plugginaway22
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Post by plugginaway22 on Jan 31, 2021 7:13:27 GMT -5
Thanks Bookkeeper, since we would have only 3 years to get to Medicare coverage, the plan is to keep expenses in cash, so we show very little to no income in order to get insurance through ACA at reduced rates. DH has always maxed his HSA and we have built that up to about $25k, but you cannot use it for ACA premiums.
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Bonny
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Post by Bonny on Jan 31, 2021 11:09:20 GMT -5
Bookkeeper, if you have had no income for years, why aren't you able to get health insurance subsidized on the exchange? We haven't had any W-2 income for several years. We are living on withdrawals from our 401k and traditional IRA. The IRS will tax your retirement withdrawals as ordinary income. We have to take less than $60,000 from our accounts to qualify for any subsidy and it still wouldn't be that much. We paid $0 for family coverage for the last 16 years of our working careers. We decided we will just pay for it rather than try to maximize a plan to get a subsidy for the ACA. Mind the dollars and the cents will take care of themselves Interesting. We were paying private pay until this year. Last year we saw a big drop in income and projected a total income of around $45k from all sources. Our projected medical premium for 2021 was going to be around 1900/mth. (I'm 59, DH 62). Working with our CPA we calculated a ROTH conversion and have our income at around $74k. Our ACA subsidy has our premium down to $300/mth. I think this model will work for us until DH goes onto Medicare in late 2023. Then we'll have to re-evaluate.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jan 31, 2021 11:39:00 GMT -5
There are no long-timers in nursing homes in my family either. Everyone except my step-grandmother that got Alzheimers lived at home without any issues until they died, or there was just a short (few days to weeks) hospice stay. Before last year, my neighbors on both sides and across the road were all in their 90's and still taking care of their farms, 3 of the 5 died last year and one went into a nursing home. Staying here was always my plan... but this damn house. I don't know how I'll deal with spring flooding when I'm in my 80's and all the people that used to help me are in their 80's and 90's too. It's physically extremely taxing and mentally is too. I think I'm going to have to face the fact that I'm going to need to unload this place on someone willing to take on all it's issues. It's not something I need to worry about for awhile, but staying here until I'm 90 like the neighbors did probably isn't realistic...unless I'm willing to bulldoze the house down and start over. I have similar thoughts sometimes, but going back to another thread "fines and fees" just posted today - if you have the money it all becomes relatively straigforward and easy if you can engage good help.
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Post by minnesotapaintlady on Jan 31, 2021 11:54:02 GMT -5
There are no long-timers in nursing homes in my family either. Everyone except my step-grandmother that got Alzheimers lived at home without any issues until they died, or there was just a short (few days to weeks) hospice stay. Before last year, my neighbors on both sides and across the road were all in their 90's and still taking care of their farms, 3 of the 5 died last year and one went into a nursing home. Staying here was always my plan... but this damn house. I don't know how I'll deal with spring flooding when I'm in my 80's and all the people that used to help me are in their 80's and 90's too. It's physically extremely taxing and mentally is too. I think I'm going to have to face the fact that I'm going to need to unload this place on someone willing to take on all it's issues. It's not something I need to worry about for awhile, but staying here until I'm 90 like the neighbors did probably isn't realistic...unless I'm willing to bulldoze the house down and start over. I have similar thoughts sometimes, but going back to another thread "fines and fees" just posted today - if you have the money it all becomes relatively straigforward and easy if you can engage good help. I don't know. The flooding is kind of a different animal than keeping up with maintenance and plowing the driveway. It's a 3am on Saturday emergency where I'm on round the clock duty for sometimes a week or more trying to dry out/keep the basement dry with friends and family helping to man pumps and shop vac all hours. I have a feeling that would change to hiring a company to come in and pump out and rip all the walls out of my house after it flooded than finding someone to come out immediately and keep it from happening...or at least keep the water in the house down enough that ripping walls out isn't necessary.
