When did you/do you plan to take SS?

[thevalueman]

hurry up...before I get it all!!

 

[Alphacpa]

I just have got done going through with my financial advisor and he was telling me 73. It looks like you may have not read it correctly lostchild. Look at the last sentence. If you reach 72 after 2022. This is 2023.
Required minimum distributions (RMDs) are the minimum amounts you must withdraw from your retirement accounts each year. You generally must start taking withdrawals from your traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach age 72 (73 if you reach age 72 after Dec. 31, 2022).

If you have over $1 million in taxable IRAs etc, then you should talk to your advisor about transferring at least half to a ROTH IRA over the next 3 years. Yes, you pay federal tax, maybe a bit of state and may be subject to the Medicare penalty, but you will never be subject to RMDs and through 2025 federal tax will never be lower. Income tax rates go way up in 2026. Gains in ROTH are not taxable as long as you follow simple rules. Most of my assets are now in my ROTH.

 

[Alphacpa]

Not planning on seeing a penny from SS, but for my relatives and friends near retirement age, I generally recommend delaying benefits until 70, assuming they have sufficient assets to make it to 70 without reducing their lifestyle.

Not only the numbers make sense, it's also a form of an insurance.

If you have significant investments let’s say over a million, I believe it is wiser to tap social security at 65 and use those dollars to live on while you let your assets grow. This is especially true after two years of large increases. You can also use SS to pay the tax on distributions from your fake balance traditional IRA to the real balance ROTH IRA. I.ve done this and believe me it has worked very, very well. Talk to a smart financial advisor.

 

[dcline9163]

If you have over $1 million in taxable IRAs etc, then you should talk to your advisor about transferring at least half to a ROTH IRA over the next 3 years. Yes, you pay federal tax, maybe a bit of state and may be subject to the Medicare penalty, but you will never be subject to RMDs and through 2025 federal tax will never be lower. Income tax rates go way up in 2026. Gains in ROTH are not taxable as long as you follow simple rules. Most of my assets are now in my ROTH.

I do have a Financial advisor and I rolled mine over into IRA's but just remember, anywhere you put 401'k's the gains may not be under certain guidelines but 401k monies are because no taxes were taken from these.

 

[Alphacpa]

I told my heirs that when I die the first thing they do is empty out the bank account where that SS money is deposited. Even before the death certificate is signed. (They have the access numbers and pws, etc.)

Probate will catch this.

 

[Alphacpa]

I do have a Financial advisor and I rolled mine over into IRA's but just remember, anywhere you put 401'k's the gains may not be under certain guidelines but 401k monies are because no taxes were taken from these.

Most financial advisors do not fully understand ROTH strategies and their clients and their families pay dearly. If traditional IRA is less than $1 million, future RMDs won’t hurt as much. If over a million, that is another story. Those folks will be taking large RMDs when they are too old to spend the money and paying a lot in taxes for no reason other than poor planning. ROTH is the single most powerful tool to protect investors long term.

 

[Alphacpa]

I resemble that remark and proud to make it to retirement.View attachment 6191925

Amen!

 

[Gaffer1968]

Probate will catch this.

Can't get blood out of a stone.....besides, waiting longer for them to steal money you're rightfully owed helps your heirs pay immediate bills, etc... SS doesn't give a damn if them taking money they rightfully OWE you causes untold immediate problems. They owe you the money because SS pays in arrears, one month behind. What gives them the right to steal from your deathbed? Nothing, but they do it because they know your bank account numbers and can draft it and not a damned thing you can do about. They do it because they can.

 

[thevalueman]

Probate will catch this.

only IF you have to go through probate....

 

[greg vess]

I took mine at the time I was supposed to...65+/- I don't' regret a thing....I say take it when it best suits you to take it...just remember ANY money you leave them with is money they stole from your family!!!

Yeah! This free country sure does cost a arm and a leg to live in. When I was in the sales business I would makes as much as 8 to 10 thousand a month. That's wasn't consistent but it was fairly regular if you worked for the right dealership. What really wrenched my nads is they would tax me that month as if I made that month in and month out. Some months you might just make 2 to 3 grand. So they didn't take you average they just taxed you for the bracket you fell in that month. Talking about crooked!