By: Dean Verner

Dean Verner — Sun, 06 Jun 2010 03:07:14 +0000

I am 63 years old , Have been retired since 11/01/10/. I am in the first wave of the Babby Boomer generation that has retired at age 62, I was going to work until 65, but ran the numbers and decided to go at 62. I do have two other defined benifit pensions combined equal about $ 1400.00 per month. My social security benifit is # 1454.oo per month. This total plus my wifes yearly income grosses us $ 46,6000 Not much considering the three years earned income prior to 2009 were $ $75,000 $ 67,000 66,000 . I was comfortable living in 2009 as I was subsidising out of my 401 K account all through 09. now that money is gone and my tax debt for past years has grown to over $ 75,000.00. I was under the impression that social security income was tax exempt,WRONG. THAT IS ONLY THE CASE IF SOCIAL SECURITY IS YOUR ONLY SOURCE OF INCOME. I WAS ALSO UNDER THE IMPRESSION THAT THE IRS COULD NOT LEVY SOCIAL SECURITY BENIFITS. I WAS ALSO UNDER THE IMPRESSION THAT THE STATE OF CALIF COULD NOT TAKE ANY OF YOUR SOCIAL SECURITY BENIFITS. THIS IS TRUE HO W EVER THE STATE WILL PLACCE A HOLD ON A CHECKING ACCOUNT THAT HAS SOCIAL SECURITY FUNDS IN IT. i AM IN THE PROCESS OF DEALING WITH THE STATE OF CAL TO GET MY SS BENIFITS BACK. I MUST GIVE THIS ADVISE TO YOUNGER BABY BOOMERS. DO NOT RETIRE BEFORE AGE 65 IF YOU OWE MONEY TO THE IRS AND STATE OF CA. UNLESS YOU WANT TO GO BACK TO WORK AT AGE 63 OR 64. OH AND GOOD LUCK TRYING TO GET A JOB IN CONSTRUCTION WHEN YOU ARE 63 YEARS OLD AND J OBS ARE FEW AND FAR BETWEEN. I AM THINKING OUTSIDE OF THE BOX. I HAVE ABOUT 60 COLLEGE UNITS UNDER MY BELT FROM 1967. I AM A LIC ELECTRICIAN. I CAN GO BACK TO SCHOOL AND OBTAIN MY ELECTRICAL ENGINEERING DEGREE IN ABOUT 3 YEARS. GO FOR THAT GRANT MONEY AND GOV LOANS ETC. WILL UPDATE LATER Dean M Verner ps never trust any body over 90

Comments on: To File or Not to File…On Time

By: Dean Verner