What are your next major purchases?

[Scuzz]

I have been to seminars where they tell you to delay taking SS as long as you can but everyone I know has taken the money earlier because as you say the years it requires to make that a bad decision are many, not just a few.

You are much better off taking SS and delaying using your other retirement options until either you need them or the law requires you start drawing from them.

[Punisher]

I have been to seminars where they tell you to delay taking SS as long as you can but everyone I know has taken the money earlier because as you say the years it requires to make that a bad decision are many, not just a few.

You are much better off taking SS and delaying using your other retirement options until either you need them or the law requires you start drawing from them.

What if you don't have much savings to draw on but are still working? My wife Is 63 so she could retire in a few years I believe. Better to keep working until 70 or more with no SS or take SS as soon as you are able while also continuing to work?
Or can you even work while on SS? I'm on SSDI and know I have a limit of around 800 working before I take a hit. Not sure if SS is the same way or not.

[Kraken]

I have been to seminars where they tell you to delay taking SS as long as you can but everyone I know has taken the money earlier because as you say the years it requires to make that a bad decision are many, not just a few.

You are much better off taking SS and delaying using your other retirement options until either you need them or the law requires you start drawing from them.

What if you don't have much savings to draw on but are still working? My wife Is 63 so she could retire in a few years I believe. Better to keep working until 70 or more with no SS or take SS as soon as you are able while also continuing to work?
Or can you even work while on SS? I'm on SSDI and know I have a limit of around 800 working before I take a hit. Not sure if SS is the same way or not.

If she starts taking SS checks before her full retirement age (67), her benefit will be reduced by a percentage depending on how much money she makes from work. That money isn't permanently lost -- once she reaches 67 the government will pay her back what they took, very gradually. You can get the details on the SS website. If she hasn't set up a My Social Security account yet she should do that right away, because identity thieves love to get there before you do and can put you in a world of hurt if they do, and because it shows you exactly what your benefit will be at any particular time. Also, if she starts her bennies before 67 she'll get a smaller check. SS appreciates by 8% per year, so if she retired at 64 her check would be about 24% smaller than if she waits until 67 (3 years * 8%). If you can hold out until 70 your check will grow by 24% over age 67. Of course, every month that you wait is a check you didn't collect, so if your health is poor or you really need the money now you should grab what you can while you can.

[Kraken]

I have been to seminars where they tell you to delay taking SS as long as you can but everyone I know has taken the money earlier because as you say the years it requires to make that a bad decision are many, not just a few.

You are much better off taking SS and delaying using your other retirement options until either you need them or the law requires you start drawing from them.

Unless you're financially hard up It's a bad idea to start drawing as soon as you're eligible (62) rather than waiting until your full retirement age (67), but waiting beyond 67 is all gravy that you won't taste until you're about 80. If you are unlucky enough to live to 90 or beyond you'll make a LOT more money by waiting.

[Scuzz]

I have been to seminars where they tell you to delay taking SS as long as you can but everyone I know has taken the money earlier because as you say the years it requires to make that a bad decision are many, not just a few.

You are much better off taking SS and delaying using your other retirement options until either you need them or the law requires you start drawing from them.

What if you don't have much savings to draw on but are still working? My wife Is 63 so she could retire in a few years I believe. Better to keep working until 70 or more with no SS or take SS as soon as you are able while also continuing to work?
Or can you even work while on SS? I'm on SSDI and know I have a limit of around 800 working before I take a hit. Not sure if SS is the same way or not.

You can work while collecting SS, but there are limitations. But unless you are making pretty good money (I don’t remember the exact amount but it is not a large amount) you are probably fine. SS plus work is better than either alone.

[Scuzz]

I have been to seminars where they tell you to delay taking SS as long as you can but everyone I know has taken the money earlier because as you say the years it requires to make that a bad decision are many, not just a few.

You are much better off taking SS and delaying using your other retirement options until either you need them or the law requires you start drawing from them.

Unless you're financially hard up It's a bad idea to start drawing as soon as you're eligible (62) rather than waiting until your full retirement age (67), but waiting beyond 67 is all gravy that you won't taste until you're about 80. If you are unlucky enough to live to 90 or beyond you'll make a LOT more money by waiting.

I started collecting at 65 and it was less than $30 a month had I waited until I was 67+. Sure taking it at 62 is probably not a good idea but not everyone has that option.

