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Old 08-22-2021, 04:42 PM   #141
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We are living on cash until hubby turns 70 and collecting SS. We are 67 and 65).



I am also waiting until age 70. Working with a FA and he advises such. Wants us to do Roth conversions even more so than Traditional IRA withdrawals It will help with alleviating some of the tax burden that will come once we have to take RMD's at age 72.


Yeah- it bothers me a bit to do this. Using cash and paying taxes on Roth conversions with more of our cash instead of taking our SS. My thing is if we die before then, our son gets less inheritance. Otherwise, I wouldn't care about it.
Have you run opensocialsecurity.com to check as to when you should withdraw SS? Many FAs are not as smart as they market themselves to be. They don't think about individual situations.

I told my FA that I will be taking my SS at 62 and my husband at 70 and he said asked me to wait until 70. Heck no, we have a significant age difference and in order to collect more/breakeven. My breakeven is when I turn 80 and when my husband is 94. I don't think so!
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Old 08-22-2021, 05:36 PM   #142
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Discount grocery stores?
Aldi is one example. We save a ton of money on produce by going there first and then filling in at Costo. Usually milk is cheaper at Aldi too.
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Old 08-23-2021, 09:46 AM   #143
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This is not true under current law. The SSA can only spend SS funds, not general funds. The trust funds are prior excess SS/Medicare taxes collected and "invested" in special treasury securities - they actually earn interest which is credited to the fund. The trust fund is just as real as the 10-year Treasuries in your portfolio. When the trust fund runs out, SSA can only pay out what it collects in current SS taxes - about 75% of obligations.

Again, this is all under current law. That doesn't mean Congress can't change the law and they will clearly need to do something, sometime.
I think most of us assume Congress will make (us) old voters happy by somehow coming up with the difference. I recall a mere mention of a "tweak" to SS back in the 80's - I don't even recall the details. DW's parent instantly changed political allegiance and never changed back even though nothing ever came of the proposed tweak. The "third rail" analogy still applies for many people though YMMV.
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Old 08-23-2021, 10:12 AM   #144
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I recall a mere mention of a "tweak" to SS back in the 80's - I don't even recall the details.
Details are here - Here is How We Fixed Social Security the Last Time it Was Broken - https://www.fool.com/retirement/2017...ime-it-wa.aspx

To fix it this time, these are some of the proposals being considered: "The CBO evaluated 36 potential changes to Social Security and what their effects on the funding gap would be. All of these changes fell within five specific categories:
  • Increase revenue to Social Security
  • Change the benefit calculation formula
  • Increase the full retirement age
  • Change the way cost-of-living adjustments (COLAs) are calculated
  • Adjust benefits for specific groups of people, such as wealthy retirees"
https://www.fool.com/retirement/2017...right-now.aspx
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Old 08-23-2021, 10:43 AM   #145
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Details are here - Here is How We Fixed Social Security the Last Time it Was Broken - https://www.fool.com/retirement/2017...ime-it-wa.aspx

To fix it this time, these are some of the proposals being considered: "The CBO evaluated 36 potential changes to Social Security and what their effects on the funding gap would be. All of these changes fell within five specific categories:
  • Increase revenue to Social Security
  • Change the benefit calculation formula
  • Increase the full retirement age
  • Change the way cost-of-living adjustments (COLAs) are calculated
  • Adjust benefits for specific groups of people, such as wealthy retirees"
https://www.fool.com/retirement/2017...right-now.aspx
Yeah, I lived through all this. That wasn't the "tweak" that DW's parents objected to. It was likely a "leak" or "trial ballon" in advance of the "permanent fix" to SS.
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