Retirement thoughts Past Present Future

[Fuddyduddy1952]

I have hard time understanding this. Please explain.

Read #1554

 

[Jstpssng]

Read #1554

I did, but still don't understand what you are saying. How much you receive is based on how much you paid in over your working history. It has nothing to do with spending/saving habits or how much you have in the bank. As a couple people have mentioned, some go through life "working under the table", not paying anything in. Those are the people who don't get much in the end.

I do know of one couple, both deceased now, who ran a hotel during their working years. She did the day to day operations while he worked a full time job. Everything went on his tax returns so she was unable to collect on her own account as she hadn't paid enough in.

 

[California]

For anyone who would refuse a raise (or the wife won't get a job) because 'it would put you in a higher tax bracket':

This real. An acquaintance's wife uses this argument. She watches a lot of Prosperity Gospel stuff.

They've filed bankruptcy twice.

 

[riptides]

For anyone who would refuse a raise (or the wife won't get a job) because 'it would put you in a higher tax bracket':

This real. An acquaintance's wife uses this argument. She watches a lot of Prosperity Gospel stuff.

They've filed bankruptcy twice.

Not surprised, People are clueless.

When someone is reaching into my pocket, I learn all I can about the why and what for.

 

[newbury]

I am my best friend. I can hang around with me all day without anything specific to do and neither of us get bored. 98% of the time I'm doing what I want to do.

Well I guess I'm just lucky. Besides my wife there are four of us here.
Me, Myself, I, and Idontknow.
Me and Myself are pretty handy and get along well together.
I keeps up but is frequently misplacing stuff.
And Idontknow is always blamed when the wife asks "Who did this?"

I'm sure that you've read the same things I have on security. When it asks for your mother's maiden name, give them your favorite color. When it asks for your first child's middle name, give them the model year of your first car. Just another step to keep somebody from hacking you.

The software is getting smarter.
For many years I could put down dontknow for answers to all questions, then the software of various sites started requiring different answers for different questions.

 

[WinterDeere]

I'm sure that you've read the same things I have on security. When it asks for your mother's maiden name, give them your favorite color. When it asks for your first child's middle name, give them the model year of your first car. Just another step to keep somebody from hacking you.

That's good advice. Whenever I'm asked those "security" questions, I'm always thinking, "but the answer is one Google search away!"

Easy for me. When they ask what make & color my first car was, I just walk down to my garage and look!

You still have your Model T?!?

 

[buckeyefarmer]

For anyone who would refuse a raise (or the wife won't get a job) because 'it would put you in a higher tax bracket':

This real. An acquaintance's wife uses this argument. She watches a lot of Prosperity Gospel stuff.

They've filed bankruptcy twice.

Yes, I just calculated what I need for paying taxes on retirement withdrawal.
Most people I’ve found to be absolutely clueless about our tax system. They think their withholding is their tax, they don’t understand why or how refunds work, or how to adjust W4 to balance the refund. Heck, most can’t figure out percentages.

No wonder they fall for the prosperity gospel scams.

 

[Willman]

I am my best friend. I can hang around with me all day without anything specific to do and neither of us get bored. 98% of the time I'm doing what I want to do.

When my wife asks how I got a specific hard job done, I reply it took three of us, Me, Myself and I.

 

[riptides]

When my wife asks how I got a specific hard job done, I reply it took three of us, Me, Myself and I.

Those guys rock, you can always count on them. Although sometimes they overthink things.

 

[Bearsixty7]

I've been following this thread for a while and read I think most of the posts but still unsure of a few things as I approach retirement in a few years, I plan to use 401K funds starting at 59-1/2 and then SS at 62.

Let's say SS.gov today shows at 62 I get $2000.00, how much of that will I actually get net?

As for the 401K, Let's say I will have $1.5M in it when I retire at 59-1/2. Do we withdraw from that weekly, monthly or annually?
I assume it will be taxed based on the chart above in post 1594?