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bookkeeper
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Post by bookkeeper on Jan 31, 2021 12:11:12 GMT -5
We haven't had any W-2 income for several years. We are living on withdrawals from our 401k and traditional IRA. The IRS will tax your retirement withdrawals as ordinary income. We have to take less than $60,000 from our accounts to qualify for any subsidy and it still wouldn't be that much. We paid $0 for family coverage for the last 16 years of our working careers. We decided we will just pay for it rather than try to maximize a plan to get a subsidy for the ACA. Mind the dollars and the cents will take care of themselves Interesting. We were paying private pay until this year. Last year we saw a big drop in income and projected a total income of around $45k from all sources. Our projected medical premium for 2021 was going to be around 1900/mth. (I'm 59, DH 62). Working with our CPA we calculated a ROTH conversion and have our income at around $74k. Our ACA subsidy has our premium down to $300/mth. I think this model will work for us until DH goes onto Medicare in late 2023. Then we'll have to re-evaluate. A person's state of residence is a big player when it comes to ACA health insurance costs and subsidies. Our state is very expensive with only 2 choices of insurers. My home state has also refused to expand Medicare. DH checks premium costs in Nebraska too as we used to live there. Nebraska is about 30% higher that what we pay. We have the cash on hand to live and thereby reduce our income and qualify for the subsidy for a year or two. But, after DH's car accident a while back, we know we need reliable health insurance until he reaches Medicare age. Shuffling our long term retirement financial plan around to save a few thousand in premium just doesn't sound like a good idea. The gains in our investment accounts have more than provided for the premium and we had budgeted this money spent on health insurance from the beginning. We have friends our age who have decided to go with other low cost insurance/mutual aid type catastrophic health insurance. That seems entirely too risky. Our problem is that we plowed all our retirement money into IRA/401k rather than putting more into cash vehicles. The good news is that the retirement funds have performed very well. The bad news is that accessing that money causes a rise in taxable income and thereafter income tax due. Good problems to have.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jan 31, 2021 12:18:10 GMT -5
I have similar thoughts sometimes, but going back to another thread "fines and fees" just posted today - if you have the money it all becomes relatively straigforward and easy if you can engage good help. I don't know. The flooding is kind of a different animal than keeping up with maintenance and plowing the driveway. It's a 3am on Saturday emergency where I'm on round the clock duty for sometimes a week or more trying to dry out/keep the basement dry with friends and family helping to man pumps and shop vac all hours. I have a feeling that would change to hiring a company to come in and pump out and rip all the walls out of my house after it flooded than finding someone to come out immediately and keep it from happening...or at least keep the water in the house down enough that ripping walls out isn't necessary. would any kind of flood control work? My upgrades also include basement flood control that is going to be built into the walls, but it seems yours in continually flooding for a week? Or just that it takes a week to clean/dry out? would trying to engineer a pond or stream at some distance from the house to lead the water away be doable? I was reading on these dry streams that you can dig out and line with rocks, super attractive and then they only fill with water during wet weather and they are designed to keep the water away from the foundation.
