Real cost of full timing
I am nearing retirement and would like to RV full time, traveling the country stopping no longer than 30 days in any one area. I'm not frugal but I'm not extravagant either. I don't want to spend my r...
Forum Discussion
tjfogelberg wrote:
A retired couple can both draw SS and approximately 20K of other income and pay no (or little) income tax. For the average couple, that translates into about $48,000 of net annual income with no income tax. To the extent you need more than that to fund your retirement, taxes kick in albeit at low rates initially. At some point SS becomes partially taxable.
Uh, we do just about that and pay income tax on both the pension income and also a portion of the SS. I think it is closer to $32K where there is no income tax for two people.
It is advisable to wait until 65+ to draw Social Security if at all possible. (Your benefit amount will be severely cut at 62).
Depends upon how long you think you will live and how much you want to get out and enjoy life while you are physically able to. Much rather do it now while we can than wait until we can't. And you can't transfer your SS to your children like you can an IRA, so keeping the IRA intact longer might be batter all the way around.
