Lastly, I waited until age 70 to file for my Social Security, maxing out my benefit for my spouse, should I predecease her. We have 111% of our regular retirement expenses covered solely by our annual social security benefits. Looking through JC’s comments, I am happy with my answers ...
An important choice in retirement planning is when to start claiming your Social Security benefits. If you claim earlier, your monthly benefits will be reduced for the rest of your life. If you claim later, your monthly benefits will be increased for the rest of your life. Here is how much...
One reason I delayed Social Security benefits until age 70: It gave me the chance to do Roth IRA conversions at a relatively low tax rate. Those conversions shrank my traditional IRA, resulting in smaller required minimum distributions (RMDs) once I turn age 73....
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and Social Security benefits would still have to be figured out and funded or cut going forward. The FDIC would no longer protect their banks. There’s a lot of coastline in California to oversee without a Navy or Coast Guard. The cost of water, gas and oil might become prohibitive, and...
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I went through and put all the earnings data into the Social Security website benefit calculator, found here. https://www.ssa.gov/benefits/retirement/planner/AnypiaApplet.html It provided an estimate of $1,378/month or $16,536/year. ...
Tax loans are unique because the amount you can borrow is based on your estimated tax return. It means you don’t need a good credit score or collateral to qualify for one. What are the Benefits of Tax Loans? Tax loans offer several advantages, including: Quick access to funds: Because ...
Some of the most common calculation errors include the taxable amount of Social Security income, taxable income, and the Child and Dependent Care Credit. Errors in the amount of taxes withheld, estimated taxes paid, the Earned Income Tax Credit or the increased Standard Deduction for certai...
Delay taking Social Security.“First, they should wait to begin taking their Social Security benefits till age seventy, rather than immediately at sixty-two.” Use your 401(k) to fund your retirement early years instead.“Next, they should start to withdraw from their 401(k) accounts now, ...