Letter from Social Security. Whaaat?
6 years ago
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- 6 years ago
- 6 years ago
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Social Security at 62 - where to deposit funds?
Comments (20)Hi Yoda who uses a ruler, Not being familiar with your system, I can't give any suggestions as to what reasons there may be to have separate bank account for taxable and non-taxable assets. In Canada we have accounts looking toward retirement where deposits are tax-deductible and the income over the years is, as well ... but every dollar coming out is taxable, and, after about age 70, there are minimum amounts required to be withdrawn annually. They must be in different accounts, of course. When I borrow for regular living expenses, consumer loans, which I plan almost never to do, I have one line of credit that I use for that. I was a personal financial consultant for years and recommended to folks that they have 3 - 6 months' worth of income as a financial cushion, available when needed, and in recent volatile times in the economy am more inclined to suggest 9 months' equivalent to a year's worth of income available in case of need, emergency, layoff, or whatever. I didn't always have such myself, which I told a number of clients, having used much of that fund for investments ... but had a credit card which I rarely used, which could be used in case of emergency, or whatever (I was self-employed, so could usually see an equivalent to a "layoff" coming before it happened). I had a line of credit, fully secured by stocks/mutual funds, some of them that I'd purchased with the "emergency fund", at the bank or, preferably, credit union, which I could draw on in an emergency. I would make a loan using that consumer line of credit to pay off the amount owing on the credit card for the emergency, just after the first billing, to avoid paying their high interest rate (about 4 times the rate on the line of credit, or 6 times if it were a store-issued card: I don't have any of them!). Then I'd make extra savings strenuously for a time to pay off the loan on the line of credit. I don't like using someone else's money to live on now ... and having to pay it back, later ... with (non-deductible) interest. Sometimes, after a bad time in the stock market, when things began to improve, I might make a loan to make further investments, and, as the interest paid on most investment loans is deductible, I'd set up a separate line of credit for that use, using the investments that I'd purchased using the "emergency fund" (along with some others, as the financial institution will only loan about half of the value of the security held), so that the interest rate on the loan would be lower. That's a place where I keep my deductible and non-deductible financial issues separate. Good wishes as you plan your retirement .. and implement the plan: I hope that you have no/few unpleasant surprises. Which you can usually reduce by careful planning, preferably ahead of time. ole joyful...See Moresocial security COL
Comments (2)If you're unsure about this, visit your local Social Security office and sit down with a representative. If you are worried about a crowd, you can phone for an appointment at 1 800 772 1213. People with appointments are seen before walk-ins....See MoreSocial security scam?
Comments (15)I did all my application for SS this last time via phone. They set up a phone appt with me and THEY CALLED ME! I had called them in response to a letter I got, waited a really long time on hold- like 45 min or longer to talk to someone, who actually couldn't help me; her only job was to make a phone appointment for someone to call me back who could help me. I had to wait weeks to get a phone appt because they make so many phone calls! Social Security DOES make phone calls! I think what you mean is they don't initiate things the first time, via phone. You won't get a cold call from SS asking for something about your account. But they most definitely will conduct business with you via phone and they will call you! I was told I could also go for an in person appt at my local office, but if I remember correctly, she couldn't make me an appt there, only for a phone appt. If I wanted in-person, I had to stop by the office and make one myself. This all happened within the last 6 months. I think your woman just works in another division and not the phone appointment department and maybe is unaware that SS does make phone calls to you!...See MoreApplying for Social Security - 65 -What was your experience like?
Comments (27)Oakley, same thing happened to me. I was told I could walk in, so I did and signed in, Waited a long time until my name was called then the woman at the desk said I didn’t have an appointment so she couldn’t help me. I said but I’m sitting right here and it won’t take long. Nope, no appointment, no help. Then I made an appointment at a different office where the woman was very helpful although since I was applying for my ex’s benefit I needed a divorce certificate so I had to trot to the courthouse and get that. The woman at SS told me where to go and it went smoothly. What a rigamarole! Should be easier. By the way, I collected half of my ex’s benefit until I turned 70.5 and now my monthly payment is much more than if I had begun to collect mine at 65. Something to consider if you can....See More- 6 years ago
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