Oh my! As a veteran of two detachments and one macula hole repair, I can identify. This is so scary. I thankfully can still drive and so on, but because one pupil is permanently dilated the glare at nights can be challenging. Three doctor visits per year to make sure everything remains in place. The twists and turns of life. We all have a story.
This is certainly something to consider. I think this comes down to not taking an all or nothing approach and letting the inheritance do the most good. Obviously all 'good ideas' will come with its downsides such as will there be more grandchildren, what if some are more financially secure than others and then what if some are misbehaving. Goodnight though.
Dick you and I are in the same page here. Personal finance involves different strokes for different folks. The issue with the general advice to wait is that it makes the assumption that everyone needs the larger checks at aged 70. For those who haven't saved sufficient assets, that make sense and they should keep working until aged 70 at least. For those who dont need the funds due to sufficient retirement assets, it is more nuanced and it depends on what value the place on the added income from claiming earlier vs a bigger check from claiming later. For me, the bigger check is less important and if i retire early and I can defer withdrawals from my retirement accounts then that's when claiming early, albeit a smaller check makes sense. I know I can leave my retirement accounts to my kids, SS dies when I do. My wife doesn't need the bigger check so we plan on taking SS as soon as I have completed my Roth Conversions.
Ignorance is bliss Mark. Maybe it works out in the end and they have enough time to recoup. In the meantime does the older wiser me invest more heavily in cruise shipnstocks knowing that this will likely continue to happen? And cruise.stocks can be replaced by any of the wants that the younger uninformed might spend on.
Why limit the spend just to stay within the 12% bracket? I respect the decision but I truly do not get that. It's one thing to be careful with spending so as not to run out of money, but just to stay within a certain tax bracket seems very very misguided. I say this because you may live to be 100 or be gone tomorrow. Taxes cannot be a reason you don't get to enjoy things while youre here. While I don't want to pay more taxes than I need to, I'm not going to miss out on something just to stay below a threshold. I'd rather pay the taxes and move on. And, there may be Aunty IRMA visiting too, but life is just so short. In closing it's a really great post which as can you see has generated quite a few responses. While I view things a bit differently from you, it is with the utmost respect and admiration for what you've achieved. Best to you and the missus.
Sounds like you have a good base. Whether that be social security or your retirement assets. At this point it likely doesn't matter much as you seem to have things well thought out. If it were me I'd take the social security now and let my assets do the heavy lifting later in life supplemented by the smaller SS check. But we are all different and if you feel comfortable with your plan, that's what matters the most.
Why wait until 70 to fly first class? You don't and won't need the Social Security dollars to live on. Claim now and fly first class now. I wouldn't wait, as you can't predict what might happen health wise. Everything else sounds great with your plan and we are happy for your situation, but the bird in hand now to fly first class is the one I'd be feathering for sure.
People who try to say the best outcome is to always claim late are just wrong. It is a lot more nuanced and they must look at the entire picture. Like I said in my earlier post, a bigger check at aged 70 or 75 won't matter one iota to Tamara and I. So.we will claim earlier in between Roth conversions and when we don't have much income. For others, it makes all the sense in the world to claim later to increase the retirement security. It's the same way I feel about an annuity... doesn't fit for us, but for others it makes sense (maybe). Then , there is actual missed dollars for the delayed filers...like how do you reconcile that and say its always wrong to claim early? It's not that straightforward.
Comments
Oh my! As a veteran of two detachments and one macula hole repair, I can identify. This is so scary. I thankfully can still drive and so on, but because one pupil is permanently dilated the glare at nights can be challenging. Three doctor visits per year to make sure everything remains in place. The twists and turns of life. We all have a story.
Post: You worked a lifetime, you achieved your goals, you have it all-the next day it hardly matters
Link to comment from November 26, 2025
This is certainly something to consider. I think this comes down to not taking an all or nothing approach and letting the inheritance do the most good. Obviously all 'good ideas' will come with its downsides such as will there be more grandchildren, what if some are more financially secure than others and then what if some are misbehaving. Goodnight though.
