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After getting stuck on a unclear multiple question that I would have had to answer yes and no, on the online application, I scheduled a phone call which I had today about 50 days after initiated my online application and call to SS. Went quite smoothly with my benefit to begin next month and payment in May. My wife on same call initiated her additional spousal benefit application. The CSR said that wife's application would be held until mine was finalized. Dollar amount of my own benefit matched to the dollar what I had projected thanks to this board and SS pub EN-05-10070. That was extremely gratifying since the SS website no longer provided projections for my benefit since I had previously filed a restricted application for spousal benefi...

OP, you don't state whether you are looking at 2022 or 2023 tax year. Assuming 2022 and that none of the taxable is dividends which likely would fall in the zero tax bracket, only $18325 of the SS is taxable when the other than SS income is $27500. The SS inclusion calculation is rather complicated that calculates the amount that is taxable three ways and comes up with the lowest amount. The SS portion taxed is not zero, 50% nor 85% necessarily since there is a transition calculation that this would fall into. Depending on how old you are will determine what your standard deduction is. If you are both post 65, then you get $28700 deduction in 2022 and only $17125 is taxable income and you are in the 10% marginal bracket (but 18.5% of each a...

Typically just used a pump like this https://www.lowes.com/pd/Superior-Pump-Utility-0-25-HP-Thermoplastic-Submersible-Utility-Pump/1002778198. I used the 1 1/4 fitting when draining our 40,000 gallon pool which I then transitioned to some old 1.5 inch pool hose to run it out back. Took a couple days. Shop vac finished up the last 20 gallon or so. Also found that I could use it to siphon out excess in the winter. Left the pump dangling in the pool perhaps a foot below the top/skimmer. Attached a garden hose to the smaller fitting down a slope, turned on the pump for a minute and then turned it off. It continued to siphon water out at perhaps 1 gallon/minute until the level of the hose outlet was reached. I found pumps like this were pretty t...

I now have three pair. Mostly wear them around the house. Really help me avoid plantar faciitis reoccurence. I have worn them as flip flops to the beach an occasionally outside. They are a little slippery on wet slick surfaces, particularly when then the tread is worn down. That said, one of my pair was my son's that did not care for them. I need to toss the older couple pair as the tread has worn off with the oldest being perhaps six years old, but it is convenient for me to park a pair near various doors/bed.

Do check your recommended transmission fluid change mileage. It might be ok to go past this mileage by a significant amount but you are asking for trouble. I have in the past been neglectful. Once it cost me a transmission. Btw, some vehicles should not be flushed but just have the fluid changed.

I couldn’t find this link the other day. https://www.ssa.gov/oact/cola/QC.html

Likely your wife has or is very close to having 40 quarters.

Re Pictured Rocks, suggest hiking some but also take the boat tour as you won’t get the fulled effect of the colored rocks unless you are viewing from the water. Leaves often have peak colors around Columbus Day, which often ends the season for the pictured rocks boat tours too. Driving the USFS roads through the forests of the eastern UP when the trees are at their peak is glorious. The view of the forest from the lighthouse north of Paradise is wonderful at this time of year. Do see Tahquamonen Falls. I suspect most of the farmer’s markets will be past in October. St ignace has a decent one through September. There are a number of waterfalls other than TF, that are nice but water flow will be low. Climb Castle Rock for a nice view of Mora...

If she hopes to file on her record, check to see if she has 40 quarters of SS credits. In 2023, $1640 earns one credit but only 4 per year are possible.

Have you owned the business since 2006 or 2021? Almost all of your wife’s earnings predate 2006. Were those self employment earnings too? If not the reported taxes appear too high.

One could amend the last three years tax returns. Likely a pain doing so. Otherwise, probably setting yourselves up to have her file for a small benefit at 62 and then as a spouse once you file later. I’d look at the PIA estimates closely to decide which way to go.

You mention work life balance will be worse. How much? Is your job currently 40 hr and totally remote with the new job 50+ hours in the office and on call plus commuting time? If you are to be working 25+% more than now tack on another $50k to your request to begin to make it worth while. You may be going to miss out on a lot of your kid’s lives. Also, sounds like the burden of child raising may shift more to your wife. Be sure to think carefully about this. Happy wife, happy life. That said, I grew up an hour away from Detroit and know of some of the concerns that living there bring and Charlotte may be better for your family in the long run.

