Social Security Benefits/Retirement Lesson

[mopowers]

Your current health insurance coverage needs to meet certain criteria. The term is “qualified high deductible health insurance plan”. I honestly don’t know exactly what that is. But that is what my employer offers.

If it’s available to you, it is better than a Roth. We max that out. $10,750 in 2026 for us. It’s for medical expenses, but we don’t use it now. We just pay our medical expenses out of pocket and let the HSA grow.

So it's something that is offered through an employer. I'll have to look into whether it's even an option for me or my wife.

 

[stroked340]

Soon as I turned 62 I started collect my S.S.

 

[BSB67]

So it's something that is offered through an employer. I'll have to look into whether it's even an option for me or my wife.

If your employer has a HDHP, they may, or may not offer a HSA to go with it. If they do not, you can get one on your own. There are a lot of financial institutions that offer them.

 

[One Bullet Barney]

Whole life insurance in any form is a horrible investment. Life insurance is a temporary need and only for income replacement. Term life for about 30 years an while your children are young is important

It depends on what you need it for and what age you start at.

• Guaranteed Cash Value: Grows tax-deferred and can be borrowed against.
• • Permanent Coverage: Lasts your entire life.
  • Predictable Premiums: Stays level if paid up, unlike term insurance.
    

When it might not be best:

• • High Cost: Premiums are significantly higher than term life.
    
  • Poor Early Returns: Cash value grows slowly at first (often negative for 10+ years).
    
  • Simpler Needs: If you just need coverage for a specific period (like raising kids), term insurance is usually cheaper and better.
    

Best time to buy:

• • Young & Healthy: Buying younger (e.g., by age 45) secures lower rates and allows more time for cash value to build.

 

[RBConvert]

Not exactly SSI-related, but what would you guys recommend for additional retirement savings/investment vehicle(s) for someone who already maxes out their deferred comp and Roth options?

A couple of things. If you own your house and have a mortgage, pay additional principal each month. Having a house free and clear is a cornerstone of being able to afford retirement.
Open an online high-yield savings account. Some examples are SoFi, Syncrony. This is for emergency cash; pundits say keep at least 6 months expenses in savings.
Open an after-tax brokerage account. I recommend investing in dividend producing equities or mutual funds and DRIP the dividends. Over the long run you'll earn more than parking your cash in a savings account.

 

[Demonx2]

I'm surprised nobody has mentioned closed-end end funds (CEFs). Been around a long time, better returns than a mutual fund, and many/most pay dividends monthly. 6-10% is not unusual. I started investing with them on my own many years ago. I essentially have my own "mutual fund" full of various CEFs. I think my worst pays 7% on my initial investment and my best is 11 or 12%. And of course I use the ones that pay monthly as this retiree likes the cash!!

If you're not familiar with them, go learn about them and why/how they are different from mutual funds. Here's an example fund - ticker IIM. Muni bond fund so all dividends are federal tax free. It's a monthly payer. Buy it today and it pays 7.5% federal tax free. Not bad, not bad....

There is a whole universe of CEFs out there in whatever field you like. Just another way to diversify your investments. And as others have said, get off the bench and into the game. Time is your friend!