[Scuzz]

So back on topic, we are getting a new front door. We still need to work out a way to get a screen door installed with it but right now it’s going to cost $3,100. Fiberglass door with all new frame and trim.

[Skinypupy]

I'm having a new A/C and furnace installed later today. Will cost me a little over $19,000, which will drop to around $14,000 (which is what I had budgeted for it) after utility company rebates and tax credits.

I knew we were going to be due for a replacement soon, as we've been doing "band aid over a band aid" repairs on the AC for the past couple years. Was hoping I could get one more year out of it, but it would have cost $2K just to get it up and running this year. Figured I may as well just bite the bullet and get it fixed for reals.

Still...oof.

[YellowKing]

My car simply just died this morning after dropping my kids off at the bus stop. Won't start, gear shift is loose like there is something wonky with the transmission. Got a tow truck on the way. It's a Corolla that is nearly 20 years old so it's not unexpected that it would start falling apart, but we were really trying to avoid a car payment for as long as possible.

[LawBeefaroni]

You are much better off taking SS and delaying using your other retirement options until either you need them or the law requires you start drawing from them.

I did several simulations and in almost every one, this was the case.

I'd have to live well over 90 and there would have to be several major recessions/depressions to make deferring social security worth it.

[em2nought]

My car simply just died this morning after dropping my kids off at the bus stop. Won't start, gear shift is loose like there is something wonky with the transmission. Got a tow truck on the way. It's a Corolla that is nearly 20 years old so it's not unexpected that it would start falling apart, but we were really trying to avoid a car payment for as long as possible.

It might just be inside the shifter itself. Mine in my 2008 Sienna had the little plastic c-clip bushing thing fall apart. I used my Dremel to cut an access port in the side(far too many pieces to remove on the dash to get at it the correct way) I then temporarily drilled a hole in an eraser and slid it over the pin until I could find a push on friction cap for the pin. ...or there is a correct part you can get to fix it.

This video shows what went bad on mine, but he did way too much disassembly for me, and needless drilling. https://www.youtube.com/watch?v=_7ETSKTp2ZA

[Kurth]

My car simply just died this morning after dropping my kids off at the bus stop. Won't start, gear shift is loose like there is something wonky with the transmission. Got a tow truck on the way. It's a Corolla that is nearly 20 years old so it's not unexpected that it would start falling apart, but we were really trying to avoid a car payment for as long as possible.

That sucks, YK, but 20 years is a good run, even for a Corolla.

I’ve been car shopping lately for something for my son to drive, and I can report that you can get a pretty nice, newer (~2021) Corolla with relatively low mileage for $18-19K. Test drove a few, and they are much nicer than the Corollas from 20 years ago.

[YellowKing]

em2nought may have hit the nail on the head. Tow truck guy believed that's what it was, which we confirmed when he managed to manually get it into park and it cranked right up. He said it's a common issue for Toyotas, as the little grommet wears out.

Don't have the bill yet, but should be a fairly inexpensive repair. Whew!

[Scuzz]

I had a Corolla that I bought used in the mid-70’s out of high school. I had no problem with it until on a trip to San Diego I started having problems with it starting. I knew it wasn’t the battery but hoped I could get home to Fresno before it had any real trouble.

After starting home it died on the freeway near Oceanside. I got a CHP to call me a tow truck and after finding out it would be the next day before I could get it looked at, the garage found a nice motel that gave me a military discount, even though I was not military.

Anyway, the next morning the garage fixed it for $6 worth of grease applied to the right place.

[Punisher]

You are much better off taking SS and delaying using your other retirement options until either you need them or the law requires you start drawing from them.

I did several simulations and in almost every one, this was the case.

I'd have to live well over 90 and there would have to be several major recessions/depressions to make deferring social security worth it.

So what is the current consensus here for when to officially start the process?

[Kraken]

You are much better off taking SS and delaying using your other retirement options until either you need them or the law requires you start drawing from them.

I did several simulations and in almost every one, this was the case.

I'd have to live well over 90 and there would have to be several major recessions/depressions to make deferring social security worth it.

So what is the current consensus here for when to officially start the process?

IDK if there is a consensus. It all depends on your circumstances -- your health (life expectancy), financial situation, and working status being the main considerations.

