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Author: ChurchyLaFemme Big gold star, 5000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 63079  
Subject: Claiming SS Without Guilt Date: 3/16/2007 1:06 AM
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God there's a lot of bandwidth wasted on this board with political arguments that generate lots of heat and no light.

I'm 17 months away from my 62nd birthday and the ability to get early SS. There was a time when I was going to forego SS, but not any more.

I have 2 kids paying into SS (1 at the max and the 3rd close to 80% of the max - the third's a teacher and doesn't contribute). Near as I can figure and including employer contributions, my SS will be adequately covered by the contributions of the 2 kids that are paying into the system. Neither of the 2 in the private sector are even close to their maximum earning years. My wife won't be getting SS as she's a retired teacher and has a teacher's pension, so I'll be the only one getting benefits

As I said earlier, I initially planned to forego SS. I changed my mind a couple of years ago when I ran into a DINK (double income, no kids) over on the old REHP board. Don't get me wrong, I have nothing against DINK's per se, but this one was constantly complaining about his taxes and how they were just soooooo unfair. You know the type. They have a more than adequate income even after taxes, but for this particular type the Marin County mantra ("too much is never enough") is gospel. It just so happens that this particular joker, despite not needing SS benefits was going to claim SS when the time came. That's when yours truly finally saw the light. If I did without SS, then this joker was going to be sponging off my my kids. Nobody sponges off my kids but me. ;^)

Actually, it's not sponging. The kids' SS contributions will remain in the family. Furthermore, the addition of SS to our income stream will mean that IRA withdrawals will be significantly diminished. Essentially, SS bennies will drop my IRA withdrawal percentage by about 1.25 %/year. When the wife and I shuffle off this mortal coil, there'll be a nice nest egg left over, especially when you toss in non-IRA assets, not to mention the funds we're setting aside for the grandkids' educations.

SS bennies may be cut or means testing may be put in place, it doesn't matter to me all that much since I'm allowing for that happenstance in my financial planning going forward. However, I do love the fact that the DINK mentioned above won't be getting dime one from my kids.

BTW, SP, you going to claim SS when your time comes?

Churchy

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