PessOptimist's Account Talk

[nnuut]

Yep they cut my SS 60% when I retired. WEP, WEP =, RIPOFF!

 

[wavecoder]

Yep they cut my SS 60% when I retired. WEP, WEP =, RIPOFF!

When it's my turn to collect, the government will be saying "Social Security? What's that??"

 

[Scout333]

So it's your SS that takes the hit? I always thought that it was your CSRS that took the hit if you qualified for SS no matter when you took it. Not that it matters to me, I'm FERS, but I had a Car Pool buddy on CSRS who claimed he had to take SS at 62 because they were going to dock his CSRS whether he took SS at 62 or not.

Your buddy was probably CSRS Offset. I had the same issue.

 

[PessOptimist]

Back to posting now. Having dealt with many vbulletin message boards over the years, I usually write my reply off line and copy/paste to submit. So I will try to submit Saturdays posts.

PO

 

[PessOptimist]

Very reasonable approach. Also, there used to be a quirky rule which allows the partner who has reached their full retirement age to suspend their Soc. Sec. to age 70 but still draw 50% of their spouse's Soc. Sec. until they reach 70. Not sure if this is still allowed heard a rumor that this rule has been changed? Might be worth checking into.

PO, unfortunately law was changed effective 4-30-2016.
https://www.ssa.gov/planners/retire/claiming.html

Thanks for the input Scout. My SO had heard about that rule but misinterpreted it. She has a friend who is an “expert” on getting government payments. They are still both convinced that when she turn 62 she can get ½ of my “full” amount, regardless of whether I am receiving benefits or not, and when she turns 70 get her benefit on top of that. It’s OK, everyone needs a financial advisor.

PO

 

[Scout333]

Thanks for the input Scout. My SO had heard about that rule but misinterpreted it. She has a friend who is an “expert” on getting government payments. They are still both convinced that when she turn 62 she can get ½ of my “full” amount, regardless of whether I am receiving benefits or not, and when she turns 70 get her benefit on top of that. It’s OK, everyone needs a financial advisor.

PO

Reminds me of an old quote " A man or woman convinced against their will are of the same opinion still" Good luck convincing SO of the error of her ways! LOL:smile:

 

[PessOptimist]

I've got to start brushing up on SS. I'll be 67 and the wife will be 66 this year and I've been thinking about when we should tap into SS. Part of the problem is I'm CSRS and earned all my SS points outside the government but will get hit with the penalty. Hoping to hold off until 70 1/2 to start using my TSP.

At the very least you and the wife should go to https://secure.ssa.gov/ and establish accounts if you have not already. You can get estimates of the amount you will receive at different ages. Assuming you and wife have 40 credits. It’s all explained on the web site.

PO

 

[PessOptimist]

Reminds me of an old quote " A man or woman convinced against their will are of the same opinion still" Good luck convincing SO of the error of her ways! LOL:smile:

Against their will? Not sure that applies here. When the time comes I will make her log in or call to apply for herself so she can get what she gets. I established an account at her request a few years ago and have given her the user name and password but she claims not as it is not on her immediate horizon.

PO

 

[nasa1974]

At the very least you and the wife should go to https://secure.ssa.gov/ and establish accounts if you have not already. You can get estimates of the amount you will receive at different ages. Assuming you and wife have 40 credits. It’s all explained on the web site.

PO

Thanks PO,

We have online accounts with both SS and Medicare. We both have been to a seminar or two on SS but the information doesn't stick for very long if you don't plan to use it right away.

 

[Mcqlives]

Careful...I think that age 62 rule is if your spouse(or ex spouse) is dead...then you can collect theirs.

 

[PessOptimist]

PO, Congrats. The first month feels like a vacation. Then reality sets in. :laugh:

I was doing OK on reality setting in until I got an email about a weather related problem with my former system. I couldn't stop thinking about actions needed and that I should go in to work. LOL!

 

[nnuut]

You will get over that PO. For a while after I retired folks would call me at home when they didn't know what to do, but after about 2 months it stopped. Oh HELL they don't need me anymore! They were trained well and knew their stuff! FORGET ABOUT IT!

 

[PessOptimist]

Forget about what? Oh, that. Yes they are well trained but short one person. I am sure they took care of business. Now back to being retired.

PO

 

[PessOptimist]

...The rest of this may belong in the retirement story but maybe not as it has to do with TSP account. I have had more time to think about retirement income this month (uh oh) and wondering if it would not be better in the long run to not apply for social security until I am 70 and draw funds out of the TSP until then.

I am 66[SUP]3/4[/SUP] and SO is 62. I am beyond my “full SS retirement age”. Instead of drawing SS in June at 67 for me and 62[SUP]1/3[/SUP] for SO, we wait until I am 70 and she is 66[SUP]1/3[/SUP]. The difference is about $12k per year. I start a full withdrawal with monthly payments from the TSP to live well on and at the point we apply for SS benefits I change that monthly withdrawal amount to the minimum which I believe is $200 per month.