If you're in poor health and/or you're poor and/or you aren't working, I say start at age 62. Your monthly benefit will be small but you'll maximize the number of checks you collect. If you're working, though, your already-small benefit will be reduced depending on how much you earn. You'll gradually recover that penalty when you reach full retirement age but it's going to sting in the meantime.

If your health is good and you're financially comfortable and you like working, wait until your full retirement age (67). Your check will be approximately 40% larger than if you had started at 62 and you're no longer penalized for working. This was ideal for my situation.

If you're going to keep working past 67 and your health is good and you don't need the money, you can increase your benefit another 24% by waiting until age 70. However, you're leaving three years worth of benefit checks on the table, and it will take 11-12 years for the bigger checks to make up the difference. If you think you're going to live a long time you will start to come out ahead after age 81 or so, and if you live into your late 80s or beyond you will collect a lot more money in total.

I started collecting as soon as I hit full retirement age. We had planned on Wife waiting until 70, but our circumstances changed so that we need extra money now. It's better to get that from Social Security than to draw down our retirement accounts so she's starting at age 67.5.

Other complicating factors are how much money you have socked away in 401ks and IRAs, your tax liability, and your spouse's circumstances if you're married. The best strategy for a couple is for the lower-earning spouse to start at 67 (or before, see above) to maximize the number of checks they'll collect, and the higher-earning spouse to wait until 70 to maximize the size of their checks. If the high earner dies first, the low earner then replaces their own low benefit with their late spouse's high benefit. This strategy maximizes SS income for the couple as a whole.

Clear as mud? Ideally you should consult a financial advisor who's familiar with your circumstances and goals. Some advisors will take clients whose net worth is as little as $500,000, which is easy to reach if you own your house and have modest retirement accounts.

(edit) Having dependent children changes the math a lot, too. IDK the specifics of that because it doesn't apply to me.

[em2nought]

em2nought may have hit the nail on the head. Tow truck guy believed that's what it was, which we confirmed when he managed to manually get it into park and it cranked right up. He said it's a common issue for Toyotas, as the little grommet wears out.

Don't have the bill yet, but should be a fairly inexpensive repair. Whew!

The parts kit you need is probably something like this if not this exact kit.

https://www.amazon.com/AUTOHAUX-Bushing ... 42&sr=8-14

[stessier]

You are much better off taking SS and delaying using your other retirement options until either you need them or the law requires you start drawing from them.

I did several simulations and in almost every one, this was the case.

I'd have to live well over 90 and there would have to be several major recessions/depressions to make deferring social security worth it.

So what is the current consensus here for when to officially start the process?

IDK if there is a consensus. It all depends on your circumstances -- your health (life expectancy), financial situation, and working status being the main considerations.

If you're in poor health and/or you're poor and/or you aren't working, I say start at age 62. Your monthly benefit will be small but you'll maximize the number of checks you collect. If you're working, though, your already-small benefit will be reduced depending on how much you earn. You'll gradually recover that penalty when you reach full retirement age but it's going to sting in the meantime.

If your health is good and you're financially comfortable and you like working, wait until your full retirement age (67). Your check will be approximately 40% larger than if you had started at 62 and you're no longer penalized for working. This was ideal for my situation.

If you're going to keep working past 67 and your health is good and you don't need the money, you can increase your benefit another 24% by waiting until age 70. However, you're leaving three years worth of benefit checks on the table, and it will take 11-12 years for the bigger checks to make up the difference. If you think you're going to live a long time you will start to come out ahead after age 81 or so, and if you live into your late 80s or beyond you will collect a lot more money in total.

I started collecting as soon as I hit full retirement age. We had planned on Wife waiting until 70, but our circumstances changed so that we need extra money now. It's better to get that from Social Security than to draw down our retirement accounts so she's starting at age 67.5.

Other complicating factors are how much money you have socked away in 401ks and IRAs, your tax liability, and your spouse's circumstances if you're married. The best strategy for a couple is for the lower-earning spouse to start at 67 (or before, see above) to maximize the number of checks they'll collect, and the higher-earning spouse to wait until 70 to maximize the size of their checks. If the high earner dies first, the low earner then replaces their own low benefit with their late spouse's high benefit. This strategy maximizes SS income for the couple as a whole.

