lem1955
Recycles dryer sheets
- Joined
- Mar 1, 2007
- Messages
- 315
Hi All - Jonathan Clements came through for me again with advice to check out E-R.org and FIREcalc. Wonderful to find you all.
I am a 52 year old woman in a civil union with another woman age 61. Our legal relationship is only helpful to us in the state of Vermont. The feds don't recognize us at all. My partner is coming up on her 62nd birthday and we're thinking about whether or not to begin collecting those (reduced) SS checks and investing them. She is currently working part time and earning a little under $12K a year. We have 4 grown children (hers biologically) and 3 grandchildren. Her health is very good, but her parents both died fairly young - dad at 70, mom at 74. We're thinking it would be a good idea to begin collecting earlier rather than later, since there would be no beneficiary payments on her SS account if she died prematurely. So long as she keeps earning under the SS maximum, to avoid taxes on the SS money, do you think it would be a good idea for us to collect and invest? One other question I haven't looked into yet, once collecting SS can an individual still contribute to an IRA, or is that option closed off? (I've been funding her IRA for years, and since my good options 401(k), HSA, non-deductible IRA are already maxed out, I'd like to continue to protect $ in her Roth IRA.)
LEM1955
I am a 52 year old woman in a civil union with another woman age 61. Our legal relationship is only helpful to us in the state of Vermont. The feds don't recognize us at all. My partner is coming up on her 62nd birthday and we're thinking about whether or not to begin collecting those (reduced) SS checks and investing them. She is currently working part time and earning a little under $12K a year. We have 4 grown children (hers biologically) and 3 grandchildren. Her health is very good, but her parents both died fairly young - dad at 70, mom at 74. We're thinking it would be a good idea to begin collecting earlier rather than later, since there would be no beneficiary payments on her SS account if she died prematurely. So long as she keeps earning under the SS maximum, to avoid taxes on the SS money, do you think it would be a good idea for us to collect and invest? One other question I haven't looked into yet, once collecting SS can an individual still contribute to an IRA, or is that option closed off? (I've been funding her IRA for years, and since my good options 401(k), HSA, non-deductible IRA are already maxed out, I'd like to continue to protect $ in her Roth IRA.)
LEM1955