I never had an option for more than giving my spouse more than a 50% survivor benefit. I would suggest that she select option 2 but then again you did not (or maybe could not like me) value her potential long life need and selected for her to only receive 50% of your benefit, so maybe she ought value you outliving her likewise.

Am I thinking of this correctly... If my mom has social security benefits less than $25K in 2024 and RMD for TIRA less than the standard deduction, she will have zero taxable income for both federal and CA? Consider using tax prep software to run your mom’s projected #’s to verify whether taxes will be owed. My dad will be filing as single for the first time for tax year 2023. I input his 2023 projected income and deductions into TurboTax 2022 mainly to understand whether he will owe any state tax (not CA) as the state taxes SS and RMDs at various % depending on state AGI. Don't know about 2024 but using 2023 tax info she would owe very little Federal taxes. CA?. Her standard deduction would be $14700 in 2023. She would need to be roughly ...

jabberwockOG wrote: ↑Mon Feb 20, 2023 11:41 am We bought a top end Kitchen-aide about 3 months ago. It is quiet, cleans and dries very well, but the real bonus is that it holds far more items than any other dishwasher we ever owned. The three racks in it are designed extremely well (unlike most of the other three rack dishwashers).

KDPM604KPS

https://www.bestbuy.com/site/kitchenaid ... Id=6398209

We've had this unit for nearly two years and are quite pleased with it. Seldom does anything not come completely clean and it is very quiet. We typically turn off the dry cycle and leave the door ajar overnight.

Once a person has 35 years of paying the maximum social security tax, do additional years worked increase social security benefits at all? The short answer is yes. Top 35 highest years of income are used to calculate the SS benefit amount. If a worker has more than 35 years of earnings, and the 36th year and beyond are among the highest 35 years, each of the years 36 through retirement will increase the SS benefit amount. If the worker’s benefit amount is beyond the second bend point, the marginal return of SS benefit vs added income is lower than if the worker’s benefit is below either first or second bend points. More earnings = more benefit subject to the top-35 provision. Unfortunately there is a lot of confusion on this specific topic...

I like to file early as I can but the last few years I've been caught up in TT wait on a form land. TT says a particular form I need will be available on a certain date, then changes estimated date, then changes it again. Once it becomes available, last year at the end of March, I'll finalize and send them in.

Once a person has 35 years of paying the maximum social security tax, do additional years worked increase social security benefits at all? The short answer is no. And the long answer is [expletive deleted] no. A “value add” from my Army days This is not correct, at least for someone turning 70 this year. When I calculate the SS max for someone born in 1953 and potentially 53 years of maximum contributions (unfortunately I am short of that- actually glad I do not have 53 years of earnings), it can increase by having more years of maximum contributions as they replace years that had much lower maximum contributions. If I presume maximum earnings from 1970 to 2004 and zero since my calculations give about $4163 per month at age 70 (this year)...

We built a no barrier shower with a wall grab bar and a ring grab bar around the faucet. The floor tile has small matte finished trapezoids (1.5" X 1" X 2.5") with a center floor drain. The small tiles seem to give very firm footing. Also built a bumped up shelved area inside the shower that is protected by a tri-track sliding door to hold towels and other supplies one might decide they want in the shower besides those stored in the double cubby holes.

Take a look at this chart. https://www.bogleheads.org/wiki/Taxation_of_Social_Security_benefits#/media/File%3ASSHeatMapSingle2023.png You mention that she is already taking Social Security. Depending on her SS and other income she may be incurring a marginal rate that is not 22% but nearly double that. If she were to put $15k into a TIRA over two years, she would save 22% in taxes (maybe a lot more) or $3300 plus maybe some on state taxes. Once she has no other income other than SS you can see from the chart that she will be able to take out the TIRA deposits and incur no income tax. Earnings will likely need to stay in the account for five years, to not incur taxation. Not sure if withdrawal of those earnings would actually incur a tax if ...