Post: Skipping a Generation
Link to comment from November 21, 2025
Dick you and I are in the same page here. Personal finance involves different strokes for different folks. The issue with the general advice to wait is that it makes the assumption that everyone needs the larger checks at aged 70. For those who haven't saved sufficient assets, that make sense and they should keep working until aged 70 at least. For those who dont need the funds due to sufficient retirement assets, it is more nuanced and it depends on what value the place on the added income from claiming earlier vs a bigger check from claiming later. For me, the bigger check is less important and if i retire early and I can defer withdrawals from my retirement accounts then that's when claiming early, albeit a smaller check makes sense. I know I can leave my retirement accounts to my kids, SS dies when I do. My wife doesn't need the bigger check so we plan on taking SS as soon as I have completed my Roth Conversions.
Post: THE REAL RETURN ON DELAYING SOCIAL SECURITY
Link to comment from November 14, 2025
Ignorance is bliss Mark. Maybe it works out in the end and they have enough time to recoup. In the meantime does the older wiser me invest more heavily in cruise shipnstocks knowing that this will likely continue to happen? And cruise.stocks can be replaced by any of the wants that the younger uninformed might spend on.
Post: Joined up Thinking??
Link to comment from November 3, 2025
All advisors do not give good advice. Clearly this was an example of that.
Post: Logic Check: 401(k) Loan – Paying Taxes Twice?
Link to comment from November 2, 2025
Why limit the spend just to stay within the 12% bracket? I respect the decision but I truly do not get that. It's one thing to be careful with spending so as not to run out of money, but just to stay within a certain tax bracket seems very very misguided. I say this because you may live to be 100 or be gone tomorrow. Taxes cannot be a reason you don't get to enjoy things while youre here. While I don't want to pay more taxes than I need to, I'm not going to miss out on something just to stay below a threshold. I'd rather pay the taxes and move on. And, there may be Aunty IRMA visiting too, but life is just so short. In closing it's a really great post which as can you see has generated quite a few responses. While I view things a bit differently from you, it is with the utmost respect and admiration for what you've achieved. Best to you and the missus.
Post: Waiting Until We Turn 70
Link to comment from October 24, 2025
Sounds like you have a good base. Whether that be social security or your retirement assets. At this point it likely doesn't matter much as you seem to have things well thought out. If it were me I'd take the social security now and let my assets do the heavy lifting later in life supplemented by the smaller SS check. But we are all different and if you feel comfortable with your plan, that's what matters the most.
Post: Waiting Until We Turn 70
Link to comment from October 24, 2025
Why wait until 70 to fly first class? You don't and won't need the Social Security dollars to live on. Claim now and fly first class now. I wouldn't wait, as you can't predict what might happen health wise. Everything else sounds great with your plan and we are happy for your situation, but the bird in hand now to fly first class is the one I'd be feathering for sure.
Post: Waiting Until We Turn 70
Link to comment from October 23, 2025
Congratulations. You've done a fine job and love and respect for both the business and the staff.
Post: Selling our Business – The Aftermath
Link to comment from October 10, 2025
People who try to say the best outcome is to always claim late are just wrong. It is a lot more nuanced and they must look at the entire picture. Like I said in my earlier post, a bigger check at aged 70 or 75 won't matter one iota to Tamara and I. So.we will claim earlier in between Roth conversions and when we don't have much income. For others, it makes all the sense in the world to claim later to increase the retirement security. It's the same way I feel about an annuity... doesn't fit for us, but for others it makes sense (maybe). Then , there is actual missed dollars for the delayed filers...like how do you reconcile that and say its always wrong to claim early? It's not that straightforward.
Post: Why Delaying Your Social Security Benefits May Not Make Sense
Link to comment from October 10, 2025