Clear as mud? Ideally you should consult a financial advisor who's familiar with your circumstances and goals. Some advisors will take clients whose net worth is as little as $500,000, which is easy to reach if you own your house and have modest retirement accounts.

(edit) Having dependent children changes the math a lot, too. IDK the specifics of that because it doesn't apply to me.

You don't mention the spousal benefit in this analysis. From my reading, when spouses apply, they are checked for either their own benefit or 50% that of their spouse and get whichever is greater. Their payout only depends on the age they claim it, not the other spouse's age. So in my situation, my benefit is much larger than my wife's who was a homemaker for much of her working years. When I claim mine at 62.5, it will be at the reduced value. If my wife waits until full retirement for her (67), then she will get 50% of my full benefit, not 50% of the benefit I claimed.

Or at least that is my understanding - I am not a financial planner, do your own research, yada yada yada.

[Kraken]

You are much better off taking SS and delaying using your other retirement options until either you need them or the law requires you start drawing from them.

I did several simulations and in almost every one, this was the case.

I'd have to live well over 90 and there would have to be several major recessions/depressions to make deferring social security worth it.

So what is the current consensus here for when to officially start the process?

IDK if there is a consensus. It all depends on your circumstances -- your health (life expectancy), financial situation, and working status being the main considerations.

If you're in poor health and/or you're poor and/or you aren't working, I say start at age 62. Your monthly benefit will be small but you'll maximize the number of checks you collect. If you're working, though, your already-small benefit will be reduced depending on how much you earn. You'll gradually recover that penalty when you reach full retirement age but it's going to sting in the meantime.

If your health is good and you're financially comfortable and you like working, wait until your full retirement age (67). Your check will be approximately 40% larger than if you had started at 62 and you're no longer penalized for working. This was ideal for my situation.

If you're going to keep working past 67 and your health is good and you don't need the money, you can increase your benefit another 24% by waiting until age 70. However, you're leaving three years worth of benefit checks on the table, and it will take 11-12 years for the bigger checks to make up the difference. If you think you're going to live a long time you will start to come out ahead after age 81 or so, and if you live into your late 80s or beyond you will collect a lot more money in total.

I started collecting as soon as I hit full retirement age. We had planned on Wife waiting until 70, but our circumstances changed so that we need extra money now. It's better to get that from Social Security than to draw down our retirement accounts so she's starting at age 67.5.

Other complicating factors are how much money you have socked away in 401ks and IRAs, your tax liability, and your spouse's circumstances if you're married. The best strategy for a couple is for the lower-earning spouse to start at 67 (or before, see above) to maximize the number of checks they'll collect, and the higher-earning spouse to wait until 70 to maximize the size of their checks. If the high earner dies first, the low earner then replaces their own low benefit with their late spouse's high benefit. This strategy maximizes SS income for the couple as a whole.

Clear as mud? Ideally you should consult a financial advisor who's familiar with your circumstances and goals. Some advisors will take clients whose net worth is as little as $500,000, which is easy to reach if you own your house and have modest retirement accounts.

(edit) Having dependent children changes the math a lot, too. IDK the specifics of that because it doesn't apply to me.

You don't mention the spousal benefit in this analysis. From my reading, when spouses apply, they are checked for either their own benefit or 50% that of their spouse and get whichever is greater. Their payout only depends on the age they claim it, not the other spouse's age. So in my situation, my benefit is much larger than my wife's who was a homemaker for much of her working years. When I claim mine at 62.5, it will be at the reduced value. If my wife waits until full retirement for her (67), then she will get 50% of my full benefit, not 50% of the benefit I claimed.

Or at least that is my understanding - I am not a financial planner, do your own research, yada yada yada.

I didn't know that, because your situation is the opposite of ours. The optimal strategy for a couple with income disparity (assuming both are in good health) is for the lower earner to file first, in order to collect as many checks as possible, and the higher earner to wait, in order to maximize her monthly benefit. Whichever partner outlives the other will draw the high earner's larger check for the rest of their life, which is why they both benefit if the higher earner waits. In your case, neither of you will ever get the higher earner's (your) full benefit...but your strategy might be optimal for your circumstances.

Like I said, everybody's circumstances are different and it's best to get professional advice if you can.