Consider converting much of your pretax retirement funds before 63 as IRMAA may be triggered at 65 based on your income when 63. You likely are at the bottom of the 22% bracket. If you believe tax rates will increase or in your case likely push you into a higher bracket once RMDs kick in or once your SS kicks in, you very well will benefit from at least filling up the 22% bracket, possibly the 24% bracket.

With projected pensions of $142k, I suspect that your MAGI in 2022 was above the $204k limit above which Roth contributions are limited or eliminated. Your 2022 income may be less if you retired early in the year or prior to 2022, in which case your spouse could fund Roths for both of you. Consider what your heirs tax brackets might be when deciding how much to convert. It certainly seems to me that for you converting to the top of the 22% bracket seems a no-brainer and possibly to the top of the 24% bracket. A couple of considerations are whether your pensions are indexed to the CPI and will they both continue for the surviving spouse when one of you passes. I would not convert all of the 457 account as some could be transferred to a regul...

Decades ago my new bride that had been taking an occasional course part time while working a full time clerical position announced that she was quitting her position and going back to school full time. I was a young engineer with a decent starting wage but was a bit flummoxed with the turn of events. Its been a mixed bag as far as her career financially vs a good marriage. While in college she worked when she could even at McDonalds, pursued and was awarded a number of small scholarships and my only direct expense was purchasing a reliable vehicle for her hour plus commute. After college, actually while working on her masters degree, she got a great job and I was contemplating changing positions (we now commuted an hour in opposite directio...

This has been discussed a lot already. There is a mega-thread on the horrible new interface. The best workaround I've seen so far is to bookmark this link: https://personal.vanguard.com/us/faces/TPView. Once logged in, click it, and you'll see the "old" (and much better) interface . Some actions will stick with the old interface (e.g., buy/sell), but some will use the new interface (e.g, transaction history). That's also what I get when I use drop down box at top (My Accounts > Balances and Holdings). The same B&H that I've been getting for years. This works for some, but VG is gradually removing this. It used to work for me, but no longer does--I just get the same crappy interface when I do it now. So, the bookmark is for th...

The phase-in of SS taxation makes this not a big deal. Assuming no other taxable income aside from the pension, you could do $3700 in Roth Conversions at 0% taxes. Then you could do another $6,000 at an effective 18.5% rate (10% bracket x 1.85 phase in of SS taxes). After that, you are in for 22.2% marginal costs for conversion (12%*1.85) for the next $28,200. Above that and you are in the 22% x 1.85 bracket, so clearly unpalatable. This last line that I've bolded consider as charitable donations if your are at all so inclined. Somehow I feel inclined to donate all I can via QCDs that would have been otherwise taxed at 40+%. https://www.bogleheads.org/wiki/Taxation_of_Social_Security_benefits#/media/File%3ASSHeatMapSingle2023.png It may on...

Highly encourage using https://opensocialsecurity.com/. Note that once it optimizes your situation you can test alternative strategies such as claiming now in the section below the optimized one. I think you will be pleasantly surprised. If your benefit is projected to be 3100/month now your PIA must be nearly $3500. If so while your wife will incur a reduction forever due to claiming her benefit early by about $40/month, her additional spousal will be based off of half of your $3500 PIA (reduced slightly reduced since she is not yet FRA of 66 and 6 months). It looks to me like she could get a total benefit by you starting SS now allowing her to start spousal benefits of perhaps $1625/month, assuming my guesses on your birthdates were corre...

Multiple computers is my solution. I have a home office computer and my laptop. If it doesn't work on my laptop, I can usually sign on my home office PC. Then I go in and turn off the restriction on my account and re-authenticate my laptop, then turn the restriction back on. I use chrome, firefox and now trying out Brave without issue. This issue maybe caused when the browser is updated, but don't know for sure. My favorite is the Symantec VIP Access app on my phone for Etrade. 1. Download app to phone. 2. Sync app with Etrade account. The app generates a random 6 digit number that is appended to my password when I sign on to Etrade. Works great and I don't need anything extra, just my phone. I use Chrome on Windows desktop and Spouse uses...

faanger101 wrote: ↑Wed Feb 01, 2023 8:28 am

mazzie21 wrote: ↑Wed Feb 01, 2023 7:49 am I have a 30 year 5.8% interest rate on a 7 year arm. My networth will be around 4 million including the buyout and the money that will be reinvested. I have about 1.2 million in retirement funds between 401ks, brokerage account, hsa.

