TennesseeTuxedo said:
You don't know me very well. :tiphat:
Retirement
- Thread starter kenny thomas
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You don't know me very well. :tiphat:
Dave
Well-known member
I have a friend who is a self made multi millionaire. He say the lottery is a tax on people too stupid to do math.sstterry said:
farmerjan
Well-known member
Kenny, I went to the SS office in Staunton and got a wonderful person who set it out in plain black and white. She said she could not advise me.... but made it clear the "best route" she thought would help me. My full retirement age was at 66. I applied and got my medicare at 65 and 3 months because I was going to lose my full time benefits/insurance at work and waited to the end of that year to get all the match the company put into my health savings account. But take the medicare as soon as you can...get the best supplement policy, I have a plan F and it covers EVERYTHING after a deductible of about $200 for the year. No co-pays nothing. Costs me 100/mo for the plan.... but I had no health issues like you have had.
By waiting for the YEAR that you become eligible for full retirement, you can get the added benefit of earning alot more money from a job than if you retire ahead. I was 65 in sept/2018. If I had taken SS then, I could only earn 14,000 in outside income (or something like that.... maybe it was 17,000). By waiting til January of 2019, the YEAR in which I turned 66 which was full retirement age, I could earn up to 42,000 in additional income BEFORE I would start losing the $1 for every $2 that you earn, off the SS check. So, if you anticipate earning much money after you start SS you need to be aware of the potential of losing some of the SS if you reach the threshold...
I get about $60 less per year by taking it at 65 +3 months (Jan 2019 when I started it - the Year I turned 66 so I could make more money at a job) Than if I had waited to Sept when I was actually 66. Will take me to about 78 to get the same total amount and then I will get less over my lifetime than if I had waited to take it at 70.
That extra 1,000+ a month, from the SS check, made it possible to buy my house this past week.... it has made things alot more comfortable for me financially. I never made alot at work to start with and the money in my retirement gave me the downpayment with still a little left in there. The thing is I am really concerned that they are talking about starting to tax retirement accounts more and somewhere along the line, we are not going to be able to get out what all we have put in. I am thinking seriously of starting to take that which will be very little, just so that the govt can't tax it more, and to just stash that cash away.
We just had a milk tester pass away. She had fought cancer, and won, was working full time still..... 64 years old of a heart attack. She will never see the SS.
Our former general mgr retired years ago at 65..... died 3 months later....Hadn't taken his SS until he retired, which I get. But you have been lucky, you have managed to survive the many surgeries and problems you have overcome. I would get a tax person to help you to decide if it is worth the lower amount against the salary that you earn. That would be the deciding factor for me. For now, you would "give back to the govt" part of the SS for any amount you earn in the paycheck over the amount allowed. Once you quit working, you would not have to give any "back" but would revert to the full amount you are "entitled to" get at the retirement age you chose. So if you start taking it at 63 , then that is the amount you will get once you retire and are not getting a full paycheck to where you are paying some back.
I really would advise you to talk to a SS person, find out about the rule about the "year you are eligible" .... like mine was shown to me, as far as the earnings amount..... and take it as soon as you can. And if you have a tax person that is well schooled in SS ins and outs.....talk to them.
By waiting for the YEAR that you become eligible for full retirement, you can get the added benefit of earning alot more money from a job than if you retire ahead. I was 65 in sept/2018. If I had taken SS then, I could only earn 14,000 in outside income (or something like that.... maybe it was 17,000). By waiting til January of 2019, the YEAR in which I turned 66 which was full retirement age, I could earn up to 42,000 in additional income BEFORE I would start losing the $1 for every $2 that you earn, off the SS check. So, if you anticipate earning much money after you start SS you need to be aware of the potential of losing some of the SS if you reach the threshold...
I get about $60 less per year by taking it at 65 +3 months (Jan 2019 when I started it - the Year I turned 66 so I could make more money at a job) Than if I had waited to Sept when I was actually 66. Will take me to about 78 to get the same total amount and then I will get less over my lifetime than if I had waited to take it at 70.