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Post by minnesotapaintlady on Jan 31, 2021 12:43:15 GMT -5
I don't know. The flooding is kind of a different animal than keeping up with maintenance and plowing the driveway. It's a 3am on Saturday emergency where I'm on round the clock duty for sometimes a week or more trying to dry out/keep the basement dry with friends and family helping to man pumps and shop vac all hours. I have a feeling that would change to hiring a company to come in and pump out and rip all the walls out of my house after it flooded than finding someone to come out immediately and keep it from happening...or at least keep the water in the house down enough that ripping walls out isn't necessary. would any kind of flood control work? My upgrades also include basement flood control that is going to be built into the walls, but it seems yours in continually flooding for a week? Or just that it takes a week to clean/dry out? would trying to engineer a pond or stream at some distance from the house to lead the water away be doable? I was reading on these dry streams that you can dig out and line with rocks, super attractive and then they only fill with water during wet weather and they are designed to keep the water away from the foundation. I don't know. So many people have looked at it. The problem is, it's just so flat and the slope we do have behind the house goes TOWARDS it. We've piled dirt up against the side of the house so far it's hitting the siding now to try to have a little slope. They've scraped away ground in the backyard to have kind of a dip, and we have trenches to try and move the water away, but since my main issue is spring thaw, all those are frozen solid and don't really do anything. During the summer we can get a lot of rain and not worry about flooding. The drain tiles around the foundation to the ditch isn't frozen and the ground soaks up some. It's when there is two feet of snow on the ground and we start getting 50-60 degree temps that life gets really stressful.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jan 31, 2021 13:07:07 GMT -5
would any kind of flood control work? My upgrades also include basement flood control that is going to be built into the walls, but it seems yours in continually flooding for a week? Or just that it takes a week to clean/dry out? would trying to engineer a pond or stream at some distance from the house to lead the water away be doable? I was reading on these dry streams that you can dig out and line with rocks, super attractive and then they only fill with water during wet weather and they are designed to keep the water away from the foundation. I don't know. So many people have looked at it. The problem is, it's just so flat and the slope we do have behind the house goes TOWARDS it. We've piled dirt up against the side of the house so far it's hitting the siding now to try to have a little slope. They've scraped away ground in the backyard to have kind of a dip, and we have trenches to try and move the water away, but since my main issue is spring thaw, all those are frozen solid and don't really do anything. During the summer we can get a lot of rain and not worry about flooding. The drain tiles around the foundation to the ditch isn't frozen and the ground soaks up some. It's when there is two feet of snow on the ground and we start getting 50-60 degree temps that life gets really stressful. sounds like they sited the house in a bad spot on the lot? or didn't prep it enough with elevating? My grandfather worked as a house mover, not sure how much that may cost today, but they would free the house and move it - or you could pull the house up, and try the raise the land around it before putting it back in. I'd worry about settling after something like that though. Probably pretty pricey too. I had my estimate on the flood control about 16 years ago, so will have to get that estimate renewed, but I'll try to remember to get back to you on what it was. I knew someone who bought a new house that was constantly flooding, and got this company in and never a problem after. My house flooded one time after we bought - really bad - sewer back up bad, huge blocks of excrement bad....so I was looking into that flood control then but we never flooded again but I do want to make sure I get that installed when putting the new slab in. No knowing where weather may go with this global warming thing.
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Post by minnesotapaintlady on Jan 31, 2021 13:17:31 GMT -5
Yes, we were dumb kids building a house and got taken advantage of by the builder. It was poor site prep, and in hindsight I would have never dug a basement. It's only 4 feet in the ground (split level). I would have the foundation basement floor be at ground level and have tons of dirt brought in to pile up against the walls.
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Deleted
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Post by Deleted on Jan 31, 2021 13:52:06 GMT -5
Have you looked into french drains? My house in NJ had water in the basement when it rained. The sellers' weasel words in the Disclosure statement said there might be "a few puddles" if it rained after a lot of dry weather or if the gutters weren't kept clean. I was religious about gutter-cleaning. The first substantial rain was the tail end of a hurricane and I had about an inch in most areas of the basement- and the sump pump didn't work. :-( After that, every tie we had any substantial rain I was mopping up.
I was eventually able to scrape up enough money for french drains- they dug a trench around the perimeter of the basement (INSIDE),filled it with gravel and covered it with plastic. They installed a second sump pump and replaced the faulty one. I never had a drop of water in the basement again- SUCH a relief! I was in the process of putting the house on the market and the realtor told me that if I didn't fix it, prospective buyers would probably come up with other bids for something more than what I paid and would lower their offer accordingly.
