When should you file for Social Security if you have a young child?

This is a q&a discussion that I thought brings up a very good point about a way to look at taking SS benefits early, as opposed to full retirement age.

One quote from the article that I think stands out is:

Realistically, money earned today is worth more than money earned in the future.

This discussion is about a woman wondering if her husband (64) should retire at 66 or 70, and how the math works out. She is 46 and they have an 8 year old. She was also wondering about the offsetting benefits for their daughter.

The ultimate advice was to take the benefits early. But the finer details were to basically sit down and do the math, and try your best to assume all the variables, like how much will your husband earn either way, if he were to live to say, 90. And how much would your child benefit now vs waiting, etc etc.

Makes me think even more now that taking benefits early is a more viable path over full retirement IF you find yourself in a situation like this one. Definitely recommend reading the article.

Also, anyone here considering early vs full retirement age that is in a similar situation? What's your take on this?

Came across this video which outlines exactly what the site does, for those that would appreciate a 2 minute rundown. It's from the official U.S. Social Security Administration's YouTube page:

Been in that boat before. It sucks but once you bite the bullet and actually call the IRS and work out a payment plan, it's not that bad. They do charge you a fee, I believe it is like $50, to set up the installment plan. Also you don't have to pay that fee upfront; it gets tacked onto your existing debt.

From there, they do the math based off your income ability to pay back the debt vs the 6 years max to pay it back. And you can either pay the minimum over those years or pay more and get it over with quicker.

They do charge interest, though it's far lower than say a credit card. Don't quote me on this, but it's in the neighborhood of 4-7%. Think it depends on the year. Either way, I would ask that question and anything else you can think of when you call in to set up the installment.

After that, you make payments through an online portal. EFTPS is the most common option, and the one they will recommend. I would recommend registering an account on there as soon as you can (if you know you will be going for a payment plan) as it takes several business days to get your PIN for the site.

Also, if anyone needs help using that site (it's not the most user friendly) let me know here. Happy to help. Can be a little tricky the first time around.

Knocked mine out in record time, for me.. which was like 10 days before the deadline. Finally learned enough as a self employed filer to at least save some money using an online service vs an in person CPA. It was like 4x cheaper that way. At any rate, I'm glad its over and done with. One of the most stressful times of the year to live in the US of A.

Next year is going to suck even worse, as I invested in cryptocurrencies in 2018 (like a good chunk of people no doubt)... from what I've heard, it's a nightmare to file all those trades and transactions.

That is a tough one. So what information exactly is missing from the w2 details the IRS was able to give you about your federal return for 2015 that you need to complete your state filing?

Said another way, what part of the form for AR state filing can you not complete because of lack of info?

The Trump tax calculator — will you pay more or less?

It's one thing to read up on how the Trump tax plan that just got signed into law changes the tax code overall. But if you are interested in exactly how your tax bill will change next year and for the next 5 years or so, use that calculator above.

Curious on everyone's opinion of the bill as well as if your amount increases or decreases. Do you dislike the bill? If so, all of it, or just parts?

If you are like me, my tax burden is going to decrease. And I like some of the eliminations of deductions in favor of higher standard deductions. But I dislike some of the riders. And even though I won't have to pay a tax penalty for not having health insurance any longer, I worry what that will mean for the country's healthcare premiums as a whole, as well as entitlement funding in the future.

Jameslane Wrote:

how do i get a list of what I'm receiving from food stamps

Update:

Short-term funding bill includes help for children's health insurance

So that buys time until Dec 22nd. But if nothing is done after that, many states will be without CHIP funds whatsoever. Trump is temporarily funding some states with leftover budget money from prior years in CHIP at the moment. But how long can that seriously last?

Well, it seems as though this tax reform bill will pass, most likely anyways. And soon. By the end of the year it seems.

The only thing that stands in Congress' way now is that the House and Senate agreed on two different versions of the bill. And now they have to reconcile which one they like the most and perhaps make a hybrid of the 2?... before it can officially be voted on once more and signed into law. A conference committee will oversee this process.

If curious on the differences between the House and Senate versions, recommend this -> Highlights of Senate, House GOP bills to overhaul tax code

Do you have a preferred version? If so, curious why you think it's better. Major differences are: if the individual mandate for health insurance stays or goes, layout of tax brackets, estate tax, mortgage interest deductions, and student loan interest deductions. Far as I can tell anyways.

Here's a good video giving a much better breakdown of CHIP expiring, and what bills are currently on the table, awaiting a possible renewal vote from congress: