americans-to-save-more/
"Individuals age 55 or older not yet enrolled in Medicare may make a catch-up HSA contribution of up to $1,000 per person – an amount that remains unchanged from last year’s catch-up limit.
This means that the maximum contribution limit for an health savings account in the 2019 tax year will be $8,000."
I'm not sure why they specify "per person", which does make it sound like one could contribute an additional $1,000 for their spouse under family coverage.
Another source:
https://hsa.umb.com/employers/education-tools/faq/hsa+contributions/_turning+age+55+affect+an+hsa
"If the individual's spouse is also turning 55, the spouse cannot contribute their catch-up contribution to that individual's HSA; however, if the spouse meets the eligibility requirements, they can open their own HSA and contribute catch-up contributions to that account."
As a stay-at-home spouse covered under my husband's HDHP, I don't think I'm eligible to open an HSA. Am I?
https://www.connectyourcare.com/blog/irs-2019-hsa-contribution-limits-enable-americans-to-save-more/
"Individuals age 55 or older not yet enrolled in Medicare may make a catch-up HSA contribution of up to $1,000 per person – an amount that remains unchanged from last year’s catch-up limit.
This means that the maximum contribution limit for an health savings account in the 2019 tax year will be $8,000."
I'm not sure why they specify "per person", which does make it sound like one could contribute an additional $1,000 for their spouse under family coverage.
Another source:
https://hsa.umb.com/employers/education-tools/faq/hsa+contributions/_turning+age+55+affect+an+hsa
"If the individual's spouse is also turning 55, the spouse cannot contribute their catch-up contribution to that individual's HSA; however, if the spouse meets the eligibility requirements, they can open their own HSA and contribute catch-up contributions to that account."
As a stay-at-home spouse covered under my husband's HDHP, I don't think I'm eligible to open an HSA. Am I?
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Cut-Throat
Thinks s/he gets paid by the post
Au contraire. There lies the unreasonable notion of forking over control of your assets in an SPIA...
Cut-Throat
Thinks s/he gets paid by the post
Ah yes, you can contribute an additional $1,000 for 55 and older. That brings it to $8,000 total. But I don't believe that's per person. The worksheet my husband's employer provides says $7,000 Family PLUS $1,000 if you're over 55. (Minus what they contribute to arrive at the figure my husband can contribute via payroll deduction.) It doesn't say PLUS $1,000 for employee, PLUS $1,000 for employee's spouse, for a total of $9,000.
We have 2 individual HDHP plans, not a family plan. We each have an HSA. We can contribute $3500+$1000=$4500 each.
gwraigty
Thinks s/he gets paid by the post
Thank you for clearing that up.
You had me Googling and wondering if we'd been leaving $1,000 on the table.
Cut-Throat
Thinks s/he gets paid by the post
Accidental Retiree
Thinks s/he gets paid by the post
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Thank you for clearing that up.
You had me Googling and wondering if we'd been leaving $1,000 on the table.
If you are each over age 55 and if you have a separate HSA for the 2nd spouse, you can each put away the $1000, even with a family plan.
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Marc
Recycles dryer sheets
As an alternative to taking advantage of SS at 62. I have "added" the PV of SS (62 for wife and 70 for me) to my "assets" which equates to an actual withdrawal rate of 5% of actual portfolio instead of limiting myself to 4%. I didn't actually use FIRECALC but if you want to get more "exact" I imagine you can run lifespans until you don't have 100% (or maybe 90%) success rates to determine years of social security income streams for calculating present value.
One of main reasons I am delaying social security for me until 70 is for survivor benefit for my wife. If she pre-deceases me I will be fine, regardless.
Marc
One of main reasons I am delaying social security for me until 70 is for survivor benefit for my wife. If she pre-deceases me I will be fine, regardless.
Marc
ShokWaveRider
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
This has to be the most discussed subject on this forum. Assuming as a result, it also means a lot to us. When someone says they want to cut it as part of a "Bu&@#$", it probably REALLY upsets us too. That along with any proposed Medicare cuts.
gwraigty
Thinks s/he gets paid by the post
My husband and I both turned 55 last year. I never opened an HSA for myself, because I didn't think I qualified. I'm covered under my husband's family HDHP. I'm not employed. We file taxes MFJ. Does this mean that I could open an HSA for myself and contribute $1,000 to it?
https://apps.irs.gov/app/vita/content/37/37_04_005.jsp?level=basic
I'm willing to do more research into this to make sure I qualify, if this is really a possibility.
Thank you.
Sure. We'll share that haircut and you can feel happy. I will too.That way when the system has to give a haircut I can't say I didn't do my part.
