My understanding is the $10k limit is per year, per person.
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In addition to the $10k purchase, there is a backdoor way to get $5k more. Just overpay your tax witholdings and instead of a refund due in April, ask for an iBond instead.
I know of folks who purposely send in a 4th quarter estimated payment on Jan 15, for the sole reason of getting their ārefundā in the form of an iBond a few weeks later.
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You can gift Ibonds one also.
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10K per year, per person, with another 5 available if you are going to get a tax refund of that amount (or more).
I have been thinking about Ibondā¦ no action yet.
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Sameā¦Am not sure why I think this will be a complicated process and/or just one more thing to keep track of.
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I hesitated bc I thought the same, but took less than 15 minutes, including finding my checkbook to get bank routing number, etc.
You set up the account, and then buy the bonds.
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I purchased I-bonds earlier this year, 10K each for DH and me + 10K each in my trust and DHās trust.
bluebayou, thanks for the tip to pay an extra $5K with January estimated tax payment.
Dh tried opening the account and somehow his name was added as my middle name. Gave up trying to fix it and will try again tomorrow. This is why I donāt try new things.
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Probably using auto fill. It sometimes does weird things for me. But it wouldnāt accept mine at first using auto fill even though it was all correct. I had to type it. But after that it wasnāt a big deal.
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Yes, autofill has caused us grief more than onceā¦ including during a stressful morning getting covid vaccination registration online before upcoming Hawaii trip (planned in a weekā¦ ah, the joys of retired life).
Procrastinating on ibond becauseā¦ do I really want another account and id/password? Over time we are trying to simplify.
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I originally set up TreasuryDirect because it was required to transfer old paper bonds that I inherited from my mom (the ones in her safe deposit box). It was actually a months long multistep process to get the bonds out of her name and into mine and then into the account. Iām pretty sure there was only one employee in the whole Treasury Department that worked on these requests! But I did need to have that account, and then I transferred our own old (wedding gift) bonds in also. When they fully mature and no longer pay interest, I am able to either reinvest or transfer the proceeds into a banking account.
So if your parents have old paper bonds that eventually will come to you, it might be smart to set up your account now instead of that being one more thing to do.
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Trying to āmonitorā more of the big picture. Wish we would have taken a bigger amount on the Jan 2022 10 year home note at 2.5% interestā¦looking at helping DD2 get into a home and helping with having enough money down to have no PMI and reasonable home note.
Just looking on timing and when she is ready. And not with these awful interest rates. Coordinating her condo lease as time passes as well - maybe be able to have time period after her lease time so there is no exit penalty (she will have fulfilled 2 years with the annual lease by next July). Waiting on any home improvements at our place so we donāt tie up money, plus not a rush to tie ourselves up on renovations while DD1 might have needs for us with the Gkids and her husband away for training (and their family eventual move). Once my friend ā who has just relocated back to DD2ās city gets re-established, will go step by step. Friend has 11 years realty experience in 3 states and is also designated a relocation specialist ā and her own DDs are a few years younger than DD2, so I think she will enjoy the experience with āstoriesā to tell her own DDs about home ownership when the time comes. She was super successful in her past city - top realtors in region for her national realty company. She was really good in our city as well.
Arenāt there Ibond funds or ETFs that would let you invest much more than $10k?
Arenāt there are sacrifices the couple can make if they are truly interested in purchasing a home? Seems as if these two adults can figure out a way to make it happen without you providing the money, finding them the realtor and coordinating everything for them. I say, donāt put your oar in the water. 
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Iām looking for the site/software that lets one model Social Security benefits and timing. Couldnāt find it in a search on this thread, though I know itās been mentioned a number of times over the years.
My dilemma: Iām turning 62 soon, and was planning to take SS based on my earnings record at that time. Not that we need the money right now, but my long-term health isnāt great, and I might as well claim my benefit and bank it.
What Iām trying to clarify is this: if I take a benefit at age 62 based on my earnings, I know thereās a reduction for receipt before NRA. H doesnāt plan to take SS until at least NRA (in mid-2028). Iām six months older than H. Half of his benefit will be greater than my earned benefit. I had thought that the spousal part of the benefit would not be reduced since Iām not getting it til age 67+, and just my own earned benefit would be reduced for early receipt.
I ran a simulation on MySSA.gov that showed me that Iād get my reduced benefit from 62-67, and then a total benefit equal to 50% of Hās NRA when he turned 67 and when I can claim spousal benefits. Called SSA and the agent told me that my spousal benefit at age 67 would be reduced because Iām taking my own benefit at 62, even though I wonāt see a dime of the spousal benefit until H retires.
Iām seeing conflicting info, and am trying to determine what to do, and if making an IRL appointment with the SS folks at the local office would be more productive than the call center staff. When one applies for SS, does one get a list of various scenarios with dollar amounts? This is such an important decision and I donāt want to make a stupid mistake that could cost me $$$.
I was a pension administrator for many years, and if I find it confusing, that makes me wonder how many others are similarly gobsmacked.
If anyone has been in this scenario, can you tell me how things worked for you? If you know specific sources, thatād be great. TIA!
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This might be a useful calculator for you.
https://opensocialsecurity.com/
In terms of reduced benefits, I think claiming early (before full retirement age) permanently reduces all your benefits except survivor benefits, but long term it may be the best strategy for a couple to maximize their joint SS income.
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Open Social Security is a really helpful website. I highly recommend it.
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Thanks for much for the Open Social Security site! It told us that itās best if H (4 years older and makes less than me) takes it at 62. I should wait until Iām 70. Not sure if we can hold out that long, but itās good to know that our plan of having H take it early first is not a bad decision.
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