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.
It really depends. I'm in the camp that delaying taking social security unless you are either actively working and earning income or you didn't do a great job saving for retirement and need a bigger check to survive on is not for me. The reason; we have more than enough money saved in my retirement accounts to live on till aged 99 and leave some money behind. Eith that particular scenario waiting to collect social security and drawing down my accounts make no sense. Even accounting for the larger checks. Firstly you miss the annual payments year one -seven which in itself is a tidy sum, then I need to drawdown my retirement accounts until then. Finally the social security income in my younger years is worth far more to me than when I'm 70. Assuming my investments grow at the average, my portfolio will be well above a few million dollars, the larger SS check as a proportion of my net worth doesn't mean much. I'll take the funds early, spend it to reduce my portfolio drag in the early years amd call that a day. This doesn't work if your retirement income outlook is poor and you need the money to eat.
Point made and taken. We sometime lose sight of how good we really have it. Let gratitude be the word of the day, not just for the economic wealth we enjoy, but for physical health that many of us still enjoy, even if it may not be 'perfect' health.
It is sad that the saying ' the good die young' applies here. To Jonathan's family my sincere condolences to you. May he soar on the wings of angels. RIP 🙏.
Comments
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
It really depends. I'm in the camp that delaying taking social security unless you are either actively working and earning income or you didn't do a great job saving for retirement and need a bigger check to survive on is not for me. The reason; we have more than enough money saved in my retirement accounts to live on till aged 99 and leave some money behind. Eith that particular scenario waiting to collect social security and drawing down my accounts make no sense. Even accounting for the larger checks. Firstly you miss the annual payments year one -seven which in itself is a tidy sum, then I need to drawdown my retirement accounts until then. Finally the social security income in my younger years is worth far more to me than when I'm 70. Assuming my investments grow at the average, my portfolio will be well above a few million dollars, the larger SS check as a proportion of my net worth doesn't mean much. I'll take the funds early, spend it to reduce my portfolio drag in the early years amd call that a day. This doesn't work if your retirement income outlook is poor and you need the money to eat.
Post: Why Delaying Your Social Security Benefits May Not Make Sense
Link to comment from October 10, 2025
Point made and taken. We sometime lose sight of how good we really have it. Let gratitude be the word of the day, not just for the economic wealth we enjoy, but for physical health that many of us still enjoy, even if it may not be 'perfect' health.
Post: The 1% Club: Our Unnoticed Wealth
Link to comment from September 26, 2025
It is sad that the saying ' the good die young' applies here. To Jonathan's family my sincere condolences to you. May he soar on the wings of angels. RIP 🙏.
Post: Farewell Friends
Link to comment from September 22, 2025