dixonge
Thinks s/he gets paid by the post
We are still investing all our SS ( or as much as possible) - I think all of it if averaged over the year. The intent is to self-COLA our pensions. This has been our strategy since Day 1.
Been Getting SS for 3 months now, having trouble spending it. How about you?
- Thread starter ShokWaveRider
- Start date
Andre1969
Thinks s/he gets paid by the post
I'm in a somewhat similar situation, with a sudden increase of disposable income, but not knowing what to dispose of it on. I'm still working, and SS is still 9 years away at the least. But last year I had the One-Two punch of finally selling the old family homestead, and then the next month, renting out my spare bedroom to a friend.
Even taking what I cleared on the sale of the house out of the equation, I figure not having it anymore probably saves me about $700/mo, with no more property taxes, insurance, utilities, etc. I'm renting the room for $800/mo.
So, just right there I'm $1500/mo better off now, than I was this same time last year.
As for the proceeds from the house, I used that to fund a maxed out Roth IRA for 2022 and 2023, and also ramped up my 401k so I'll hit the $30K federal max this year. I front-loaded much of that earlier in the year, so that if I did retire this year, I still would have a pretty good chunk already put into the 401k.
Well, starting with the next paycheck, my contribution rate into the 401k drops considerably, as I've already sunk around $25K into it this year. So I'm spreading the final $5K out so that I hit $30K in the last paycheck. Anyway, I have a feeling that's going to bump my take home by another $300-400 every two weeks.
But, I just have no desire to spend this extra money on anything. One thing I've been wanting to do, but keep finding excuses not to, is get a new car. My mind just keeps saying "I can't afford it"...which is really Andre-speak for "I don't want to pay that much money for it."
So, for the time being, I might have to live vicariously through the rest of you!
Even taking what I cleared on the sale of the house out of the equation, I figure not having it anymore probably saves me about $700/mo, with no more property taxes, insurance, utilities, etc. I'm renting the room for $800/mo.
So, just right there I'm $1500/mo better off now, than I was this same time last year.
As for the proceeds from the house, I used that to fund a maxed out Roth IRA for 2022 and 2023, and also ramped up my 401k so I'll hit the $30K federal max this year. I front-loaded much of that earlier in the year, so that if I did retire this year, I still would have a pretty good chunk already put into the 401k.
Well, starting with the next paycheck, my contribution rate into the 401k drops considerably, as I've already sunk around $25K into it this year. So I'm spreading the final $5K out so that I hit $30K in the last paycheck. Anyway, I have a feeling that's going to bump my take home by another $300-400 every two weeks.
But, I just have no desire to spend this extra money on anything. One thing I've been wanting to do, but keep finding excuses not to, is get a new car. My mind just keeps saying "I can't afford it"...which is really Andre-speak for "I don't want to pay that much money for it."
So, for the time being, I might have to live vicariously through the rest of you!
After waiting until 70 to claim social security benefits, it became a monthly influx of a large sum of money that we weren't used to spending. Shortly afterwords we were hit with a large sum of money from RMDs that was over and above what we were used to withdrawing from IRAs. We never got out of the habit of monthly contributions to an "emergency fund." So all of that excess went back into taxable accounts for several years. Last month we got hit with a hail storm of Biblical proportions that not only required replacing our roof, gutters, and sunroom screens, but also put a lot of water in our finished basement. At the same time, we were replacing our furnace and air conditioner.
Needless to say, sometimes life deals you the cards that dictates where that excess money gets spent. We were glad we had it.
Needless to say, sometimes life deals you the cards that dictates where that excess money gets spent. We were glad we had it.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
What's that saying? "Nature abhors a vacuum?" When you save up a lot of money, something will come along and absorb your savings. It is written!
Sadly I am not sure if I will ever get Social Security. I applied online on March 02 for benefits to begin this month as I turned 70 this month.
The SS site states that the review should have taken 2 -4 weeks and I am now at 15 + weeks with no approval. I am on hold now trying to call the national number. I called a month or so ago and they stated that it was likely I would be approved before my 70th birthday. Alas and Alak that did not happen.
I posted a request for help on my Congressman's web site a month ago but they never responded. Perhaps I will try one of my Senators next.
This is extremely frustrating!
The SS site states that the review should have taken 2 -4 weeks and I am now at 15 + weeks with no approval. I am on hold now trying to call the national number. I called a month or so ago and they stated that it was likely I would be approved before my 70th birthday. Alas and Alak that did not happen.
