60+ year old thread.

Who are we spying on?

 

was just seeing who was around...

 

How's your weekend going so far?

 

going too fast.... debating taking a nap

How's yours?

 

Nap is never a bad idea.

Raining again, snow forecast for this coming Tuesday night. Feels like a lazy day ... First of my 3 day break. Short nap this morning, made french toast sticks outta what was left of a loaf of glazed cinnamon bread. Just finished washing dishes and cleaning up kitchen. Found a John Wayne movie on TV; me and the pups waiting for Kristi to get home from work. In short, not too bad so far.

 

french toast sounds yummy. enjoy the movie

 

It was ... Enjoy the rest of your afternoon and evening Susan.

 

Hear that cheech? I'm boggling a bit myself to be honest. We're still looking at green leaves on the trees.

Hmmm. Gotta work on your syrup choice. Maine or Vermont, nothing like them.

 

Evening all.
Funny thing happened on the way home from the store. Just got a job offer for when I retire. Roflmao.
Actually kinda interesting.
So in about 3 years....... I might go talk......

Last time in the boat tomorrow. Then it's storage time.
Took down the gazebo today. Started all the snow blowers. So I'll be doing the winter shuffle soon.
Maint on all the vehicles for winter. FF oil and filter etc.
Maint the blowers. Yeup going to be a busy October.

 

what kinda job?

 

Dam ,I miss that "Winter -to do list" My October list ; pressure wash the house and assorted after the "Rainy season",green colors do not mix well with our greys and my driveway does not have Black tint lines.....

The rest of my winter will be collecting and encouraging lures into bringing fish onto the grille...

Mike, you retired ; maybe slow down BUT I am afraid "Yankee blood" does not thin enough to a retirement crawl

Ask my 7 techs, this Irish Bastard is far from retirement !!!!

 

SSDD. BUT MY TERMS. MY SPEED...A few hours a couple days. Long way off but Something to think about

 

The list on paper is not that much longer. But for some reason it seems a lot longer to do

Yea I agree on the "Yankee Blood". The oldest just turned 65 (I'm next in age) and he was thinking on waiting till 70. I told him he was nuts. Enjoy life on your terms before you can't enjoy it. He says he doesn't know what he would do once retired. I listed a whole bunch of shit. Lol.
I'm still deciding if I will pay off my house with a stagnant Ira next year and take the hit and then put the money in places I can get to it. Still debating.

 

Mike, what hit are you talking about? Early withdrawal penalty? Here are the rules:

What are the regulations governing IRA Withdrawals?

To discourage people from withdrawing funds, the federal government imposes a penalty for early distributions. There is a 10% penalty for withdrawing all or any part of the account before age 59 1/2, with the following exceptions:

• in the event of death or total disability
  
  
• you may withdraw nondeductible contributions (earnings on these contributions will be taxable)
  
  
• as a qualified first-time homebuyer you may withdraw up to $10,000 during your lifetime.
  
  
• if you use the withdrawal to pay for medical expenses in excess of 7.5% of your adjusted gross income or to purchase health insurance after receiving unemployment compensation for more than 12 weeks
  
  
• if the funds are paid out in a series of payments made over your life expectancy (or the joint life expectancy of you and your beneficiary)
  
  
• Once you reach age 59 1/2, you can begin taking money out of your account without penalty, as long as the IRA has been open at least 5 years. If you opened the account at age 55, you will have to wait until age 60 to take distributions. However, many people prefer to leave their funds untouched until they actually need them. This allows their money to continue growing through tax-deferred interest compounding.

 

I'm looking at the last section. Closing an Ira will be taxed as income. It is not pretaxed like a Roth. I won't get a extra penalty for early withdrawal. But a extra big income tax for that year.... This is what I was told. So a different tax bracket yada yada yada.... So I need to see if I can swing the tax and all that stuff too.... Lots of thing I need to check out before I pull the trigger on this.

 

Morning all:
Yes goes on as income, and that's when the tax deferred part kicks in and the tax comes due.
If you read my post about when I "ROLLED OVER" a traditional IRA to a Roth IRA, I had to put it down as income and pay the tax, and then the remaining amount was put into the Roth IRA. Luckily I could spread it over two yrs.
What I didn't know was that it put me into a higher premium for Medicare for one of the years.
Just a thought: maybe could take half out late in the year, and the other half out early the next year, that way it should show up on two tax years instead of one. ????

 

Why would it make me pay a higher premium when this is going to be done years before I can get Medicare? If I do it it's going to be a complete shot. I know they are going to bag me for unknown, unrelated, unnecessary something or other because that's what the gov. tries to do. Take everything you have worked and saved for all your life. This would be the first step in walking away from the grind.
Maybe it won't happen. But I'm sure starting to sharpen my stone tablet tool to pound out my plan

 

Oh yea. My last bass out of my boat for the year today.

 

Ok, so it won't affect your medicare for the year, but if you spread your disbursements over 2 years instead of one, you won't pay as much tax. Take half out Nov/Dec and the rest in Jan/Feb. Less for uncle sam to bag you for....

 

Ahhhhhh now I understand. I'll have to check on the difference between one year and two.
Then I better check if I get a penalty by paying the mortgage off early