FIRE'd@51
Thinks s/he gets paid by the post
- Joined
- Aug 28, 2006
- Messages
- 2,433
johnbb,
I think #3 is your best option if you can get part-time work (especially if you can work out of your house). Also, in mid-October, the COLA for 2007 will be announced, which will probably add another $50-60 a month to your SS. Also, with respect to the part-time work, just remember, you can't earn over $12,480 (this number is also adjusted for inflation) without losing some of your SS benefits ($1040 per month in your first non-full year of drawing benefits). This page explains it:
http://www.ssa.gov/pubs/10069.html
Actually, it's closer to 7%, (1550 x 12) / (255,000 +10,000) = 0.07. In any case, this would be a temporary withdrawal rate until the house is sold, at which point the portfolio will receive a chunk of money equal to the equity in the house when sold less the cost of the new home. However, I agree that it would be better to suppliment the SS with part-time work, if possible, up to the $12,480 limit.
I think #3 is your best option if you can get part-time work (especially if you can work out of your house). Also, in mid-October, the COLA for 2007 will be announced, which will probably add another $50-60 a month to your SS. Also, with respect to the part-time work, just remember, you can't earn over $12,480 (this number is also adjusted for inflation) without losing some of your SS benefits ($1040 per month in your first non-full year of drawing benefits). This page explains it:
http://www.ssa.gov/pubs/10069.html
modhatter said:That's a 7.50% withdrawel from his portfolio. Better he take 4% ($833 a mo. )and supplement the balance ($716 mo.) with some side work. Give his portfolio a chance of growing for future inflation instead of depleting it.
Actually, it's closer to 7%, (1550 x 12) / (255,000 +10,000) = 0.07. In any case, this would be a temporary withdrawal rate until the house is sold, at which point the portfolio will receive a chunk of money equal to the equity in the house when sold less the cost of the new home. However, I agree that it would be better to suppliment the SS with part-time work, if possible, up to the $12,480 limit.