YM friends, where are you at? $$-wise?

[justme]

Jun 12, 2022 13:31:21 GMT -5 Rukh O'Rorke said:

What do you still hope to accomplish career-wise?

What is your next step/s financially?

Do you/Are you compiling a list of what you need to get done/accomplish/acheive/before retirement?

Are you interested in charting that journey, having a support thread here, sharing ups and downs and ideas?

Break 6 figures. My current job is planning me to move up to manager is 3-4 months. Not sure if that'll break it, but should. Still looking into other opportunities.

Keep on keeping on. I'm a bit shy of maxing 401k, but I've made a point to max my hsa and put money in my roth ira and my espp (which I sell at some point and either put it in my roth or a regular taxable account) so if I stopped that I could max my 401k. I prefer what I'm doing though - diversify a bit (not quite 2 years in on espp and have almost 10k in taxable - a great no penalties emergency fund). I'll need to throw some money at my condo to improve/update though.

Nah, still in my 30s so I'm pretty much in the save as much as you can but still live your life phase. After I pass the "ok so definitely won't be having kids" phase I'll take a hard look.

I'm a bit behind you time wise, but I'm always up for chiming in when I have something to say.

[saveinla]

Small update - We spent 30K redoing the kitchen and one bathroom - fully gutted and redone, replaced all appliances so we should be good on that for a while. 

We still need to replace the washer & dryer, redo the closet doors and the second bathroom - we may do that work early next year.

I am going on a 5 week vacation later this month - will see how I like it and if so, I may seriously start thinking about retiring at 55. I want to pay down the mortgage a bit, so that is the only thing stopping me right now.

All the talk about SS & Medicare going away is also making me hesitating about this.

[Rukh O'Rorke]

Oct 8, 2022 7:35:50 GMT -5 finnime said:

Exclusive of the move itself, we've spent just under $43,000 on our new home: painting, repairing, furniture and furnishings including window treatments, appliances, lights. I estimate we'll put in another $10k for the fence, converting the fireplace to gas, and staining the cedar shake exterior. I'm penciling in $2k for a new refrigerator and $2k for a washer/dryer, $750 to buy and install a new utility sink in the basement. What we have works, but does need replacing sooner or later. So, 43+15 est. I'll round it up to $60k. That's about right.

I need to define a travel budget, also about $15k I think. I don't believe we need to spend more, but we always can, of course.

We have enough money to live on. Our operating budget is about $6k/month, including everything. It's these added special expenses that I need to plan for.

wow - sounds like you are in the final leg!

[countrygirl2]

That seems to be near the same for us, about $5k per month, but sometimes we pull out more money than that.

[laterbloomer]

😭 I looked at my investments today

[Ryan]

I am finishing up the last of a LONG list of projects we had with this house, but I'm happy a lot of big stuff is done.

2017 - Put addition on house ($120K)
2019 - Brick Paver Patio/Fire pit ($20K)
2020 - New roof ($21K)
2021 - New blinds / Painted entire house
2022 - New siding/soffits/Facia/Gutters ($36K)


At some point, I want to re-do the kitchen, but I just don't know if I could live through a kitchen remodel.  Probably more realistic is changing out our traditional wood burning fireplace for a wood stove insert.  I believe those cost roughly $7K, but I think it's worth it.

[chiver78]

Oct 8, 2022 16:26:30 GMT -5 soupandstew said:

Our next big expense AS FAR AS WE KNOW is fence replacement, but that's not urgent and can be done in stages, estimate $10-$12,000 total. We currently have 2 trips planned for 2023, one to Cape Cod in September and one to Montreal/Quebec in December. We definitely need to do something before then and I'll look for something relatively cheap like a 3-5 day cruise to nowhere on Carnival in February or March.

DH turns 83 next week (shhhhh!, he's really sensitive about that) so I want to cram in what we can while we can.

oh? tell me more 

[Deleted]

Oct 13, 2022 10:33:24 GMT -5 chiver78 said:

Oct 8, 2022 16:26:30 GMT -5 soupandstew said:

Our next big expense AS FAR AS WE KNOW is fence replacement, but that's not urgent and can be done in stages, estimate $10-$12,000 total. We currently have 2 trips planned for 2023, one to Cape Cod in September and one to Montreal/Quebec in December. We definitely need to do something before then and I'll look for something relatively cheap like a 3-5 day cruise to nowhere on Carnival in February or March.

