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Old 06-30-2019, 04:49 PM
 
Location: Central NY
4,651 posts, read 3,235,973 times
Reputation: 11907

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MMoB: Oh I'm so glad someone besides me saw that. I thought it was hysterical. No wonder so many old people are in FL. Die in Minnesota (or somewhere else) but end up in Florida. Hmmmm.
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Old 06-30-2019, 05:25 PM
 
Location: Texas
158 posts, read 40,197 times
Reputation: 302
Another option if your husband is still working:
Do not take your SS at 62 even if that means you are not working and no income from you. Live off what your husband is making. Wait as long as you can to get your SS started. This will mean you have more income from SS later in your life. If you wait till your husband starts getting SS at 66+ or later before you start yours then you will get 50% of his FRA amount. That could mean a lot more to you then than it will now.

OR you can wait till your FRA and get more $ from your account, and then get 50% of his FRA when he files.

Last edited by Bevv; 06-30-2019 at 05:34 PM..
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Old 06-30-2019, 05:51 PM
 
71,461 posts, read 71,629,249 times
Reputation: 49026
Why save ,why work .....

Usually the ones with these ideas are the ones who ended up getting left behind for one reason or another....not working is not a right it is a privilege for those who can attain that level
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Old 06-30-2019, 06:18 PM
 
12,287 posts, read 15,181,947 times
Reputation: 8100
Aside from the obvious that everyone else has stated (get the heck out of Boston metro and move someplace cheaper), it seems you can live with just one car in Boston (apparently DH works in the one place in the Metro without rail service) after retirement. And you certainly don't need the good schools anymore, move someplace in Boston market that has lower rents due to rotten schools.
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Old 06-30-2019, 06:42 PM
 
25,967 posts, read 32,962,923 times
Reputation: 32145
Quote:
Originally Posted by jrkliny View Post
I just do not understand the socialistic mentality. If I save for my retirement and others don't why should I be taxed to support their lifestyle? We believe in freedom. Freedom means being able to do what you want even if it makes no sense to others and is destructive, wasteful or worse. Why should I support someone who makes poor choices? Why should I support someone else who has kids but does not work? My wife and I had kids and we worked. It wasn't easy but we wanted a better life later on both for ourselves and our kids.
I agree. I can't understand how anyone could expect to be supported like this. It's madness.
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Old 06-30-2019, 06:43 PM
 
256 posts, read 64,766 times
Reputation: 607
Wow I had no clue Europeans paid that much in taxes. Fran, your proposal would be 80k for a couple with no skin in the game. That’s ridiculous. We saved but a mid life divorce, etc derailed some of the plans. Still my husband and I have small pensions, tiny SS due to WEP, and have a decent life. We can’t buy anything we want but that’s fine. We traveled with some of our savings and now need to stay closer to home. We are still luckier than many. It’s a good life.
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Old 06-30-2019, 07:09 PM
 
4,799 posts, read 1,207,587 times
Reputation: 3707
Quote:
Originally Posted by reneeh63 View Post
Yes....there are amazing benefits to being married....
Maybe but it's likely untrue. It makes no sense that you make less $$ and pay more in taxes.
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Old 06-30-2019, 08:03 PM
 
Location: DFW - Coppell / Las Colinas
31,970 posts, read 36,594,800 times
Reputation: 38543
So should there be regional COL adjustments?

You may be broke in NYC and wealthy in OKC living on the same amount of SS.
Do we give someone in Boston more money or the person in OKC less ?

If someone wants to stay in Boston, San Fran or NYC and live on SS alone that's their choice.
If that's all I had, I'd try to relocate.

But we should all be responsible for our retirement. SS is supposed to be SUPPLEMENTAL.

Yeah, lifes not fair. I earned more, pay more in and want to get more out.


Quote:
NO ONE IN THIS COUNTRY, WHO WORKS OR WHO IS A STAY-AT-HOME PARENT, SHOULD LIVE IN POVERTY IN RETIREMENT. No one should spend their working life worrying about how they are going to live at age 65. And, yes, EVERYONE should be able to retire at age 65.
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Old 06-30-2019, 08:34 PM
 
Location: LV & SD
182 posts, read 31,102 times
Reputation: 167
Quote:
Originally Posted by Grlzrl View Post
Maybe but it's likely untrue. It makes no sense that you make less $$ and pay more in taxes.
It is true because single exemption is less and more of SS may be taxable. Could lose SS income as spousal portion of SS is eliminated but tax can increase significantly because exemption is half as much and more SS income is taxable.

A couple with investment income of $20,000, Social Security benefits of $30,000, and pension income of $20,000. They elect the standard deduction and have a federal income tax bill of $3,316 on $70,000 of income or 4.7% rate. Now spouse dies and SS income reduced to $20,000. Investment and pension income remain the same. However, the surviving spouse would owe $5,706 in federal tax on $60,000 of income or 9.5% rate. The surviving spouse now classified as single, is paying $2,390 more in tax even though income reduced by $10,000.

Also may significantly increase Medicare payments because single bracket for Medicare is about 1/2 what is for married. If income is $150K as married, both paying $135/mo in Medicare payments or $270/mo total, could now have income at $140K as single but paying Medicare of $352/mo for one person, more than was with 2.

Last edited by ddeemo; 06-30-2019 at 09:37 PM..
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Old 06-30-2019, 10:28 PM
 
Location: Wisconsin
21,534 posts, read 43,962,244 times
Reputation: 15132
Quote:
Originally Posted by ddeemo View Post
A couple with investment income of $20,000, Social Security benefits of $30,000, and pension income of $20,000. They elect the standard deduction and have a federal income tax bill of $3,316 on $70,000 of income or 4.7% rate. Now spouse dies and SS income reduced to $20,000. Investment and pension income remain the same. However, the surviving spouse would owe $5,706 in federal tax on $60,000 of income or 9.5% rate. The surviving spouse now classified as single, is paying $2,390 more in tax even though income reduced by $10,000.
Very true. My dil's income wasn't reduced after my son died last year, but her tax deductions for 2019 were - $24K standard deduction became $12k, HSA deposit cut on half, result her 2019 federal tax liability (based on identical income) will be $10.4k v. $6.4k for 2018 joint return - a federal tax increase of $4k. Loss of those deductions kicked over $20k into the 22% tax bracket - where they had never been before. Add'l state taxes will add another $1k to that increase, at least. So, what she's no longer depositing into the HSA and paying for add'l pre-tax health insurance, instead goes for state and federal taxes.
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