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Post by minnesotapaintlady on Jan 31, 2021 15:24:43 GMT -5
I wish we would have tried the french drains before the basement was all finished off. Now it would require tearing out all the tile and dealing with interior walls. I think for starters I'm going to have a sump pump put in so at least it will pump the water out that gets in. Keep in mind, this basement is bone dry during the wettest of summer months, but I have had times in the spring where water is actually running in the windows and seeping up from cracks in cement back in the utility room. It's just a massive amount of water to deal with all at once sometimes. Last year we were fine, this was 2019, literally plowing the lake out of my back yard and behind my house is a 10 acre field that slopes towards the house so all the snow melt from the field ends up in my backyard too.
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Deleted
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Post by Deleted on Jan 31, 2021 18:23:51 GMT -5
DH chose to retire at 62 and was able to get employer-provided health insurance until Medicare eligible. He wanted me to retire with him but I had to go private market for my coverage. Just prior to my Medicare eligibility, my private policy through BCBS with a $5,000 deductible was $1,000/mo.
We currently pay $1,000/mo for long-term coverage. The premium is about $600/$400 because he's older. We are in the position of having too much income and assets to quality for Medicaid for long-term needs and having too little income and assets to self pay for any period of time. Local LTC costs are around $6,000/mo per person.
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cronewitch
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Post by cronewitch on Jan 31, 2021 20:40:44 GMT -5
About 2200 a month before income taxes and gift. Last year gifts came to 45,200 and income taxes about 15K. I took 60K from investments so lived on social security 2800 a month.
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laterbloomer
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Post by laterbloomer on Jan 31, 2021 21:39:57 GMT -5
About 2200 a month before income taxes and gift. Last year gifts came to 45,200 and income taxes about 15K. I took 60K from investments so lived on social security 2800 a month. Can you break the 2200 down for me?
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cronewitch
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Post by cronewitch on Feb 1, 2021 4:28:59 GMT -5
About 2200 a month before income taxes and gift. Last year gifts came to 45,200 and income taxes about 15K. I took 60K from investments so lived on social security 2800 a month. Can you break the 2200 down for me? 1180 mortgage, property taxes 400, utilities & phone 400, Food and gas 200, insurance house and car 150 I do other random things and end up about even with my income. I don't budget and might make a major purchase on a whim like a 4th wheel or central air or major gift like a van for a friend.
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Deleted
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Post by Deleted on Feb 1, 2021 8:44:54 GMT -5
I do other random things and end up about even with my income. I don't budget and might make a major purchase on a whim like a 4th wheel or central air or major gift like a van for a friend. I do "random things", too (except buying a car for someone- you are a generous friend!) I try to keep my withdrawal rate under 3.5% and I find ways to spend it, donate it or put it in the 529s. Last year I had quartz countertops put in; this year I'm having the exterior of the house repainted and the deck rebuilt. Those things are done only when funds are available. The only year I/we went over the 3.5% was 2015, when we downsized- one thing after another needed to be done to fix the house we were selling and then the work we wanted done on the house we bought cost more than we expected. (It always does. No regrets at all- average is still under 3.5%, I love this house and the carrying costs have been a lot less than the other place.
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Blonde Granny
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Post by Blonde Granny on Feb 1, 2021 9:01:38 GMT -5
The only money from investments I take is dividends or interest that has accrued. The only time I HAD to take some principle was when the dormer off my house had to be rebuilt and 1/2 the shingles had to also be replaced (yes, had a great builder). Total cost was about $8k and my checking account couldn't pay for it, and that was about 4 years ago.
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jerseygirl
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Post by jerseygirl on Feb 1, 2021 9:02:30 GMT -5
Can’t keep to 3.5% withdrawals as RMDs are about 4%, no choice for tIRAs. Don’t withdraw from brokerage account at all. Hoping Biden doesn’t increase the capital gains rates or even worse eliminate the inheritance step up in value. Plan to leave brokerage account to kids. The RMDs leave enough for annual gifts to kids, grandkids. Mostly for college savings or helping with buying homes etc We’re fortunate in savings and also lead simple lives. Usually biggest expense is travel , hoping to get travel opportunities back soon!
