|
|
Signed up for Social Security
03-14-2019, 01:48 PM
|
#1
|
Full time employment: Posting here.
Join Date: Mar 2005
Location: Punta Gorda, FL
Posts: 828
|
Signed up for Social Security
I retired 12 years ago, but now I feel old. I’ll be 62 in May and went ahead and filed. Took about 5 minutes online and today I see that I’m approved. First check will be deposited July 24.
I’ve read all the threads about all the various scenarios about when to take the money. The wife has a pension so WEP affected some of the desisions, along with few in my family living much past 80.
I’m not sure what we will do with the extra, but we will think of something. I’ll have to check back to the “blow that dough” thread.
|
|
|
|
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!
|
03-14-2019, 02:06 PM
|
#2
|
Thinks s/he gets paid by the post
Join Date: Jul 2013
Posts: 1,046
|
Anyone who doesn't know what to do with their extra money I can send you my address
Congrats! Good to know filing is pretty easy and only takes minutes online. I'll be claiming it at 62 (18 yrs from now). I figure I'd take my money from the govt while I'm alive and leave my investments to the heirs -if there're any left after I'm gone.
|
|
|
03-14-2019, 02:07 PM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
|
Congratulations. Save some for me!
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
|
|
|
03-14-2019, 02:36 PM
|
#4
|
Thinks s/he gets paid by the post
Join Date: Oct 2017
Location: Tellico Village
Posts: 2,622
|
Congrats on the extra cash flow, retail therapy may be the answer!!
__________________
Retired May 13th(Friday) 2016 at age 61.
|
|
|
03-14-2019, 02:53 PM
|
#5
|
Recycles dryer sheets
Join Date: Nov 2015
Location: Fort Myers, FL & Lake Of the Ozarks, MO
Posts: 234
|
Congratulations ..... My DW began drawing at 62, this is my plan as well ....only 5 more years ....
__________________
Live Life
|
|
|
03-14-2019, 05:20 PM
|
#6
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,298
|
Congrats.
Managing ACA, so will wait at least until 65 y.o.
__________________
TGIM
|
|
|
03-14-2019, 05:44 PM
|
#7
|
Thinks s/he gets paid by the post
Join Date: Nov 2006
Posts: 1,639
|
Congrats!
I can't wait to see my first SS deposit in the bank. Only 1 1/2 years until I'm 62, but might wait until 64/65 in order to do some more Roth conversions. It'll be tempting though!
|
|
|
03-14-2019, 05:55 PM
|
#8
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
|
Quote:
Originally Posted by PatrickA5
Congrats!
I can't wait to see my first SS deposit in the bank. Only 1 1/2 years until I'm 62, but might wait until 64/65 in order to do some more Roth conversions. It'll be tempting though!
|
I'm still doing research on it. I'm 53 and DW is 50, so a lot can change in the next decade. But so far it seems like she should file at 62 and I should file at 70 (if all goes to plan). That assumes she will retire at 60 which is currently "the plan".
One thing we are doing is having me take SEPP through 72t from my IRAs, and using some of that income to allow DW to put more of her income into her 403B and HSA, since she is subject to self employment tax on her income and when 403B and HSA deductions are taken out by the employer in a cafeteria plan, the contributions are exempt from SECA taxes. The net effect is to use a lot of my income, which is not subject to self employment tax, to defer her income which would otherwise be subject to 15.3% self employment tax.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
|
|
|
03-14-2019, 06:07 PM
|
#9
|
Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Minneapolis
Posts: 1,172
|
Quote:
Originally Posted by dm
I’ve read all the threads about all the various scenarios about when to take the money. The wife has a pension so WEP affected some of the desisions, along with few in my family living much past 80.
|
What age for 'end of plan' do you use to plan for your overall retirement portfolio?
|
|
|
03-14-2019, 06:12 PM
|
#10
|
Recycles dryer sheets
Join Date: Jan 2015
Location: Dublin
Posts: 88
|
I turn 66 in June and just filed a restricted application for benefits under my wife's work record so I will begin receiving 1/2 of her PIA this June. My wife had to file before I could do so, so she filed in January at age 64.5.
I plan to let my benefit continue growing until age 70. This will provide a nice higher amount for my wife when I croak as she is likely to outlive me.
|
|
|
03-14-2019, 08:10 PM
|
#11
|
Full time employment: Posting here.
Join Date: Mar 2005
Location: Punta Gorda, FL
Posts: 828
|
Quote:
Originally Posted by Cut-Throat
What age for 'end of plan' do you use to plan for your overall retirement portfolio?
|
According to FIRECalc we have a success rate of 100% for a 40 year period. We will probably up our spending a bit from time to time. But there will also come a time to sell the plane, which will reduce our spending quite a bit.
|
|
|
03-14-2019, 08:14 PM
|
#12
|
Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Minneapolis
Posts: 1,172
|
Quote:
Originally Posted by dm
According to FIRECalc we have a success rate of 100% for a 40 year period.......
|
So, your Portfolio Plan is 102, and your Social Security Plan is Age 80... Do you see any disconnect?
|
|
|
03-14-2019, 08:22 PM
|
#13
|
Full time employment: Posting here.
Join Date: Mar 2005
Location: Punta Gorda, FL
Posts: 828
|
Quote:
Originally Posted by Cut-Throat
So, your Portfolio Plan is 102, and your Social Security Plan is Age 80... Do you see any disconnect?
|
I need to up my spending or expect my kids to have a nice inheritance. My wife has already had to deal with cancer and also has heart issues. My family also has rarely made it past 80 due to heart problems also, the ones that have have dementia so the future is not looking good.