[Punisher]

I'm mostly asking because of my wife.
I'm currently on SSDI. As for as I know that is permanent for me. I started collecting at 51.
My wife is 63. She works but makes less than 30k I think.
Retirement savings is practically 0. I think she might have 3k in a 401. I have nothing.
We do own with a mortgage and currently have rental income.
We might actually sell and move to NC in 10 years or less. Maybe even 2-4. Only thinking about moving there because my son is planning on moving there.
Just trying to balance between surviving and letting my wife retire ASAP.
If we sell we should theoretically be able to pay off all bills and either buy a smaller 1 family house outright or at least close to it.

[Kraken]

I don't have any specific advice for you. If your wife creates a My Social Security account she can find out exactly what her benefit will be now, and as time goes on.

[mori]

I have been spending a lot of money on my car that I bought new in 2005, a Pontiac GTO. I always wanted a high performance car and even though stock it is high performance, I wanted more. So the last couple of years I have installed a high performance camshaft, intake, headers, and exhaust. It sounds like it belongs on a race track instead of the street. My neighbors are not happy with me . That is the end of the engine mods and it dynos just under 500hp at the wheels. I think it is a proper Scat Pack killer now since I am 1500 lbs. lighter than those behemoths.

Now is the time for suspension. I beefed up the brakes before I did the engine mods. So far I have spent $6500 on the mods. Probably a couple more thousand into shocks, springs, sway bars, and all new bushings. Probably will be the last ICE car that I own so I might as well have fun while it lasts.

[Carpet_pissr]

Completely unforeseen...a new downstairs HVAC unit (package) apparently. SONOFA.

I feel like I have bought way more than my share of HVAC units at the young age of 50 (or am I 51?! )

Thankfully my ex-Q-anon neighbor (he now denounces the whole thing I think - at least the flag is down) has a son that has worked in HVAC for a few years and came and took a look.

The bottom line is that I can pay $2500 for a new part and labor to fix a 9 year unit (they last around 10 years now), or I can buy a whole new unit for $4K, which to me sounds like a hell of a deal. I paid $6100 for the current unit 9 years ago! I guess I am getting the neighbor discount.

There are a lot of other wrinkles to this story but not interesting enough to post (I suspect I was sold a grey market unit which means it's not covered by the normal 10 year warranty)

[dfs]

Inflatable Hot Tub. ......
Yup.
Get up in the morning and soak a bit before breakfast.
Get home from a tough day and relax a bit before dinner.
In the evening with a glass of wine before bed.

I'm sure the romance will end eventually, but It's been a pleasure.

The unit itself is less than the laptop I got my wife last week. Setup was a breeze.

[Smoove_B]

Has anyone ruined your fun yet by talking about Pseudomonas aeruginosa? Ok, I won't either.

[Isgrimnur]

P. aeruginosa is a multidrug resistant pathogen recognized for its ubiquity, its intrinsically advanced antibiotic resistance mechanisms, and its association with serious illnesses – hospital-acquired infections such as ventilator-associated pneumonia and various sepsis syndromes.

...yay...

[Blackhawk]

Exactly one minute later he posts about Pseudomonas aeruginosa in a different thread.

[Kraken]

I mailed off a five-figure check to Home Sweet Home Real Estate today.

The $600 home inspection paid off in an addendum to the purchase & sale agreement for plumbing, electrical, and masonry repairs worth a few thousand bucks. We'll just about recover the amount we offered over asking price.

Closing isn't until the end of July, but I'm sure there will be a few more big payouts before then and then a whole lot more after then.

[Isgrimnur]

Exactly one minute later he posts about Pseudomonas aeruginosa in a different thread.

If only there were a connection...

[Jeff V]

So this week we got an email from BPI (Bank of the Philippines) stating we've been approved for the mortgage on the condo, effective August. But 2 weeks ago we got a letter from the developer stating yadda yadda Covid our shit's not together and now December. So now we have to do battle with the developer to postpone the bank payment until December.

Yay.

It would be better for us to continue paying the monthly reservation fee ($500) as opposed to the mortgage ($900) for 5 months. That would give us an extra $2K to furnish the place once it does turnover.

[naednek]

Has anyone ruined your fun yet by talking about Pseudomonas aeruginosa? Ok, I won't either.

That's one of the bugs we worry about Ethan and his CF. He got it once when he was like 5. Tons of antibiotics to kill that sucker.