DH turns 83 next week (shhhhh!, he's really sensitive about that) so I want to cram in what we can while we can.

oh? tell me more 

It's a group trip with our bank's travel club.  Day 1 we fly into somewhere and check into our hotel in Hyannis with welcome dinner.  Day 2 is tour of the Whydah Pirate Museum, town of Chatham, and Hyannis Harbor cruise.  Day 3 is off to Nantucket for self-guided tours and dinner.  Day 4 is down the Olde Kings's Highway including Truro dunes, lunch in Provincetown, Truro Vineyards wine tasting and a 4 X 4 adventure with a clambake in the dunes. Day 5 is Martha's Bineyard, Edgartown and Falmouth.  Day 6 is Newport, RI, with tour of the Breakers.  Farewell dinner and then overnight in Warwick.  Day 7 is tour of Providence and off to the airport to come back home.  I've seen a little of the area and it's gorgeous-DH has never been there at all so it should be fun.  

[alabamagal]

I am one month shy of 59 1/2. I won’t retire then but it is a big milestone retirement wise. It means I can withdraw 401k without penalty. Actually my old employer 401k is eligible for no penalty withdrawal but I haven’t used it. I will probably consolidate to one 401k after my 59 1/2 birthday just to simplify.

I am likely to work until 67 though based on current estimates. I do have a pension that will start paying out at 65, but it is being quickly eaten up by inflation. The amount was set when I left that employer in 2006. DH will likely start withdrawing SS next June while working part time. His SS is much less than mine, so he will switch to mine when I retire.

Work wise, I have a good technical ladder job and no desire to “move up” to Management. I am well paid and have no reports. Of course that could change if I got a good $ offer.

We are content in our current house in KY. We need to redo kitchen and 1 bath, maybe in next year or so. DH wants to stay here in retirement. I want to move. Will see in 7 years or so. Location will depend on kids and grandkids. Currently 1 kid/2 grands in Hawaii but likely moving to FL, 1 kid/1grand in AZ and 1 kid in GA. Extended family is almost all in FL.

[chiver78]

Oct 13, 2022 11:07:26 GMT -5 soupandstew said:

Oct 13, 2022 10:33:24 GMT -5 chiver78 said:

oh? tell me more 

It's a group trip with our bank's travel club.  Day 1 we fly into somewhere and check into our hotel in Hyannis with welcome dinner.  Day 2 is tour of the Whydah Pirate Museum, town of Chatham, and Hyannis Harbor cruise.  Day 3 is off to Nantucket for self-guided tours and dinner.  Day 4 is down the Olde Kings's Highway including Truro dunes, lunch in Provincetown, Truro Vineyards wine tasting and a 4 X 4 adventure with a clambake in the dunes. Day 5 is Martha's Bineyard, Edgartown and Falmouth.  Day 6 is Newport, RI, with tour of the Breakers.  Farewell dinner and then overnight in Warwick.  Day 7 is tour of Providence and off to the airport to come back home.  I've seen a little of the area and it's gorgeous-DH has never been there at all so it should be fun.  

that's a packed trip! guess I won't suggest meeting up for a beverage. have all of the fun.    if you want any suggestions as it gets closer, hit me up. happy to share my favorites around here! 

[ken a.k.a OMK]

His SS is much less than mine, so he will switch to mine when I retire.

Why? You can both collect on your own SS.

[CCL]

Oct 13, 2022 12:12:05 GMT -5 ken a.k.a OMK said:

His SS is much less than mine, so he will switch to mine when I retire.

Why? You can both collect on your own SS.

His full amount may be less than half of hers? I know I will collect more from half of hubby's than I would on my own record.

[ken a.k.a OMK]

CCL I didn't realize that. My wife and I collect about the same so I thought everyone collected their own. Thanks for the input. 

[minnesotapaintlady]

And you can also collect on your spouses and let yours grow until it hits max at age 70 before collecting. 

[Deleted]

This has been the worst financial year of our marriage.  

Income
Work never came back to normal level, so it has been sporadic all year.  We will probably make 1/2 of normal and a lot of that is leave.

Retirement
Has been hit with both the lower level of contribution due to income and down pretty bad for the year

House
Has lost about 20% of value

Family
FIL is now becoming a major problem, as he is losing his ability to live independently and won't move.  Trying to get things done from 1,700 miles away or flying in seems untenable. 

DD has 1.5 years of college left.


Future
Not sure what would solve all of the conflicting issues.  We talk about it constantly. 

We have considered moving to be closer to FIL, which would require a major reno of his house or a purchase of a second house.
Or moving to be close to DH's work.
Or buying a camper van, because we want one.

We are a bit lost at the moment after being stable for 2 decades.  

[tallguy]

Oct 13, 2022 13:47:59 GMT -5 minnesotapaintlady said:

And you can also collect on your spouses and let yours grow until it hits max at age 70 before collecting. 