I have been trying to manage my finances on my own so thank you for any advice!

Kill the mortgage. You already have a healthy portfolio and 5.8% is too much And congrats

+1

If you can sleep well with 100% stocks, go for it, personally we are closer to 50/50. Fill up your bracket on Roth conversions this year as when SS hits you will have to reconcile what you do with the tax torpedo. Do think about your situation should one of you pass as it may encourage you to do even more conversions this year and maybe next. We now have nearly half of the retirement assets in Roths and may continue to do small Roth conversions once we start SS this year but am kind of looking forward to doing QCDs from the TIRAs that otherwise would have incurred a 40.7% federal tax rate (next year).

Age 69 retired almost 15 years.

Plan was to have 10 years income and a front loaded pension (would reduce at age 62). I had almost 11 years of income saved.

Unfortunately it was 2008 and I was down to about 7 years income saved by year end and it went lower in 2009.

Worked part time as consultant over next 7 years and saved about 1+ year's worth of preretirement income. Today as I am about to pull the trigger on my SS (been on spousal for almost 4 years) we are approaching 10 years of inflation adjusted preretirement income. BTW, the cumulative inflation since I retired is over 40% despite all those years of very low inflation.

My intentions were to withdraw the money from the taxable accounts that have losses. The IRA will remain untouched as those distributions will affect her Medicare premiums. The other accounts will not since they have no gains. Why should a tax-deferred account remain “untouched”? If you are trying to avoid RMDs later on, it is best to draw down the balance in it before getting to her RMD years, so the larger RMDs don’t push her into IRMAA territory. And instead of moving some of the assets to taxable, they should be moved to a Roth IRA instead where the growth can continue to grow tax-free . (This why stock funds should be converted first.) This is a no-brainer to me since she will pay the same taxes whether the IRA withdrawal goes to Taxa...

I had been trying to get a Lexus NX450+ plug in hybrid that checked all the boxes. MSRP was way more than I wanted to pay but would have had the dealer been reasonable. When they finally got one in (supposedly I was on wait list but turned out not) I was offered it at $5k over sticker. Spouse said NO. When her vehicle became disabled I bought a 2023 Mazda CX5 Signature AWD off the lot for sticker price a few months ago. It checked off all the boxes except I had wanted a plug in hybrid and this one is only 24MPG average versus much much higher for the Lexus. Of course it was $20k+ cheaper, so I guess the MPG won't matter much with our current less than 10k miles per year usage.

I unfortunately have a similar challenge to explore. DW(60) passed earlier in January, 2023, I am 61 and working full time. As my salary exceeds the $21,240 limit, with the 2:1 reduction of benefits, my net survivor benefit would be zero ($0). I am inclined to defer my filing until I reach my retirement age (65) or FRA (67) - allowing the benefit to grow. I am unable to model this correctly using the Open Social Security tool (opensocialsecurity.com) as it does not seem to have an input for current earnings (please point me to the correct element to update). Am I correct? Did I miss something? Any help would be greatly appreciated. -- Agent86 Pick the check box near the top for certain situations. Then you can choose still working, and put...

Not sure about mom's overall financial picture. From your earlier posts it appears that she may have an IRA and possibly an inherited IRA. Since she is already 72 (unless she turned this month), she falls under RMD rules prior to Secure 2.0. Be sure she takes her RMD for last year and this year as you help her plan. Keep in mind once all (85%) of her SS is taxed, she might have room to take some out of an IRA and have it taxed at maybe 12%. This amount will likely be small but worth doing if she can. Assuming this IRA is modest, I concur with others that this potential gifting is maybe too large. One time, both of my inlaws (in their 80s at the time) did a similar gifting, to only offspring and their spouses, not any of the grands. Looking ...

We have been so very fortunate that the NYMEX monthly closing price upon which our gas bill is based (other than the numerous and ever increasing fees) is plummeting. Our early January bill (mostly December weather and December NYMEX closing) cost for the unit gas component was only up 10% from the prior year. The unit prices in the past summer were nearly double that of the prior January and would have clobbered us had they still been in effect. Since the end of December, NYMEX prices continue to plummet for whatever reason. Of course our PUCO just approved a bump in the adder to the NYMEX price. Maybe they were just being manipulated to convince the PUCO to go along with the utilities rate increase request. In any case I'll be appreciativ...

