Recent content by potto0213

Between FRA and age 70, the payment amount will increase by 2/3% each month. However, the increase is only applied in January of the next year. So waiting WILL increase the payment amount but you will not see it right away.

If she will want to set up an automatic withdrawal you should avoid the IRA or set up both an IRA and taxable account. Withdrawing from the IRA would potentially create a penalty.

You will get the COLA increase either way. You do not have to be collecting in order for the COLA to be added to your PIA.

My wife is also a retired teacher. Because she is not eligible for any SS spousal benefit when she retired we took the option of 100% of her pension with 0% survivor benefit to maximize the amount she would receive. I then delayed my SS benefits until 70 to maximize the amount of SS I would...

Yes, based on the amount I think this is the correct answer. Many Thanks.

I turn 70 this February. I am expecting to get my first Social Security check during the 3rd week of March. Today, I noticed a small deposit in my bank account that is apparently from Social Security. I was not expecting anything. I checked the My Social Security website and all it shows is that...

Not sure how relevant this article is. No mention of how much the SWR rate is? No mention of income sources? No mention of what the expected rate of return on the savings is? Just a flat number of what savings is required and then suggesting a call to a financial advisor! I can't take this...

CindyBlue, I think you are getting a lot of good , well intentioned advice but in my opinion, you really don't need to change anything. The target fund you are in is a solid choice and requires no action on your part. You could move money around from tax-deferred (your 403b) to taxable to...

Tell her you want her to spend the surplus on plastic surgery. Either she'll take you up on it or divorce you. Problem solved. Seriously, ramping up spending is hard. Do it in baby steps.

When I was a kid we used to pull a stalk of rhubarb, wash it, and get a shot glass of sugar and dunk the end of the rhubarb into the sugar and then eat the raw rhubarb. It was a nice little treat!

This is a subject I've thought long and hard on. My parents were very frugal and very hard workers. Mom was a stay at home wife and my dad a carpenter in a small town and earned just enough for us to get by. They valued education but could give very little to my college expenses so I paid my...

What I find irritating about the Motley Fool is that on one day they will post an article listing the reasons why you should wait until 70 and the very next day they will post an article telling you why waiting until 70 is a big mistake. They have guest columnists and they are all over the...

+1 I read this article yesterday and I had the same reaction as you did.

You mention that your wife is a teacher. Mine is also. You may want to check out the options that your wife has in her retirement plan (usually a 403-b). Teacher's retirement plans are notorious for the really bad options (annuities, high cost mutual funds, etc.) that they force you to use...

When I was 56 I lost my then best friend, my father-in-law (who I was very close to) and my high school best friend all within a 3 month period. After the 3rd loss, I sat down with my boss and told him life was too short and that I wanted to be retired by the time a was 60. When I was within...