The thoughts behind this are that in 4 years I have to take MRD from TSP anyway. We are not particularly concerned with leaving the TSP to our successors. In 3 years, we can adjust the monthly amount from TSP to the minimum. There will still be a healthy (to me) amount in TSP. Longer term this will give us more income.

Comments, especially from those in a similar situation, are appreciated.

PO

Since I posted this on Jan 17[SUP]th[/SUP] I have been rethinking things and Tsunami posted a link which is well worth reading.

Making Optimal Social Security Claiming Decisions by Daniel Amerman

I tend to forget how old I am and that time passes quickly and soon I may be too old to spend the money on La Buena vida. Plus that $12k per year I mentioned will be earned by the TSP amount in the G fund each year for later. Unless the rate drops to 2012 or 2016 levels.

Tsunami’s advice “simply to take it quarter-by-quarter, month-by-month, and apply when you reach the point that you need the money” is good advice except that I will substitute want the money for need the money. At any rate I estimate that to be June or July.

Got some number crunching to do but leaning toward collecting SS and leaving the TSP alone until MRD time.
PO

 

[PessOptimist]

I moved to 100% G fund on Friday. Thought it might be time. When I looked at the S&P500 around 1000 I thought I should have left my humble 17% in C. When I looked again about 1500 I felt better. Still lost over $100 by moving. I’ll see what the rest of the month brings.

PO

 

[PessOptimist]

Watching the charts, I was feeling remorse about having gone 100% G on 2/15/19. I had to figure out what I lost. Just over $5k based on the 17% I had in the C fund. So, I feel better now. I am retired and have to preserve the funds.

SO will be back from her Hawaiian, Australasian, Melanesian trip on Tuesday and I get to drive to CA to retrieve her. Not really looking forward to the drive but it will be nice to have her back. My life has been so without direction lately.

I received in the mail a survey from US Census called the American Community Survey. The mail states my household not I was randomly selected for this survey. Then it starts out asking for names and DOB of all residents of said household and is mostly made up of questions about income. Department of Commerce Census Bureau checking up for IRS? It does ask if I have running water and a toilet. The mailing also states I am REQUIRED by US law to respond to this survey. Ever curious when threatened by .gov with persecution I followed the links.

13 U.S.C.
United States Code, 2011 Edition
Title 13 - CENSUS
CHAPTER 7 - OFFENSES AND PENALTIES
SUBCHAPTER II - OTHER PERSONS
Sec. 221 - Refusal or neglect to answer questions; false answers
(a)Whoever, being over eighteen years of age, refuses or willfully neglects, when requested by the Secretary, or by any other authorized officer or employee of the Department of Commerce or bureau or agency thereof acting under the instructions of the Secretary or authorized officer, to answer, to the best of his knowledge, any of the questions on any schedule submitted to him in connection with any census or survey provided for by subchapters I, II, IV, and V of chapter 5 of this title, applying to himself or to the family to which he belongs or is related, or to the farm or farms of which he or his family is the occupant, shall be fined not more than $100.
(b) Whoever, when answering questions described in subsection (a) of this section, and under the conditions or circumstances described in such subsection, willfully gives any answer that is false, shall be fined not more than $500.
(c) Notwithstanding any other provision of this title, no person shall be compelled to disclose information relative to his religious beliefs or to membership in a religious body.

I obediently answered all questions to the best of knowledge. I did not willfully give any false answers. The answers did require a lot of research, mostly in the 2018 tax return. Department of Commerce checking up for IRS? Probably. I hope I did OK and no one from either Dept of Commerce or IRS breaks down my door at 2AM some morning.

PO

 

[Boghie]

I'm not certain I would answer all that...

On the last census I state 'Other' and provided 'Unknown' for race. I actually got a call from a census slug. Went like this:

Me: Hello, <Me> speaking

Them: Are you <Me>, I am <Them> from the census?

Me: Yup

Them: Are you Latino

Me: Nope

Them: Thank you <Hang Up>​

Not very professional. Didn't get good info from me. And, I still didn't tell them my toilet count and income. Send me to the slam!!! Money is my Religion!!!

By the way, while unlikely - especially in a snail mail request - this is one way for folks to get personal information on you. You really don't want to have another home loan.

 

[nasa1974]

Happy Birthday.

 

[nnuut]

Two Birthdays today NASA1974 and PessOptimist!!!!!!!!

 

[nnuut]

Hey! Guess what! A year older than my Dad!
John Wayne was born on May 26, 1907.

https://dailycaller.com/2019/05/25/john-wayne-birthday-instagram/