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Blonde Granny
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Post by Blonde Granny on Feb 1, 2021 9:06:46 GMT -5
The only money from investments I take is dividends or interest that has accrued. The only time I HAD to take some principle was when the dormer of my house had to be rebuilt and 1/2 the shingles had to also be replaced (yes, had a great builder). Total cost was about $8k and my checking account couldn't pay for it, and that was about 4 years ago.
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Deleted
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Post by Deleted on Feb 1, 2021 9:48:13 GMT -5
Can’t keep to 3.5% withdrawals as RMDs are about 4%, no choice for tIRAs. Only half my investments are in IRAs- I have a lot from savings beyond IRA/401(k) contributions as well as from 3 houses on which I had substantial gains that I didn't need to buy the next house. I just turned 68 so I have some time before I have to do RMDs. If I'm forced to withdraw more than I need I can always pay the taxes and put the remainder in an after-tax account.
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jerseygirl
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Post by jerseygirl on Feb 1, 2021 10:17:17 GMT -5
Can’t keep to 3.5% withdrawals as RMDs are about 4%, no choice for tIRAs. Only half my investments are in IRAs- I have a lot from savings beyond IRA/401(k) contributions as well as from 3 houses on which I had substantial gains that I didn't need to buy the next house. I just turned 68 so I have some time before I have to do RMDs. If I'm forced to withdraw more than I need I can always pay the taxes and put the remainder in an after-tax account. For tIRAs you must take RMDs, you can put what you want in brokerage accounts but not into a back door Roth. To put into a Roth you need to take out above the RMD- at least that’s my understanding
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plugginaway22
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Post by plugginaway22 on Feb 1, 2021 10:18:29 GMT -5
This is a very informative thread, hope there is more discussion for us soon to be retirees.
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laterbloomer
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Post by laterbloomer on Feb 1, 2021 10:20:25 GMT -5
Can you break the 2200 down for me? 1180 mortgage, property taxes 400, utilities & phone 400, Food and gas 200, insurance house and car 150 I do other random things and end up about even with my income. I don't budget and might make a major purchase on a whim like a 4th wheel or central air or major gift like a van for a friend. How do you keep food and gas so low? I can't match you on utilities and phone, the companies are notorious for charging us more. And I am jealous of your insurance.
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Deleted
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Post by Deleted on Feb 1, 2021 10:43:51 GMT -5
How do you keep food and gas so low? I know you were asking cronewitch but mine stayed under $400 every month last year. I live in the Kansas City area so I definitely have months when I need the heat or the A/C but not to extremes. Landline is Magic Jack. Cell phone is Ting (about $17/month at my usage level). Google Fiber for internet is $70, plus another $14 for Netflix. I have a smart thermostat (Nest) and right now it's at 65 during the day, 55 at night. I use a space heater in the bedroom at night and unplug it when it's not in use since I know they're a fire risk. When I go out of town I use an ECO setting of 50 degrees. I'm similarly conservative on A/C- I think I have it programmed to kick in at 80 degrees and I have a good pedestal fan to keep the air circulating. When DH was alive I had to keep it warmer in the winter and cooler in the summer because he couldn't handle the temperature range I could. We also needed cable programming so he could enjoy football and basketball. ETA: Just checked: in 2015, the last full year DH was alive, utilities averaged $587/month but we moved to a smaller house halfway through the year so that helped going forward. Sometimes being frugal and being green are the same thing!
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Rukh O'Rorke
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Post by Rukh O'Rorke on Feb 1, 2021 11:08:37 GMT -5
About 2200 a month before income taxes and gift. Last year gifts came to 45,200 and income taxes about 15K. I took 60K from investments so lived on social security 2800 a month. What age did you retire - and start drawing, if those are different? I'm seeing 1800 a month for me at 62.
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Post by minnesotapaintlady on Feb 1, 2021 11:10:44 GMT -5
Here are my "bare bones" line items for retirement...excluding health insurance.