That extra 1,000+ a month, from the SS check, made it possible to buy my house this past week.... it has made things alot more comfortable for me financially. I never made alot at work to start with and the money in my retirement gave me the downpayment with still a little left in there. The thing is I am really concerned that they are talking about starting to tax retirement accounts more and somewhere along the line, we are not going to be able to get out what all we have put in. I am thinking seriously of starting to take that which will be very little, just so that the govt can't tax it more, and to just stash that cash away.
We just had a milk tester pass away. She had fought cancer, and won, was working full time still..... 64 years old of a heart attack. She will never see the SS.
Our former general mgr retired years ago at 65..... died 3 months later....Hadn't taken his SS until he retired, which I get. But you have been lucky, you have managed to survive the many surgeries and problems you have overcome. I would get a tax person to help you to decide if it is worth the lower amount against the salary that you earn. That would be the deciding factor for me. For now, you would "give back to the govt" part of the SS for any amount you earn in the paycheck over the amount allowed. Once you quit working, you would not have to give any "back" but would revert to the full amount you are "entitled to" get at the retirement age you chose. So if you start taking it at 63 , then that is the amount you will get once you retire and are not getting a full paycheck to where you are paying some back.
I really would advise you to talk to a SS person, find out about the rule about the "year you are eligible" .... like mine was shown to me, as far as the earnings amount..... and take it as soon as you can. And if you have a tax person that is well schooled in SS ins and outs.....talk to them.
farmerjan said:
You were lucky to get a good one.
I would not make moves based on fear of things like taxing retirement. If you are at the point of filing SS you will be grandfathered in.
farmerjan
Well-known member
Brute, what is worrying me is the whole state of mind of the liberals/socialists and what they are proposing for future things. There is no way they can come close to even funding the first stage of some of what they are talking about without coming in and taxing.... and then confiscating.... some of the money that you have put away as a hard working individual..... all in the name of the betterment of the masses and equality for the poor and whatever stupid name they can put on it. I mean there are rumblings that they will start coming in and actually taking a percentage of your retirement money.
It won't matter about being grandfathered in, they will change the rules to suit themselves, and the hard working little guy is going to pay the piper for all to dance....and get shafted in the middle of the song.
I am not someone who is normally pessimistic.... but this has got me thinking very seriously about what can really happen... and we are not as far from it as you think. Even if/when Trump gets back in, he will be in his 2nd term.... they will be trying to thwart him at every single piece of legislation he promotes, they will really make it next to impossible to do his job. I don't think he is all perfect.... but the man has got to have skin like an elephant, and a constitution and fortitude made of the strongest steel/alloy there is to continue forging ahead like he does.
Then they will attack and win the next election and we are on a slippery slope that will divide us like nothing else.
This country is coming to another "civil war" that will be so far from civil that the previous war between the states will look like a childs game. These people are totally nuts, and there is no middle road with them. They will change and take and bury more decent honest people than you have ever seen. It is sad and it is sickening to even think about it.
It won't matter about being grandfathered in, they will change the rules to suit themselves, and the hard working little guy is going to pay the piper for all to dance....and get shafted in the middle of the song.
I am not someone who is normally pessimistic.... but this has got me thinking very seriously about what can really happen... and we are not as far from it as you think. Even if/when Trump gets back in, he will be in his 2nd term.... they will be trying to thwart him at every single piece of legislation he promotes, they will really make it next to impossible to do his job. I don't think he is all perfect.... but the man has got to have skin like an elephant, and a constitution and fortitude made of the strongest steel/alloy there is to continue forging ahead like he does.
Then they will attack and win the next election and we are on a slippery slope that will divide us like nothing else.
