BoodaGazelle
Recycles dryer sheets
- Joined
- Mar 1, 2017
- Messages
- 284
I am going to try and ask this question without seeming too annoyed at DW, but it may be difficult.
After ER’ing 4 years ago, and managing our money to get HI after my COBRA ran out (I am 63, DW is 62), we decided to start DW’s SS after she turned 62 last Sept. We are scheduled to get our first check in Feb.
We have been living on savings, and of course cannot touch IRA $ because of the ACA subsidy limits. Our estimated 2020 income is going to be around $29K, of which about $17,100 will be DW’s SS.
My reason for overcoming the difficult decision to start her SS was basically to take advantage of a government program where we receive rather than the paying we have done for 40 years or so. Also, by starting hers and waiting on mine until 65 or 70, we will still do way better, as my estimated SS at 70 will be $3529/mo.
Her new position is this: why not stop her SS and simply make up the exact same amount with IRA w/d’s? At this income level, it would be the closest thing to taking IRA money tax-free, and we could do this at least for 2 years or until we are both on Medicare and the ACA subsidies are no longer an issue.
I would appreciate hearing any thoughts, but especially about’
1. Are we too late to stop her SS? (we could go to the local office on Wed.)
2. Is her idea about getting more $ tax-free correct?
Thanks,
Mitch
After ER’ing 4 years ago, and managing our money to get HI after my COBRA ran out (I am 63, DW is 62), we decided to start DW’s SS after she turned 62 last Sept. We are scheduled to get our first check in Feb.
We have been living on savings, and of course cannot touch IRA $ because of the ACA subsidy limits. Our estimated 2020 income is going to be around $29K, of which about $17,100 will be DW’s SS.
My reason for overcoming the difficult decision to start her SS was basically to take advantage of a government program where we receive rather than the paying we have done for 40 years or so. Also, by starting hers and waiting on mine until 65 or 70, we will still do way better, as my estimated SS at 70 will be $3529/mo.
Her new position is this: why not stop her SS and simply make up the exact same amount with IRA w/d’s? At this income level, it would be the closest thing to taking IRA money tax-free, and we could do this at least for 2 years or until we are both on Medicare and the ACA subsidies are no longer an issue.
I would appreciate hearing any thoughts, but especially about’
1. Are we too late to stop her SS? (we could go to the local office on Wed.)
2. Is her idea about getting more $ tax-free correct?
Thanks,
Mitch