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Message
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 3:18 pm to eng08
Delay the SS until you reached the age for maximum monthly benefits.....see how long you can go on just the $1700/mo in pension payments. In fact, if you can get by on $1200 or $1500/mo, sock away the other cash. Don't touch the 401k or other retirement funds until absolutely necessary. Why? Cause you're gonna have insurance needs until 65, then you will still want to purchase Part B coverage to enhance your Medicare coverage. That stuff isn't cheap, and costs won't be going down.
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
Posted on 2/23/15 at 9:55 pm to whodatigahbait
thanks guys.
the monthly retirement ($1725) is after health insurance is taken out ($456 per month). so at 65, health costs would go down. health is pretty good.
forgot to mention, and not that it matters that much right now, but I've got almost 13 lbs of silver, and will occasionally buy more.
savings and ira are straight cash.
I think I'm gonna put off SS for a couple of years. see how well I can hang just on retirement check and milk the ira if it becomes necessary. financial guy (Ameriprise) suggested that due to taxes down he road. retired friends say take the SS while fairly young and walk.
the monthly retirement ($1725) is after health insurance is taken out ($456 per month). so at 65, health costs would go down. health is pretty good.
forgot to mention, and not that it matters that much right now, but I've got almost 13 lbs of silver, and will occasionally buy more.
savings and ira are straight cash.
I think I'm gonna put off SS for a couple of years. see how well I can hang just on retirement check and milk the ira if it becomes necessary. financial guy (Ameriprise) suggested that due to taxes down he road. retired friends say take the SS while fairly young and walk.
Posted on 2/23/15 at 11:12 pm to Kashmir
for every year you can delay SS, your payment grows 8 %.
delay all you can
delay all you can
Posted on 2/24/15 at 9:01 am to matthew25
After 65, your health costs may not go down. Yes, I know you're going on Medicare, but the Part B is not cheap. My parents pay nearly $800/mo for their Part B coverage.
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