This country is coming to another "civil war" that will be so far from civil that the previous war between the states will look like a childs game. These people are totally nuts, and there is no middle road with them. They will change and take and bury more decent honest people than you have ever seen. It is sad and it is sickening to even think about it.
farmerjan
Well-known member
And Kenny, if you can't find someone in SS down there to talk to, I will give you the name of the SS lady here, and you could see if you could get an appt with her. But there should be someone with some knowledge and sense there.... along with a good tax advisor, to get you figured out. What is your "full retirement status" age.... 66 +10 months, or 67? Need to see what it is , and how close you can get to it. It might just be in your best interest to go for it as soon as you hit 65 and Medicare, regardless if you are working.... but you need to talk to an insurance person who is familiar with both your ins at work, and medicare.... and find the best supplemental plan for your health issues at a price you can afford...
And looking into the disability might be the thing.... is the farm "business" in an LLC? We looked at that when my son got hurt and they were talking about him maybe going out on disability.... how the farm income and all would affect my SS because it was before I took mine. Ours is not in an LLC and he is being stupid about not putting it into one.... yet every single person has told him it would be smarter and safer.....I am not weighing in on it anymore.... if he won't listen to others, sure as shootin' he isn't going to listen to his mother....
And looking into the disability might be the thing.... is the farm "business" in an LLC? We looked at that when my son got hurt and they were talking about him maybe going out on disability.... how the farm income and all would affect my SS because it was before I took mine. Ours is not in an LLC and he is being stupid about not putting it into one.... yet every single person has told him it would be smarter and safer.....I am not weighing in on it anymore.... if he won't listen to others, sure as shootin' he isn't going to listen to his mother....
I dont think moving things in to LLCs or Corporations help. You are still listed as an owner or share holder or what ever capacity you are. If that LLC or Corp has value it will show up in your name. Plus you could get in to double taxation and other messy stuff that would definitely not make it worth while.
I know people like to think you are sheltered from income or liability with llcs and corps but your really not.
If you want to play games with money you have to get tax sheltered things like foundations or non-profits and pay yourself for "running" them... or start a church.
I know people like to think you are sheltered from income or liability with llcs and corps but your really not.
If you want to play games with money you have to get tax sheltered things like foundations or non-profits and pay yourself for "running" them... or start a church.
I agree with Brute. I don't think an LLC will affect disability either way. It is all about where the money goes. But, I am not an accountant and have never pretended to be a tax expert.
Caustic Burno
Well-known member
sstterry said:
I tend to agree it's all about income with SS no matter where it comes from.
I have watched several go back to full time employment after reaching the magic age due to boredom. At that point it's not about making more just not losing what you earned.
hurleyjd
Well-known member
TennesseeTuxedo said:
A spouse can draw 1/2 of the others benefit if they never worked or paid in. Say you wait until 65 and are drawing $3500 per month and then the spouse can get 1/2 which makes the couple have $5250 in income. The spouse drawing 1/2 gets to move to the higher amount if the other dies. If the 1/2 receiver dies then that income is gone for the survioir.
hurleyjd said:
Thank you Mr. Hurley.
Caustic Burno
Well-known member
TennesseeTuxedo said:
Widows benefit is figured different starting at age 60 . I don't understand it all my SIL draws .
ChrisB said:
LOL!
Dave
Well-known member
With the Washington state retirement there are different options for a surviving spouse. It is based on a percentage of what you draw. The more you leave to the spouse the less you get. You can do 0% to survivor, 50%, 75%, or 100%. At 100% it is about 65% or so of what leave nothing to the spouse is. A cousin of my wife who had worked for the state for years said he want to draw every dime he could. So he did the 0% to survivor. He died two years after retiring which left his wife living on SS only. They basically spent everything he made while working and hadn't saved any real money. They never bought a home and always rented. She is left in her late 60's without a pot to pee in or a window to throw it out.
Caustic Burno
Well-known member
Dave said:
Watching the same thing happen to a neighbor. Same song different verse his philosophy was why save a dollar I will make another tomorrow.