Do check your projected taxes. I plugged your numbers into my spreadsheet not knowing if you and spouse are eligible for age 65 additional standard deduction and believe that you are likely $12-15k in income below owing any federal taxes. If you have future RMDs and your pretax balances will be maybe $500+k, certainly consider filling up the zero, 10%, and 12% brackets at a minimum. If your balances are less at least fill up the zero bracket at a very minimum.

I use RedNeck Bank MM to keep enough cash to pay several months of CC bills that are pulled from it. Refreshed it the other day from VG. It has been paying 4.25% for a couple months so no harm.

A very valuable thread. I am an 85 year old widower with 95% of my portfolio in a traditional IRA (a mistake, I know). I just received my new year's social security benefits statement for 2023 and my monthly benefit is less than last year because of these IRMAA and Medicare deductions. I want to consult an advisor who is knowledgeable in these issues (like many are on this thread) but am not sure what kind of credentials should such an advisor have. I prefer just a one-time fee-only advisor. If this is too much of a digression to the topic, I apologize. You could ask on BHs but I'd start a new thread. Since the IRMAA jumped this year for you, did you do a conversion or was it just a progression in RMDs? Are you interested in leaving an inh...

My wife’s employer does not true up contributions so that is am certainly a potential downside to this idea but at this point in our lives the employer match does not really have a major impact on our future. The whole time value of money thing😀. Waiting to hear from my employer but I’m not sure this will be a major consideration for us. The primary purpose would be to get as much of our salary into tax advantaged accounts thereby significantly reducing out tax exposure in 2022 if we did retire. Without true up doing this would make it very likely to not come out ahead. If one of you puts $27k (let's assume 100% of pay) into this early in the year (in perhaps the first four months) but the employer only matches 4% ($1080) as opposed to if ...

Picked up two strips (40) of postage stamps while at the grocery before the 5% hike tomorrow. Might be enough for 6 months. Saved $1.20!!!!! I'd save a lot more if my spouse did not still like to send occasional notes and cards.

I was thinking that IPINs were mailed out mid-January. (If I am mistaken, give me a shout out.) If you were expecting one have you received it yet?

Received this Email, show below in part, from Amazon late yesterday. Dear customer, In 2013, we launched AmazonSmile to make it easier for customers to support their favorite charities. However, after almost a decade, the program has not grown to create the impact that we had originally hoped. With so many eligible organizations—more than 1 million globally—our ability to have an impact was often spread too thin. We are writing to let you know that we plan to wind down AmazonSmile by February 20, 2023. We will continue to pursue and invest in other areas where we’ve seen we can make meaningful change—from building affordable housing to providing access to computer science education for students in underserved communities to using our logis...

[Thread merged into here --admin LadyGeek] Received this Email, show below in part, from Amazon late yesterday. Dear customer, In 2013, we launched AmazonSmile to make it easier for customers to support their favorite charities. However, after almost a decade, the program has not grown to create the impact that we had originally hoped. With so many eligible organizations—more than 1 million globally—our ability to have an impact was often spread too thin. We are writing to let you know that we plan to wind down AmazonSmile by February 20, 2023. We will continue to pursue and invest in other areas where we’ve seen we can make meaningful change—from building affordable housing to providing access to computer science education for students in...

I have an application for my benefits to begin at age 70 saved. I used the remark language shown above (updated for current dates), but did also note that my spouse will be also filing for a switch from own benefits to spousal status at the same time. A few screens prior to filing in the remarks section, there was a page about previous filing for benefits that I felt uncertain about. Have you previously applied for Medicare, Social Security, or Supplemental Security Income? X Yes _ No Which type of benefits" Please select all that apply X Medicare benefits X Social Security benefits _ Supplemental Security Income benefits Did you previously apply on your own Social Security Number? _ Yes _ No I previously applied for Medicare under my...

When I log in on either my overview page or when I select Balances and Holdings from the pull down menu I have a statement that I can select a customized view that permits me to hide whole accounts or individual holdings.

