U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-02-2016, 07:55 AM
 
1,088 posts, read 1,963,592 times
Reputation: 381

Advertisements

A lot of great replies and suggestions here. Appreciate all the feedback and resources I can research. After tax season I will contact my tax attorney and financial planner to go over my research. Thanks to all.
Reply With Quote Quick reply to this message

 
Old 02-02-2016, 08:17 AM
 
698 posts, read 767,014 times
Reputation: 455
Quote:
Originally Posted by biscman View Post
We are presently living off 40k pension from other company and drawing additional 5000 per month from investments.
I'd be more concerned about cutting expenses. 2 people spending over $5K a month? That's high IMO
Might be time to examine your expenses and make some significant cuts.
Reply With Quote Quick reply to this message
 
Old 02-02-2016, 08:43 AM
 
9,579 posts, read 8,883,212 times
Reputation: 5808
Quote:
Originally Posted by biscman View Post
Decent paying job $275,000 ,

Thank you.

lol "decent paying" job. WTF is a good paying job to you, half a mil?
Reply With Quote Quick reply to this message
 
Old 02-02-2016, 09:01 AM
 
1,227 posts, read 1,259,322 times
Reputation: 4309
Mathjak,

Here is what is being argued regarding resumption of suspended benefits and lump sum payout:

Does the new Social Security law stop you from reclaiming your suspended benefits? Maybe not | PBS NewsHour


Also, thank you for your clarification regarding the social security calculator. I did know that you have to do work on your own to figure the tax consequences in combination with SS benefits and RMD's , and also future cost of medicare, but the calculator still gives people a starting point. For myself, I did tax returns projected into the future of what income I will receive and what the tax consequences will be. I had asked the Ed Slott-trained CPA to do it but he wasn't interested once he figured out that I wasn't going to buy a variable annuity from him. And he is the only Ed Slott-trained person within 200 miles of me. I've also asked 3 other CPA's to project the tax consequences into the future but they all said that there is no way to predict tax law changes that far out. So I did it myself based on current year tax laws and an estimation of the year of my husband's death (assuming the worst possible). I also figured the tax consequences using Traditional IRA vs. converting to ROTH. I also figured the tax consequences if I enter a CCRC and part of the monthly maintenance can be deducted as medical expenses on Schedule A. My CFP said I missed my calling.
Reply With Quote Quick reply to this message
 
Old 02-02-2016, 09:17 AM
 
71,515 posts, read 71,694,121 times
Reputation: 49088
we can't tell what taxes are off in the future but we can at least try to get the best plan in place that we can and hope for the best .
Reply With Quote Quick reply to this message
 
Old 02-02-2016, 09:37 AM
 
1,088 posts, read 1,963,592 times
Reputation: 381
Interesting reply I received this am from reputed Social Security Consultant author as related to my Start-Stop-Start question. Appears this strategy is not affected by the changes coming this May. Just a fyi to the group:

The “Start – Stop – Start” rule
There is another uncommon strategy that was not impacted by the Balanced Budget Act of 2015. It is commonly known as the “start – stop – start” rule. It’s called that because it would involve starting your benefits early, at age 62, for example, and then stopping them (sometime after age 66) and starting them up again later, sometime at or before age 70.

Here is an example. Veronica’s full age 66 Social Security benefit is $1,500. She takes reduced Social Security benefits at age 62, receiving $1,125 per month. When she turns age 66, she decides she can get by without her Social Security for a while. So she suspends her benefits. At age 68, she decides to restart her Social Security. She will get the aforementioned delayed retirement bonus of two-thirds of one percent for each month her benefits were in suspense. So she will get an extra 16 percent, or $180, added to her reduced retirement check, giving her a new rate of $1,305 per month.

Veronica would have to “do the math.” In other words, she would have to decide if it is worth it to forego her monthly Social Security checks for two years (she gave up $27,000 in benefits) just to get an extra $180 per month added on to her ongoing rate. It will take her 150 months, or until she almost reaches age 81, to come out ahead using this strategy.




Prepared by:
Thomas R. Margenau
Social Security Consultant
Syndicated Newspaper Columnist
Fort Collins, Colorado
thomas.margenau@comcast.net

Last updated: January 2016



You can find Tom Margenau’s Social Security column at Creators.
Click on “Syndication” then on the “Advice” section and you will find Tom’s column under “Business and Finance”
Reply With Quote Quick reply to this message
 
Old 02-02-2016, 09:41 AM
 
1,088 posts, read 1,963,592 times
Reputation: 381
No, not half a mill but I was the lowest compensated Senior Managing Director at the Brokerage firm I worked at. Everything is relevant...

Everyone affected by the recent negative Market activity. My nest egg has lost $133,477 over the last 60 days and similar to most people at that rate my savings will never last me 25 years... I retired early at age 60...


Quote:
Originally Posted by jp03 View Post
lol "decent paying" job. WTF is a good paying job to you, half a mil?
Reply With Quote Quick reply to this message
 
Old 02-02-2016, 10:59 AM
 
Location: Central Massachusetts
4,800 posts, read 4,845,678 times
Reputation: 6378
Quote:
Originally Posted by biscman View Post
No, not half a mill but I was the lowest compensated Senior Managing Director at the Brokerage firm I worked at. Everything is relevant...

Everyone affected by the recent negative Market activity. My nest egg has lost $133,477 over the last 60 days and similar to most people at that rate my savings will never last me 25 years... I retired early at age 60...


Ouch that is a significant hit. Sounds like your nest egg is in a pretty aggressive set of funds, or you have over 1.5 million in that nest egg. If the latter then that equates to my market performance over the last 60 days. Still that is a bit of a drop.
Reply With Quote Quick reply to this message
 
Old 02-02-2016, 11:03 AM
 
1,088 posts, read 1,963,592 times
Reputation: 381
yea, was around 2.2mill and dropping again today. Not in overly Aggressive funds......


Quote:
Originally Posted by golfingduo View Post
Ouch that is a significant hit. Sounds like your nest egg is in a pretty aggressive set of funds, or you have over 1.5 million in that nest egg. If the latter then that equates to my market performance over the last 60 days. Still that is a bit of a drop.
Reply With Quote Quick reply to this message
 
Old 02-02-2016, 11:08 AM
 
71,515 posts, read 71,694,121 times
Reputation: 49088
this is the problem as our portfolio's grow over time . the percentage moves up or down are not a lot but the dollars are insane .

i am at 40/60 in funds and i can move 25k up or down in a day .

in two days you can be up or down a years worth of withdrawals and still be conservatively invested .
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top