Not necessarily true any more.  The rules changed several years ago, and there is now an age restriction on that strategy.  You can still do it if you were born before Jan. 2, 1954 and your spouse is already receiving benefits.  There is otherwise a "deemed filing" requirement, where you are now assumed to be filing for all benefits to which you are qualified.  You can still file on your own record and switch to a spousal benefit later if your spouse has not yet claimed, but your benefit may be reduced for age if either you claimed your own benefit early or you are not yet at your FRA when you switch.

[CCL]

Oct 13, 2022 13:47:59 GMT -5 minnesotapaintlady said:

And you can also collect on your spouses and let yours grow until it hits max at age 70 before collecting. 

Doesn't that depend on year of birth? 1954 or earlier, I think.

[CCL]

Per aarp it is 1954 or earlier to file a "restricted applicatoon."

www.aarp.org/retirement/social-security/questions-answers/spousal-benefits-until-70.html

[tallguy]

Oct 13, 2022 16:19:42 GMT -5 CCL said:

Per aarp it is 1954 or earlier to file a "restricted applicatoon."

www.aarp.org/retirement/social-security/questions-answers/spousal-benefits-until-70.html

Not quite.  January 1, 1954 or earlier.  For some reason Social Security counts being born on the first of the month as part of the previous month, so 1/1/1954 is considered part of the year 1953 for their purposes.

[CCL]

They say January 2, 1954. I'm not sure how accurate that is and I'm too lazy to look it up lol. I know it won't apply to me anyway cause I'm not old enough.

[tallguy]

BEFORE January 2. 1954.  That does not INCLUDE January 2, 1954.  That is the difference. 

[haapai]

Oct 12, 2022 21:09:40 GMT -5 laterbloomer said:

😭 I looked at my investments today

I did the same about a week ago.  I had the same reaction. 

OTOH, if I didn't have retirement accounts and home equity (which I will not look at), and only had my paycheck and evaporating savings accounts, I'd be shitting bricks right now. 

The prices of the cheapest foods out there have gone berserk, and the per-unit prices does not go down much when you buy in larger quantities. 

[chiver78]

Oct 13, 2022 15:29:33 GMT -5 @pooks said:

Future
Not sure what would solve all of the conflicting issues.  We talk about it constantly. 

We have considered moving to be closer to FIL, which would require a major reno of his house or a purchase of a second house.
Or moving to be close to DH's work.
Or buying a camper van, because we want one.

We are a bit lost at the moment after being stable for 2 decades.  

[Rukh O'Rorke]

Oct 12, 2022 21:09:40 GMT -5 laterbloomer said:

😭 I looked at my investments today

Keep eyes closed and
Keep investing!

[Rukh O'Rorke]

Oct 13, 2022 15:29:33 GMT -5 @pooks said:

This has been the worst financial year of our marriage.  

Income
Work never came back to normal level, so it has been sporadic all year.  We will probably make 1/2 of normal and a lot of that is leave.

Retirement
Has been hit with both the lower level of contribution due to income and down pretty bad for the year

House
Has lost about 20% of value

Family
FIL is now becoming a major problem, as he is losing his ability to live independently and won't move.  Trying to get things done from 1,700 miles away or flying in seems untenable. 

DD has 1.5 years of college left.


Future
Not sure what would solve all of the conflicting issues.  We talk about it constantly. 

We have considered moving to be closer to FIL, which would require a major reno of his house or a purchase of a second house.
Or moving to be close to DH's work.
Or buying a camper van, because we want one.

We are a bit lost at the moment after being stable for 2 decades.  

hang in there pooks! 
sooner or later, things are likely to turn around. keeping good thoughts for you and yours!

[alabamagal]

Oct 13, 2022 12:12:05 GMT -5 ken a.k.a OMK said:

His SS is much less than mine, so he will switch to mine when I retire.

Why? You can both collect on your own SS.

Because mine is 3x his amount. So there is more if he collects 1/2 of mine than full amount of his.

[alabamagal]

Oct 13, 2022 16:10:44 GMT -5 tallguy said:

Oct 13, 2022 13:47:59 GMT -5 minnesotapaintlady said:

And you can also collect on your spouses and let yours grow until it hits max at age 70 before collecting. 

Not necessarily true any more.  The rules changed several years ago, and there is now an age restriction on that strategy.  You can still do it if you were born before Jan. 2, 1954 and your spouse is already receiving benefits.  There is otherwise a "deemed filing" requirement, where you are now assumed to be filing for all benefits to which you are qualified.  You can still file on your own record and switch to a spousal benefit later if your spouse has not yet claimed, but your benefit may be reduced for age if either you claimed your own benefit early or you are not yet at your FRA when you switch.