Groceries/eating out - $4800
Property taxes - $2700 Home Insurance -$1800 Gas (car) - $2400 Electric - $1680
LP (heat) - $1200 Animals - $1200
Car insurance - $800 TV/Internet - $800 Cell Phone - $600 Trash - $360 So, $18,340 or $1528/month.
Of course, I wouldn't want to live that tight every month, but I could for stretches. Other annual line items I intend to have would be:
Travel - $5000 Gifts - $1000 (the two kids mainly) Charity - $1000
House Maint - $3000 Car Maint - $3000 (this is also replacement fund)
Clothing - $600 Those I'm not sure how to handle though. Do retirees take money out annually and set aside like this or just pull as they need it? For example, I could see myself not traveling much for a year or two and then taking a couple expensive trips.
Anyhow, that brings me up to $31,940 or $2661/month before health insurance. No clue what my investments will be like when I retire, but anything I can pull above that would go towards more giving.
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Post by minnesotapaintlady on Feb 1, 2021 11:14:31 GMT -5
About 2200 a month before income taxes and gift. Last year gifts came to 45,200 and income taxes about 15K. I took 60K from investments so lived on social security 2800 a month. What age did you retire - and start drawing, if those are different? I'm seeing 1800 a month for me at 62. Mine is a whopping $1193/month at 62. At 70 it's $2182. I need to start researching what is the best course of action for when to start drawing.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Feb 1, 2021 11:28:24 GMT -5
What age did you retire - and start drawing, if those are different? I'm seeing 1800 a month for me at 62. Mine is a whopping $1193/month at 62. At 70 it's $2182. I need to start researching what is the best course of action for when to start drawing. I'm thinking to pull it immediately at 62. I can't see that I would be working FT at that point, but will see how the next 5-6 years go. if I take it at 62 rather than 70, assuming invested in the market (or not removed from the market): According to my Phil Script, a monthly investment of $1,865.00 bearing an annualized return of 11% with gains compounded monthly could grow to $280,976.30 in 8 years! so then that is about 1k a month at a 4% withdrawal rate. although ss statement says 3,682 at 70, - which is nearly 2k month more ?!?! I wouldn't have the 280k in the kitty. But - I am sure that the difference between 62 and 67 (for me about 2800), and then to 70 has not been this high historically. Have they changed anything?
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Post by Deleted on Feb 1, 2021 11:54:52 GMT -5
Mine is a whopping $1193/month at 62. At 70 it's $2182. I need to start researching what is the best course of action for when to start drawing. I'm thinking to pull it immediately at 62. I can't see that I would be working FT at that point, but will see how the next 5-6 years go. if I take it at 62 rather than 70, assuming invested in the market (or not removed from the market): According to my Phil Script, a monthly investment of $1,865.00 bearing an annualized return of 11% with gains compounded monthly could grow to $280,976.30 in 8 years! so then that is about 1k a month at a 4% withdrawal rate. although ss statement says 3,682 at 70, - which is nearly 2k month more ?!?! I wouldn't have the 280k in the kitty. But - I am sure that the difference between 62 and 67 (for me about 2800), and then to 70 has not been this high historically. Have they changed anything? One of the things that has changed is your salary. SS is based on the 35 best years, and you are now maxing out, right? Although they adjust those early years for inflation, you will have 8 more years of maxing out if you wait until 70. SS assumes you will keep working at your higher salary.
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Post by Deleted on Feb 1, 2021 12:04:44 GMT -5
What age did you retire - and start drawing, if those are different? I'm seeing 1800 a month for me at 62. Mine is a whopping $1193/month at 62. At 70 it's $2182. I need to start researching what is the best course of action for when to start drawing. I retired at 61 but started drawing Survivor benefits at age 64 (hadn't filed on my own record). I get about $2,000/month before Medicare premium deductions. I'd planned to wait to age 70 to collect on my own record but am now thinking I may file on my own record at 69, which would bring it up to $3,300. I could get another $200/month if I waited to 70. Of course, a good deal of that increase (at least 25%) will be clawed back in the form of state and local taxes and will bump up my IRMAA surcharges.
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