On the other hand if I’m wrong we still can live a very nice lifestyle. If I lose out on some SS that’s not the end of the world.
|
|
|
03-14-2019, 08:33 PM
|
#14
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,522
|
That is awesome and congratulations, just one more milestone in one's life.
I plan on taking mine early also, I want it now to spend while I'm young enough to still enjoy it. I don't need it any more now then at 70 so why not take it now.
|
|
|
03-15-2019, 04:13 AM
|
#15
|
Recycles dryer sheets
Join Date: Apr 2006
Location: Cleveland
Posts: 97
|
Quote:
Originally Posted by Dtail
Congrats.
Managing ACA, so will wait at least until 65 y.o.
|
I'm not sure I get this comment. Do you mean that one must declare SS as income towards calculating any ACA subsidy? l know that...
My advisor just suggested I file for SS, effective on my 64th birthday. They think a recession is coming in 2020 and this will reduce what I need to take out from my nestegg during the recovery. SS + an annuity coming due in Feb 2020, will cover the majority if not all of my expenses until tax torpedo time. (That is going to be an unavoidable headache!)
The difference will be about $400 a month and the catch up appears to be the magical 78 years of age. Any naysayers here?
__________________
Josh
|
|
|
03-15-2019, 05:17 AM
|
#16
|
Full time employment: Posting here.
Join Date: Mar 2019
Posts: 760
|
Quote:
Originally Posted by OHjosh
My advisor just suggested I file for SS, effective on my 64th birthday. They think a recession is coming in 2020 and this will reduce what I need to take out from my nestegg during the recovery. SS + an annuity coming due in Feb 2020, will cover the majority if not all of my expenses until tax torpedo time. (That is going to be an unavoidable headache!)
The difference will be about $400 a month and the catch up appears to be the magical 78 years of age. Any naysayers here?
|
I am not going to be a naysayer as I don't know the particulars of your situation, but I will point out that your advisor has no special predictive powers. What ever asset classes you are invested in could turn down whether there is a recession or not. It's impossible to predict the future, but it is possible (necessary) to manage your risk. The hoped-for rate of return on your investments should never be the only consideration.
Having said that, why not wait and see what happens? If there is no recession and/or the markets keep going up you will be gaining a bit of additional monthly SS income for every month you wait.
|
|
|
03-15-2019, 05:18 AM
|
#17
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,228
|
Quote:
Originally Posted by OHjosh
I'm not sure I get this comment. Do you mean that one must declare SS as income towards calculating any ACA subsidy? l know that...
|
Then you get the comment after all. SS counts towards MAGI, and at a minimum reduces your subsidy, and for many of us, would push us over the cliff and eliminate the subsidy.
Quote:
My advisor just suggested I file for SS, effective on my 64th birthday. They think a recession is coming in 2020 and this will reduce what I need to take out from my nestegg during the recovery. SS + an annuity coming due in Feb 2020, will cover the majority if not all of my expenses until tax torpedo time. (That is going to be an unavoidable headache!)
The difference will be about $400 a month and the catch up appears to be the magical 78 years of age. Any naysayers here?
|
You provided only one scenario, taking at 64, so I don't know what the other scenario is that has a $400 difference.
Personally I'd wait and see if a recession and stock market fall really happens before filing. I think it's a good idea to reduce what you take from your nest egg when the market is low, but you can react to that rather than guess when it's going to happen.
|
|
|
03-15-2019, 05:23 AM
|
#18
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,298
|
Quote:
Originally Posted by RunningBum
Then you get the comment after all. SS counts towards MAGI, and at a minimum reduces your subsidy, and for many of us, would push us over the cliff and eliminate the subsidy.
|
Yes that was my exact point. I want my MAGI income coming from TIRA withdrawals/TIRA to Roth conversions.
__________________
TGIM
|
|
|
03-15-2019, 05:51 AM
|
#19
|
Recycles dryer sheets
Join Date: Apr 2006
Location: Cleveland
Posts: 97
|
Quote:
Originally Posted by jldavid47
I am not going to be a naysayer as I don't know the particulars of your situation, but I will point out that your advisor has no special predictive powers. What ever asset classes you are invested in could turn down whether there is a recession or not. It's impossible to predict the future, but it is possible (necessary) to manage your risk. The hoped-for rate of return on your investments should never be the only consideration.
Having said that, why not wait and see what happens? If there is no recession and/or the markets keep going up you will be gaining a bit of additional monthly SS income for every month you wait.
|
The $400 difference per month is SS at 64 vs. FRA. I have conflicting ideas about the advice. Of course the advisor cannot predict a recession. No one can. I cannot predict how long I might live, or live life with good health.
To be honest, the driver for me is that I hate talking all my cash spending out of my nestegg right now. So why not take it now?
I know waiting to take SS is one of the best "investments" I can make. On the other hand, I won't save much RMD-wise by using the nestegg while waiting to take my SS. So why not take the monay now? Is a puzzlement.
I have a four months to decide... and then some if I choose.
__________________
Josh
|
|
|
03-15-2019, 06:01 AM
|
#20
|
gone traveling
Join Date: Mar 2015
Posts: 3,508
|
Quote:
Originally Posted by dm
I’ll be 62 in May and went ahead and filed.
I’m not sure what we will do with the extra, but we will think of something.
|
It's interesting that you decided to start your benefits at 62, but haven't figured out what you'll do with the money.
Care to talk about how you decided that 62 was the right start?
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
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
|
|
|