My parents just went into assisted living. They had to have 3 years of assets and if they run out of money they can stay but are moved to a smaller room.
If either pass away the second one would have to share a room if they could not pay.
OT: When to take Social Security
- Thread starter RULoyal
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If either pass away the second one would have to share a room if they could not pay.
I read that that payback is not so bad because you ultimately get it back via an increase in benefits
My parents just went in at 90. My sister did the shopping and financial review for them. She says they have enough to last forever.
Part of it is how much you make after 62. Much different for a part timer/semi-retired than full time at high wages. I guess my point is it's not pure gravy and run the numbers first
We see your posts. You stopped working already.
My father was there for almost 5 full years. His assets would have lasted at least another 5 years . It Started at 30 k per year based upon a very roomy single room with kitchen and views. It is the medical where it goes up. For the last 2 years and 160 k year 2-3 totaled around 60 k each…it is a money grab… Best is with medications ( then) if your parent / parents were taking meds and had to leave the facility for the hospital more than 48 hours the State of NJ required those needs be tossed and you had to pay for all new scripts. One time my father had just gotten 4 new meds but came back( hospital) after 72 hours and he had to pay for all new ones. Don’t know stupid until you deal with NJ medical rules at least back 10 years.
I think you have to consider whether you like working or not. I just retired last month at 73. Been a prof for the past 48 years and loved doing it. Folks at the university asked me to stay on, which was nice, but I want to travel more and write more without having to worry about faculty meetings and grading papers anymore!
Took SS starting at 70. Glad I did as I didn't need that money while I was working. Right now I'm trying to figure out where to put my 401k money. Funny I noticed this thread as I have a scheduled call to my advisor in 20 minutes.
Took SS starting at 70. Glad I did as I didn't need that money while I was working. Right now I'm trying to figure out where to put my 401k money. Funny I noticed this thread as I have a scheduled call to my advisor in 20 minutes.
I guess inflation has to be factored in - my $15K/month number was from about 6 years ago. It sucks to have to talk about this stuff (and plan for your own demise), but it's better than being completely lost when the time comes as a caregiver.
That’s a great idea. As we’re all going to get there at some point. 👍
Should be a pinned one too.
I gave my daughter a pillow with handles to take care of me.
When to take SS depends entirely on your specific assumptions. There is no single right or wrong answer for everyone. For me, I took it at at full retirement age and chose not to defer until max pay out. In any case, for me, I wouldn’t delay to 70 and would tend to taking it earlier and invest the proceeds. I have taken it for a few years and it reduced my need to draw down from my portfolio. Factors to consider are age, age of spouse, health, size of portfolio, legacy plans, taxes, expected change in tax law, etc.
Edited to add that if you are planning tIRA to Roth conversions, social security can impact your “space” available in a given tax bracket, as well as possibly have implications related to IRMA and NIIT.
Edited to add that if you are planning tIRA to Roth conversions, social security can impact your “space” available in a given tax bracket, as well as possibly have implications related to IRMA and NIIT.
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My dad passed away at 97 but was active and still mowing the lawn at 90. He never had any dementia and he only needed assistance at 95.5 years. My mom, myself and my sisters took care of him at home. I use to get him out of bed, put him Into the wheelchair to watch TV in the living room, take him to the toilet and even wipe him if needed. I took him to dialysis three times a week which was difficult because he had to go down a flight of stairs at home. He was in and out of nursing home for rehabilitation so I’m aware of them. He never wanted to go to a nursing home. I remember getting a health aide to help but he thought it was a waste of money since she would only work for maybe 1 hour for a day pay. My mom is now 93 and still able to walk and somewhat active. Her memory is a little fuzzy but adequate. She doesn’t want to go to a nursing home especially after visiting my dad when he was there.
I don’t know but I don’t think most elderly want to go to the nursing home. I helped the most with my dad but I expect my two sisters to take up the burden with my mom when it necessary. I did get closer to my dad at the end when I was taking care of him at home. However, every situation is different and if it’s longer than a 1-2 years of extensive care, my mom might have to go to a nursing home. It all depends on the stage of your life. If we were busy in the 40’s or 50’s or if we weren’t healthy enough, I’m sure there would have been discussions to put them in a nursing home. We were in our late 60’s retired for 15 years already and had the time to take care of them.
It’s interesting because none of my siblings think they will ever go to a nursing home and expect to pass at home. However, they won’t have the support that my parent have. The second and third generation always got everything they wanted in their childhood and wouldn’t want the hardship of taking care of their parents. What also amazing me is that there are so many functions that a robot can do to assist the elderly at home but no one has developed them even when it doesn’t seem that difficult.