I posted a request for help on my Congressman's web site a month ago but they never responded. Perhaps I will try one of my Senators next.
This is extremely frustrating!
If you turn 70 in June and will receive your June benefit in July, then SS still has time. They are not late until after the date you are to actually receive the first payment. It's just that SS is not very communicative, like most governmental agencies. They have a process that they follow and have done so for many many years.
After an hour on hold I reached SS using their national number. The person that I talked to gave me a number for their KC office that is responsible for reviewing/approving my application.
I called the KC office twice today. Each time I was asked to stay on the line for the next avail rep. Both times after a lengthy hold the call disconnected.
I do not agree that they are not late because the national web site states that the review and approval should take between 2-4 weeks and my app is over 15 weeks old at this point.
I don't mind a lengthy hold for service. I do mind an abrubt hang up after a lengthy hold after being asked to stay on the line for the next rep. At this point I think that something is horribly wrong and that I might not get my benefits that I have waited for until the age of 70.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
SS is not the only system that does this. I've had it happen with others like a doctor and another non-gummint system. I hate dealing with any gummint agency but I was actually fairly impressed when I went to the SS office to set up my payments.
harllee
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
When I started my SS payments at age 70 I think the payment just showed up in my bank account on the third Wednesday in the month after I turned 70. I don't think I got any notice or anything. I turned 70 in October and first payment showed up in my account the third Wednesday in November. If you turned 70 this month (June) you will not get your first payment until sometime in July, which Wednesday in July depends on the day of your birth. No need to call SS about it unless you do not get a payment in July.
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+1
Why all this unnecessary worry that SS has not given their approval. No wonder people can't get thru to SS with a real problem with all the phone calls trying to get an approval notification. From what I hear, you will likely get the deposit before you get any approval notification or possible no notification. As long as the system shows my SS application is received I will patiently wait for my actual deposit as my approval notification. Life is too short to waste it on worrying about something I have no control over - the SS approval process. I will act if the deposit doesn't happen when it should, though I will probably not call for a couple days after that date just in case it got delayed for a day or 2. Their history shows SS will correct such a mistake after the fact. We are not 100% relying on SS only for our retirement and are only assuming a 75% benefit in our plans. I like to sleep peacefully at night!
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Well, you can give what is left to ME and I promise your problem will be solved - you'll spend it all 100% - I guarantee I will spend your money for you
OP
OP
ShokWaveRider
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Well, you can give what is left to ME and I promise your problem will be solved - you'll spend it all 100% - I guarantee I will spend your money for you
OK, please send me your bank account information, SS#, Full Name & Address along with 2 of your major credit card numbers for Authentication.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
OK, please send me your bank account information, SS#, Full Name & Address along with 2 of your major credit card numbers for Authentication.
It's all in the mail.
pacergal
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Try calling your congressman's office, rather than posting on the website.
Your first payment will be in July, the month after you turn 70, I believe.
Our approval notification came after we received our first deposit, if I recall.
+1.
We do all these things.
And I highly recommend the best sheets and towels you can find. We’ve switched to top quality linen sheets and the plushest towels we could find. We all spend many hours a days in bed, not for everyone but we prefer linen sheets over even the best cotton sheets. Wish we’d “discovered” linen sheets 40 years earlier.
https://www.brooklinen.com/collections/linen-sheets
https://www.brooklinen.com/collections/super-plush-towels
Test out a pair of bamboo sheets
gayl
Thinks s/he gets paid by the post
I have my SSA deposited into Schwab and buy CDs. Helps me in going from 90% stocks to just 85% index ETF
Lewis Clark
Thinks s/he gets paid by the post
- Joined
- Aug 2, 2018
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Last year, the SSA erroneously reported that I had died. When I called to get their error straightened out and waited on hold, they repeatedly played a recording promising that callers would never wait on hold longer than (I think) 15 minutes. Don't recall the exact amount of time. Makes the unwary believe they will soon speak with someone.
Sure enough, when my time on hold reached the promised maximum, they simply disconnected the call.
Retired Expat
Full time employment: Posting here.
Our experience as expats was different as DW applied through the consulate. Was simple and quick, they got her all her missed payments as she applied late. I will not claim for some years yet and maybe longer as I will likely wait until 70. Although I keep thinking to apply at FRA to increase my income instead of doing Withdrawals for needed cash. Which I know is Wrong! Just don’t like spending savings!