We are not using the file and suspend strategy for those born 1954 and earlier. It does not apply to us. In our case, I am younger by 2 years and also higher benefit amount. I will probably work until 65-67 and wait to claim SS until 67. (8 years). Meanwhile DH can claim his and collect the small amount until I claim mine. He will get 33-50% of mine, depending on the penalty for his early claim. But he will still get 8 years of benefits he would not get if he waited on mine.

He will still work part time, below SS threshold, and we have to watch the taxes, but it is best strategy to maximize for us.

[tallguy]

Oct 15, 2022 7:43:37 GMT -5 alabamagal said:

Oct 13, 2022 16:10:44 GMT -5 tallguy said:

Not necessarily true any more.  The rules changed several years ago, and there is now an age restriction on that strategy.  You can still do it if you were born before Jan. 2, 1954 and your spouse is already receiving benefits.  There is otherwise a "deemed filing" requirement, where you are now assumed to be filing for all benefits to which you are qualified.  You can still file on your own record and switch to a spousal benefit later if your spouse has not yet claimed, but your benefit may be reduced for age if either you claimed your own benefit early or you are not yet at your FRA when you switch.

We are not using the file and suspend strategy for those born 1954 and earlier. It does not apply to us. In our case, I am younger by 2 years and also higher benefit amount. I will probably work until 65-67 and wait to claim SS until 67. (8 years). Meanwhile DH can claim his and collect the small amount until I claim mine. He will get 33-50% of mine, depending on the penalty for his early claim. But he will still get 8 years of benefits he would not get if he waited on mine.

He will still work part time, below SS threshold, and we have to watch the taxes, but it is best strategy to maximize for us.

Yes, so it is exactly what I said in the quoted post, #105.  He can do that because you will not have claimed your benefits yet.  My recollection is that if he claims his own benefit at 62 he will only be eligible to receive 33% of your PIA when you claim at FRA instead of half, but you understand that already.  Given that, the spousal benefit at that time may not in fact be higher than his own benefit so switching to spousal benefits may not help.  The other consideration would be based on your relative health compared to his.  If he is at all likely to survive you instead of the other way around it may be better for you to delay until 70 rather than 67.  That would not only bump up your benefit amount by 24% but would also mean his survivor benefit based on your record would increase as well.  

You appear to have a pretty good handle on this so I'm sure you will figure it out properly.  As in my earlier posts here, I am posting this information not necessarily to you but to others who do not understand the rules as well as you do.  Best of luck. 

[teen persuasion]

Open Social Security can help you figure out the best SS claiming strategy. You put in your birthdates and PIA and it tells you the optimal ages to claim. I believe you can try alternate strategies, too, and it will tell you how big/small of a difference it makes.

[alabamagal]

Oct 15, 2022 12:21:14 GMT -5 tallguy said:

Oct 15, 2022 7:43:37 GMT -5 alabamagal said:

We are not using the file and suspend strategy for those born 1954 and earlier. It does not apply to us. In our case, I am younger by 2 years and also higher benefit amount. I will probably work until 65-67 and wait to claim SS until 67. (8 years). Meanwhile DH can claim his and collect the small amount until I claim mine. He will get 33-50% of mine, depending on the penalty for his early claim. But he will still get 8 years of benefits he would not get if he waited on mine.

He will still work part time, below SS threshold, and we have to watch the taxes, but it is best strategy to maximize for us.

Yes, so it is exactly what I said in the quoted post, #105.  He can do that because you will not have claimed your benefits yet.  My recollection is that if he claims his own benefit at 62 he will only be eligible to receive 33% of your PIA when you claim at FRA instead of half, but you understand that already.  Given that, the spousal benefit at that time may not in fact be higher than his own benefit so switching to spousal benefits may not help.  The other consideration would be based on your relative health compared to his.  If he is at all likely to survive you instead of the other way around it may be better for you to delay until 70 rather than 67.  That would not only bump up your benefit amount by 24% but would also mean his survivor benefit based on your record would increase as well.  

You appear to have a pretty good handle on this so I'm sure you will figure it out properly.  As in my earlier posts here, I am posting this information not necessarily to you but to others who do not understand the rules as well as you do.  Best of luck. 

My benefit is 4x his, so always better to switch to mine. Also my DH has diabetes and had heart bypass at age 57. I likely will outlive him by quite a bit. I ran a bunch of models and we are best with his early claim strategy up until he is age 77.