[Carpet_pissr]

Has anyone ruined your fun yet by talking about Pseudomonas aeruginosa? Ok, I won't either.

Even in what I assume to be highly chlorinated water?

In related news, the temps are such around here that we have seen warnings about the local river which tons of college kids swim in, regarding brain eating critters. BRAINZ!!!

[Smoove_B]

Even in what I assume to be highly chlorinated water?

Balancing chlorine in a hot tub is potentially a mad-scientist level of effort. You also need to use a specific type of chlorine, not the kind you'd be using in a pool. Bromine is better, though an outdoor inflatable would likely have better air circulation (mitigating one of the issues with chlorine).

All that said, whatever the inflatable manufacture recommends, that's what you do. And make sure you're monitoring those levels. Psudomonas thrives in warm water without adequate chemicals. Hot tub rash is hellified gross.

[dfs]

Even in what I assume to be highly chlorinated water?

Balancing chlorine in a hot tub is potentially a mad-scientist level of effort. You also need to use a specific type of chlorine, not the kind you'd be using in a pool. Bromine is better, though an outdoor inflatable would likely have better air circulation (mitigating one of the issues with chlorine).

All that said, whatever the inflatable manufacture recommends, that's what you do. And make sure you're monitoring those levels. Psudomonas thrives in warm water without adequate chemicals. Hot tub rash is hellified gross.

Test strips, Bromine floater and bromine tablets cost you less than $100 and are pretty simple to operate.

And yes, hot tub rash IS hellified gross and if you've ever seen it you wouldn't dream of operating a tub w/out it.

[Daehawk]

This was my splurge this month. $39. The record player...I already had the records. The 45s I found on my stereo when I dug it out. They've been sitting in it since the 80s. That 45 is John Cougar - Jack & Diana lol. The other I have is Mickey by Toni Basil. The albums are Cars -Candy-O and Abba Greatest Hits. I picked up at Goodwill for a buck each months ago.

[Kraken]

I just paid some company in GA $580 to appraise the house we're buying. It's the last hurdle that could derail our mortgage, and I wonder if they'll even visit the site. For that much money they ought to. The property we're buying is priced high for its neighborhood, which is mostly older and smaller cottage-type homes. Our agent couldn't find enough comparable homes to get a good sense of how the appraisal will go.

When we got our new HELOC last month, the bank paid for the appraisal on our old house.

After the appraisal our credit union will finally compute our total closing costs (including attorney), which should suck down 2/3 of our remaining cash. That will probably be my next major purchase.

[Jeff V]

I just paid some company in GA $580

We first attempted to refinance our mortgage. The mortgage company sent out some dude who did a whole walk through of the house. Banks then went into Covid-panic mode, and the savings would have been trivial and the application withdrawn. The mortgage broker did all of the leg work, it just didn't work out. We were charged nothing. A year later, the property value skyrocketed, the biggest issue from the prior year (mortgage insurance) was no longer a factor since we had way more than 20% equity. They did a no-appraisal loan allowing us $100K over our purchase price for current valuation (houses in our 'hood were selling for more, but we weren't taking any equity, just refinancing to rid ourselves of the MI and drop our rate to 3.25%)

A friend of mine is an appraiser. When I was out of work once, he paid me to visit houses he was appraising, I only needed to take pictures of the front, sides, and, if possible without actually going on the property - such as via alley, the rear. Also street views both directions. A lot of that can be Googled now. He was able to generate the appraisal using just those photos.

The cost seems about right.

[coopasonic]

Estate planning... well, I guess it was less than I expected so yay? It still took a chunk out of "the estate."

[Carpet_pissr]

Estate planning... well, I guess it was less than I expected so yay? It still took a chunk out of "the estate."

I am so clueless about that stuff, and I am my mother's executor apparently. REALLY need to read up on that whole process somewhere.

[Carpet_pissr]

Not really major I guess, but a new pool cleaner robot is on the horizon.

I've dealt with my old school Polaris cleaner that requires a booster pump for too long (it came with the house/pool that we moved into in 2013). Especially now that they have cordless jobbies similar to Roomba's for your pool.

I'm thinking the savings of not have to run (and replace) that booster pump will pay for a new unit ($500-700) in a few years.

Anyone have a recommended model?