My wife and I did the same thing as you both did. She is 4 years younger than me and started taking her SS benefit at age 62 in 2011. At the same time, I claimed ONLY my spousal benefit at age 66 (I retired the previous year at age 65) so collected benefits on her earnings record for 4 years. Then in 2015 I claimed MY SS benefit at age 75 for a full 32% more than my FRA benefit amount! I am 81 now am very happy that my wife will collect my 4-year delayed SS benefit as her survivor benefit when I precede her in death, whenever that happens. :-)
"He immediately called his bank person, who assured him that the muni interest would not cost him any tax dollars."The bank person made a big mistake by saying that, unless they made it clear that they only meant that the Muni income would not be DIRECTLY taxed by the federal government.
Thanks Rick and Dan for clarifying this. So I believe you are saying that most of your senior federal income tax filers were able to take advantage of the $6,000 Senior Deduction and most did not itemize deductions, but instead took the Standard Deduction because it was so large:
"For the 2025 tax year (taxes filed in 2026), seniors over 65 can claim a total standard deduction of $23,750 for singles and $46,700 for married couples filing jointly (if both are over 65), combining the base deduction, the additional 65+ amount, and the new $6,000 per-person senior bonus."Only wealthier tax filers were unable to take advantage of ANY of the $6,000 Senior Deduction if their MAGI was over $175,000 single/$250,000 married filing jointly.
Rick:
I thought the $6,000 "Senior Deduction" was available to all seniors, regardless if they itemize deductions or take the standard deduction: see
https://www.cnbc.com/2025/07/01/senate-big-beautiful-bill-touts-tax-help-for-seniors-on-social-security.html
To answer your question in a single word: NO.
I have 4 adult children, immensely love every one of them AND our 6 grandchildren. All 10 of these wonderful human beings have brought immense joy and happiness to both my and my wife's lives. ** Both of us know that raising the next generation of human beings is the most important thing in life. ** It has never been about money, we just have always lived within our means, affording and spending accordingly.
I raised 3 of my 4 children (my 2nd marriage), they all are college graduates and are happy, healthy and successful. Our youngest daughter's 25 year marriage ended last year at her age of 50 (luckily she never really wanted to have children). Life happens, you just do the best you can. I also realize that my wife (of 56 years) and I have been very fortunate because we both were raised in happy middle-class homes, received good educations and had good career opportunities (largely because of the era we were born in and are both decedents of America's original European settlers).
Comments
Oops, I claimed MY SS benefit in 2015 at age 70, not age 75.
Post: Rethinking the “Right” Time for Social Security
Link to comment from April 23, 2026
My wife and I did the same thing as you both did. She is 4 years younger than me and started taking her SS benefit at age 62 in 2011. At the same time, I claimed ONLY my spousal benefit at age 66 (I retired the previous year at age 65) so collected benefits on her earnings record for 4 years. Then in 2015 I claimed MY SS benefit at age 75 for a full 32% more than my FRA benefit amount! I am 81 now am very happy that my wife will collect my 4-year delayed SS benefit as her survivor benefit when I precede her in death, whenever that happens. :-)
Post: Rethinking the “Right” Time for Social Security
Link to comment from April 23, 2026
"He immediately called his bank person, who assured him that the muni interest would not cost him any tax dollars." The bank person made a big mistake by saying that, unless they made it clear that they only meant that the Muni income would not be DIRECTLY taxed by the federal government.
Post: Tax Free Income Trap, Dealing With MAGI
Link to comment from April 22, 2026
I love your last sentence! :-)
Post: The condo, HOA, senior citizen conundrum
Link to comment from April 20, 2026
Thanks Rick and Dan for clarifying this. So I believe you are saying that most of your senior federal income tax filers were able to take advantage of the $6,000 Senior Deduction and most did not itemize deductions, but instead took the Standard Deduction because it was so large: "For the 2025 tax year (taxes filed in 2026), seniors over 65 can claim a total standard deduction of $23,750 for singles and $46,700 for married couples filing jointly (if both are over 65), combining the base deduction, the additional 65+ amount, and the new $6,000 per-person senior bonus." Only wealthier tax filers were unable to take advantage of ANY of the $6,000 Senior Deduction if their MAGI was over $175,000 single/$250,000 married filing jointly.
Post: Taxes Season 3
Link to comment from April 13, 2026
Rick: I thought the $6,000 "Senior Deduction" was available to all seniors, regardless if they itemize deductions or take the standard deduction: see https://www.cnbc.com/2025/07/01/senate-big-beautiful-bill-touts-tax-help-for-seniors-on-social-security.html
Post: Taxes Season 3
Link to comment from April 12, 2026
Jonathan's memory is also in all of our (Humble Dollar reader's) hearts too, he was a wonderful human being, truly someone to emulate.
Post: Carrying Humble Dollar Forward
Link to comment from April 8, 2026
To answer your question in a single word: NO. I have 4 adult children, immensely love every one of them AND our 6 grandchildren. All 10 of these wonderful human beings have brought immense joy and happiness to both my and my wife's lives. ** Both of us know that raising the next generation of human beings is the most important thing in life. ** It has never been about money, we just have always lived within our means, affording and spending accordingly. I raised 3 of my 4 children (my 2nd marriage), they all are college graduates and are happy, healthy and successful. Our youngest daughter's 25 year marriage ended last year at her age of 50 (luckily she never really wanted to have children). Life happens, you just do the best you can. I also realize that my wife (of 56 years) and I have been very fortunate because we both were raised in happy middle-class homes, received good educations and had good career opportunities (largely because of the era we were born in and are both decedents of America's original European settlers).
Post: Financial regrets about parenthood?
Link to comment from April 6, 2026
I really like you, Norm! I think you are a very wise person. Dave (81 years old)
Post: Financial regrets about parenthood?
Link to comment from April 6, 2026
I agree that renting is a better option in your case.
Post: The Home Ownership Gamble
Link to comment from April 6, 2026