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what should i do? (advice appreciated!)
Posted on 2/23/15 at 3:07 pm
Posted on 2/23/15 at 3:07 pm
63 yrs. old---birthday in august
receive $1725 per month after taxes from former job retirement.
want to retire in may. got approximately 41k in savings and 33k in ira. SS estimates are $1500 per month before taxes.
ive been advised to go ahead and get on SS by some. others have suggested using a monthly amount from ira and delaying SS for a couple of years.
house and truck are paid for, so all i have are normal bills.
from reading this board, i am very impressed with your money talk. thanks for some info.
receive $1725 per month after taxes from former job retirement.
want to retire in may. got approximately 41k in savings and 33k in ira. SS estimates are $1500 per month before taxes.
ive been advised to go ahead and get on SS by some. others have suggested using a monthly amount from ira and delaying SS for a couple of years.
house and truck are paid for, so all i have are normal bills.
from reading this board, i am very impressed with your money talk. thanks for some info.
3
Posted on 2/23/15 at 3:11 pm to Kashmir
What's the difference in SS payments between retiring now and working a few more years until full retirement?
This post was edited on 2/23/15 at 4:30 pm
Posted on 2/23/15 at 4:08 pm to Kashmir
First, you will need to consider health insurance until you turn 65 and can get on medicare. That could be a big bill. Of course, if your entire income is 1725/month you may be able to qualify for some subsidized Obamacare.
Second, how is your health? If you are in good health, try to hold of on taking SS as long as you can.
Third, the current job you are working, will you get any retirement benefits from it (do you have a 401k, etc)?
Fourth, is your savings in cash, or invested? And, how is your IRA invested? If they are pretty conservative, I might be tempted to spend down your savings first.
Second, how is your health? If you are in good health, try to hold of on taking SS as long as you can.
Third, the current job you are working, will you get any retirement benefits from it (do you have a 401k, etc)?
Fourth, is your savings in cash, or invested? And, how is your IRA invested? If they are pretty conservative, I might be tempted to spend down your savings first.
Posted on 2/23/15 at 6:26 pm to Kashmir
quote:
63 yrs. old---birthday in august
receive $1725 per month after taxes from former job retirement.
want to retire in may. got approximately 41k in savings and 33k in ira. SS estimates are $1500 per month before taxes.
ive been advised to go ahead and get on SS by some. others have suggested using a monthly amount from ira and delaying SS for a couple of years.
house and truck are paid for, so all i have are normal bills.
from reading this board, i am very impressed with your money talk. thanks for some info.
Try to keep working, in the mean time file and suspend SS
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