We used this language in the remarks section of the online application for an April birthday. I probably lifted it from a message here: I am currently receiving spousal benefits and am applying to switch to my own retirement benefit effective at my age 70 in April 2022 with the maximum Delayed Retirement Credits. Thus, the new (higher) benefit amount should be paid in May 2022. I do NOT want any retroactive payments. Thank you. I have an application for my benefits to begin at age 70 saved. I used the remark language shown above (updated for current dates), but did also note that my spouse will be also filing for a switch from own benefits to spousal status at the same time. A few screens prior to filing in the remarks section, there was a...

Jelloanddon wrote: ↑Tue Jan 17, 2023 1:24 am This is exactly the scenario my husband and I are in. But I didn’t realize that when the spouse receiving the spousal benefit starts collecting their full benefits, the other spouse can now claim spousal? How do you find out what would be the spousal amount?

We estimate my husband’s benefit will be around $4k when he turns 70 in April. I am currently collecting $2800/month. Would I be eligible for a higher benefit?

Thank you

Not as a spousal as it maxes at one-half of your husband's PIA which is likely just a little higher than yours. If he were to predecease you would be able to bump up to his higher age 70 benefit assuming you are at least FRA.

Some selling pros and cons
Pro
No hassle with renters and concern about repairs.
You should be able to sock a lot of cash away without concern about surprise expenses.
No need to carry insurance on former house.

Con
You will owe capital gains taxes if you sell and net a profit as you have not lived in the house two years.
You will likely be giving up a great mortgage rate if you sell.
You like your current house, have invested yourselves in it and replacing it maybe more expensive than keeping it.
Realtor fees will be incurred selling and buying.

We used this language in the remarks section of the online application for an April birthday. I probably lifted it from a message here: I am currently receiving spousal benefits and am applying to switch to my own retirement benefit effective at my age 70 in April 2022 with the maximum Delayed Retirement Credits. Thus, the new (higher) benefit amount should be paid in May 2022. I do NOT want any retroactive payments. Thank you. I have an application for my benefits to begin at age 70 saved. I used the remark language shown above (updated for current dates), but did also note that my spouse will be also filing for a switch from own benefits to spousal status at the same time. A few screens prior to filing in the remarks section, there was a...

It makes no sense to me to defer taxes at 12% knowing that the 12% bracket is going back to 15% in 2026. We don't know what will happen after that (or even if that is what will happen) but it seems highly likely that deferring at 12% is not the best plan...even if you do end up in the 0% bracket in retirement (which does not happen often). Totally agree with this. Do not waste space in the 12% bracket. Adjust your Roth, pretax and post tax amounts for this year so that your taxable income is at the top of the 12% bracket, $89450 for 2023. If you have not created a SS account go to https://secure.ssa.gov/RIL/SiView.action and do so so that you can get a realistic projection of your future benefit. Your spouse will be eligible for 50% of wha...

Folks who have retired, and they were salaried person before retirement, can someone mention their tax bracket even with Social security benefits? It would be interesting to know the tax brackets they were in before the retirement and after the retirement. We have post retirement income similar to what you project and preretirement somewhat ballpark to that of you. Prior to retirement our marginal brackets were often 25% and sometimes 15% (prior to last tax law change) depending on how much I put in my 401k, FSA etc. While in retirement but prior to RMDs, but with SS I try to keep taxable income at the top of the 12% bracket via additional Roth conversions. Note that for us 85% of the SS ends up being taxable effectively boosting the margi...

Grocery prices are exceedingly shocking. Skipped celery the other day. Non-organic was 3.99 versus 1.49-1.79 not that long ago. Most staples seem up 50%. $5.99 for a dozen eggs (found a pack of 9 for 3.99) that have been less than $2 forever. Who would think a dozen eggs would cost more than a gallon of gas? Might have been the case back in 1970 pre inflation. Most sale prices seem higher than regular prices of 6 months ago of items I regularly purchase. And gas is back on its way up. Having peaked around $4 around here it drifted down below $3 until recently and is now in the $3.40. For whatever reason natural gas has dropped in price since last summer so despite a frigid December the bill was only about 25% higher than last year mostly du...