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There are three things to think about: (a) how long do you think you will live -- do you think you have a good chance of outliving the mortality table (you probably do because you obviously have a good socioeconomic status -- the better your status the longer you will probably live) (b) how badly do you need money now rather than wait an additional year and get 8% more per month; (c) how long do you want to work? (It makes little sense to take social security if you are still working because your benefits will be less if you are working.) I opted for age 70 because I had already retired; I didn't need the money; and I have no reason to think I won't outlive the life expectancy table. I would rather gamble on living a long time than on dying prematurely. But just as your accountant and financial advisor say, it's a personal choice -- and as you say, one year isn't a huge difference. You've clearly thought about this a lot; make the choice that makes you happy.
I thought you were gonna say it was 9 years ago and still waiting for call back lol
So just to follow up on the withholding issue - I called SS again starting a few minutes before they begin answering the phones (8:00) and when they finally answered it was only a 20-minute wait (better than 1.5 hours). Spoke to a rep who said the only way to have withholding taken out of your benefit is to fill out form W-4V. I told her I had the form but wanted to know if I should complete it now or wait until April when I'm going to start collecting. She said send it in now and make sure to designate when you want them to start taking out withholding. I told her that I was currently looking at the form and I don't see any box for designating when to start withholding. She pulled up the form and said just write the date in the box where you pick your % withholding (4 choices 7, 10, 12, 22). I said that doesn't seem very intuitive and she said she did not design the form.
The other annoying thing is you either have to mail in or fax the form. You can do everything else for SS on-line way not this? Old man rant over.
The other annoying thing is you either have to mail in or fax the form. You can do everything else for SS on-line way not this? Old man rant over.
Yes, it's not the greatest form in the world. Having such a limited range of choices for withholding percentage is also far from helpful.
If it makes you feel better (it won't), this isn't the only thing with SSA you can't do on line. Because I was still working at 65 at a job with health insurance, I deferred taking medicare Part B. When I did stop working, I had to write them a letter telling them I now wanted Part B rather than being able to do it on-line. In addition, someone who wants survivorship benefits (for instance, a widow who wants benefits based on her late husband's earnings record rather than her own) can't do that on-line either, but rather must call SSA and make an appointment that will be weeks away.
It's good that you knew how to get through in a reasonable period of time -- as you say, the wait can last hours and there is no guarantee that the system will offer you the option of a callback.
P.S. Probably everybody knows this already, but New Jersey does not tax social security income and so there is no need for a New Jersey resident to worry about having tax withheld for New Jersey. Delaware, New York and Pennsylvania also do not tax social security income.
NJ doesn’t tax SS income just yet… lots of anticipated tax increases being discussed and considered by Mr.Ed.
SS benefits should NEVER be taxed by anyone. It's already a program via taxes.
Never say Never in this state. All of a sudden this is completely off limits? Yes, it ‘s a system based upon contributing over years of being employed but there are those who actually don’t see it that way. And if this were the case ( a safe benefit) why are people so worried? Just print some more money.
The argument goes that the employees' after-tax annual Soc. Sec. contributions should not be taxed , but the subsequent appreciation should. Let's see them do it. The result would likely be similar to what happened when Florio jacked up income tax rates back around '90 on anyone with income over 35k. A Florio aide said it was no big deal as it "only affected the wealthy". The result was a Republican landslide in the next state election. I wanted him to come to Bergen County and show us all how to live like "Lifestyles of the Rich and Famous" on 35k.
They would rescind the $100,000 retirement exclusion before they ever think about taxing social security.
And I do not see them doing that.
Rescind entirely? I agree, no way. Reduce the exclusion? I wouldn't put it past them.
Not sure it brings in enough revenue to be worth the trouble.
I had some experience with the State budget in the past and I have seen how they arrive at the revenue they “want” so the budget is balanced in July. They then hope revenue comes in from income tax (Wall Street) bonuses and investment income, sales tax via increased sales and corporate tax.
I have seen them overestimate revenue from partnership taxes, on- line gambling and some other revenue I am forgetting now. All estimates in July to show a balanced budget with none of them coming near the budget amount by June. They were saved by either income, sales or corporate taxes being greater than anticipated
Prove it for us… can you guarantee it won’t occur to the younger ones say the 40-50 year old ? No. You can’t …. He already is looking to tax a number of items . Unfortunately NJ once again has the inability to pay it’s bills. Mr.Ed declared how great the state’s economy was and after rewarding taxpayers now says… ooops sorry you ‘ll have to pay more again. Similar to the rising electric, internet, auto insurance , home heating etc.
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You take this stuff more personal than you should. He is not running again but the legislators who would need to vote on it are, and I doubt they would deliver the votes.
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