Harold Tynes

Comments:

• I shop Plan D every year. My broker and I model the out of pocket cost of the drugs I am on + premium. I switched last year to save about $1000. Don't anticipate that big an opportunity this year but I have set up a meeting with the broker for mid-October. I'll check the Part B premium, as well, but for my Plan G, it generally is pretty much competitive with other choices.

  Post: My Spending Rules

  Link to comment from September 28, 2024

• We have made similar observations. We have a Giving Account set up with Fidelity Charitable that we funded several years ago from an investment windfall. I have added to it a few times with appreciated stock. It is the basis of our charitable giving. We paid off the mortgage 15 years ago and paid cash for our current condo.We are beginning a "final" remodel on our condo to update our bathrooms for us to try to age in place. It's not cheap, but it may buy us another 10-15 years living in our own home. We still have not got into traveling mode. After over 10 years of care giving, we are still trying to decide where we want to go (if anywhere). We may try being a snow bird for a few months as Michigan winters are cold. Being frugal and having cash gives you many options.

  Post: My Spending Rules

  Link to comment from September 28, 2024

• I would refer to Social Security Made Simple by Mike Piper, page 4. I would recommend you purchase this book as a great tool for getting your arms around SS. The SS website still has a model but you should understand the "bend points" that make SS replace a higher portion of wages for low income workers vs.higher income. There is a nice graphic in Sanjib Sanha's post that illustrates this well.

  Post: How might early retirement at say age 55 affect your FRA SS benefits?

  Link to comment from September 23, 2024

• But first I have to get the second shingles shot. The first was a doozy!

  Post: Jabs Anyone?

  Link to comment from September 22, 2024

• I plan on waiting until I'm 70 until taking SS. My younger wife will take her SS at her FRA of 67. I've built my own models and consulted with Mike Piper (Social Security Made Simple) and his model. You also should understand the assumptions for longevity in his model. The penalty prior to FRA is substantial (30%). Waiting from FRA until 70 is more of an investment decision. Taxes play a big role in my decision. The period from age 62 to 70, I have used to convert a large amount from Traditional IRA to Roth. If I took SS, that would push up my taxable income. This would lower conversions and cause more tax issues when we take required distributions from our IRAs. You should also remember that if things change in your life and you need the money, you can file for SS that day and start the money coming your way, but if you wait, you are also increasing the survivor annuity for your spouse.

  Post: Quinn asks himself, Is delaying Social Security to age 70 the right decision?

  Link to comment from September 22, 2024

• We were hit with a $10000 roof assessment by our HOA 6 months after purchase. No disclosure in our pre-purchase diligence.

  Post: A Rental House? Questions to Consider (from Dana/DrLefty)

  Link to comment from September 11, 2024

• I am looking at 70 before we begin SS with a jump in taxable income. This will give us three years to move more out of taxable-deferred into tax exempt. Current position is: Tax exempt 15% Non taxable 15% Taxable 70%

  Post: What’s your asset breakdown by tax treatment?

  Link to comment from September 11, 2024

• We took care of my brother in law with special needs (Down Syndrome) in our home for over 2 years. He had early onset Alzheimer's, swallowing issues that lead to pneumonia, along with significant hospital stays over a two year period. My wife and I with a daytime caregiver provided 24-7 coverage. As things progressed, we added a weekend caregiver. For the last four months before he moved to hospice, we attempted to hire 8a-8p care via agencies. $35/hr was offered but it was a struggle with 3 agencies trying to staff. Nursing homes would not accept him as he was too much for them to handle and he was Medicaid. I calculated our annual run rate before he moved to hospice at $260K. The family (6 siblings) contributed towards this expense. His mother was 95 and was in assisted living. She could not help with the cost. Money is the a solution but it does not provide caregivers or relieve the burden on family.

  Post: How would you prepare for the staggering cost of in-home care if you ever need it?

  Link to comment from September 11, 2024

• My Bentley story...but not my Bentley! I was involved in purchasing a business from a gentleman for a large sum of money. He was wealthy before this transaction but he became very wealthy afterwards. He came back to visit his former business and we had heard that he had bought a new car. He already owned several: Cadillac, Mercedes, Lexus, etc. He had let us know when he would be arriving so we all gathered at the windows to see about the new car. He parked in the far back of the building lot and we struggled to see it was a Bentley! He did not want to talk about it. He was somewhat embarrassed about the whole deal. Especially, after he realized that everyone knew how much he received for the business. As a public company, it was all disclosed.

  Post: Quinn is considering buying a Bentley 🤑

  Link to comment from September 4, 2024

• I keep Mike Piper's book on SS on my desk and have used his model. But I would always suggest that your overriding rule should be, don't take SS before FRA unless you need the money. As you may have noticed in the Open Security Calculator, with your wife claiming a her spousal annuity 2 years early she will take a 17% reduction of a 50% benefit, and you would receive a 30% reduction in your benefit.

  Post: Working for Free by Ken Cutler

  Link to comment from August 27, 2024