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Re: Social Security Benefits [Re: Chamacat] #6239321
05/13/18 07:43 PM
05/13/18 07:43 PM
Joined: Dec 2006
Posts: 7,642
Magna, Utah
G
GritGuy Offline
trapper
GritGuy  Offline
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G

Joined: Dec 2006
Posts: 7,642
Magna, Utah
Hippie
Quote:
Makes no sense to retire early,
"Unless"
Your not figuring to continue working and actually retiring.


Yea thats true if your not wanting a full check and don't complain about not getting your full worth out of what you have put into it !

I'd like to get as much as I have put into it while still being able to work, and use it to help offset what kind of goofy health program that comes up next, however I'm not waiting until 70 to help congress stave off what they created in it dieing out !!


[Linked Image]

Sorry if my opinions or replies offend you, they are not meant to !

www.wasatchwild.com
Re: Social Security Benefits [Re: GritGuy] #6239323
05/13/18 07:47 PM
05/13/18 07:47 PM
Joined: Feb 2010
Posts: 6,258
pa
H
hippie Offline
trapper
hippie  Offline
trapper
H

Joined: Feb 2010
Posts: 6,258
pa
Originally Posted By: GritGuy
Hippie
Quote:
Makes no sense to retire early,
"Unless"
Your not figuring to continue working and actually retiring.


Yea thats true if your not wanting a full check and don't complain about not getting your full worth out of what you have put into it !

I'd like to get as much as I have put into it while still being able to work, and use it to help offset what kind of goofy health program that comes up next, however I'm not waiting until 70 to help congress stave off what they created in it dieing out !!


I hear ya.
That's what we're talking about, getting the most out.

For most, taking it at 67 you'd have to live to 85 to break even of a fella taking it at 62.

Our full is at 70, at 67 we still take a deduction.

Last edited by hippie; 05/13/18 08:07 PM.
Re: Social Security Benefits [Re: T-Rex] #6239335
05/13/18 08:12 PM
05/13/18 08:12 PM
Joined: Dec 2006
Posts: 6,113
Blue Creek, Ohio
Hal Offline
"old windy fartbag"
Hal  Offline
"old windy fartbag"

Joined: Dec 2006
Posts: 6,113
Blue Creek, Ohio
Originally Posted By: T-Rex
My accountant told me I'd need to live to 85 to make up the difference from taking the earliest retirement.


I would quickly seek out another accountant!

I've run the numbers on this several times, and I'm waiting until I'm 70 to draw SS. I only have to live to be 78 to "catch up" on all the reductions from drawing at 62 or 66. I'm convinced that I will indeed live to be 78. After that, it's all gravy. Big check every month.


Waiting for things to be very, very wonderful.
Re: Social Security Benefits [Re: Hal] #6239341
05/13/18 08:19 PM
05/13/18 08:19 PM
Joined: Dec 2006
Posts: 4,757
East-Central Wisconsin
B
bblwi Offline
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bblwi  Offline
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B

Joined: Dec 2006
Posts: 4,757
East-Central Wisconsin
You don't max out until age 70, and some wait that long. Much depends upon how much you want and need for monthly income and how much other earned income you may or may not have.
I did not take SSN until after I was 66 years old, one year after Medicare. I took a part time job after retiring at age 60 and held that for over 5 years I would have paid back about half so why? More importantly I got an 8% increase per year for waiting 4 years. This was during a time when where I worked we got wage freezes or 3% cuts. Those SSN increases per year were the biggest increases in annual pay I ever received. Also my wife who was at the minimum got a good boost by me waiting until I received the larger amount. It is not always the max dollars one looks at but what the amounts are for a lifetime when all other aspects are considered.

Bryce

Re: Social Security Benefits [Re: Chamacat] #6239348
05/13/18 08:22 PM
05/13/18 08:22 PM
Joined: Dec 2015
Posts: 1,837
se South Dakota
NonPCfed Offline
trapper
NonPCfed  Offline
trapper

Joined: Dec 2015
Posts: 1,837
se South Dakota
We're trying to get the wwife to 62 so she can collect. She is a RN and those 13 hour hospital shifts with her diabetes andd other aliments are are getting to be a major bugger besides the health system trying to get rid of their highest paid help (not management of course!). I'm a year and half younger than her so I figure I'll go at 63, the endd of 2025 sounds like a good year to tell the man, "see ya later". I may not draw right-of-away, have to see how our 401ks are doing and if we're still in this house. But I'm sure as he** not waiting until I'm 70, either in my job or taking my SS allotment. Not if I want to spent much time with the wife or getting around before I'm too gimped up. I'll adjust my lifestyle first, already have to a certain extent. There's a lot of stuff that I thought might be neat to do when I was younger that I've realized I'm not probably going to do. I'm ok with that. Surprisingly, the desire to ddo most of those things has decreased as well. No real regrets. Constantly pining and whining about what could have been is a waste of time...


"And God said, Let us make man in our image …and let them have dominion …and all the creatures that move along the ground".
Genesis 1:26
Re: Social Security Benefits [Re: Chamacat] #6239353
05/13/18 08:26 PM
05/13/18 08:26 PM
Joined: Dec 2006
Posts: 6,113
Blue Creek, Ohio
Hal Offline
"old windy fartbag"
Hal  Offline
"old windy fartbag"

Joined: Dec 2006
Posts: 6,113
Blue Creek, Ohio
Obviously, the concept of delayed gratification is foreign to most folks.


Waiting for things to be very, very wonderful.
Re: Social Security Benefits [Re: Chamacat] #6239361
05/13/18 08:38 PM
05/13/18 08:38 PM
Joined: Aug 2011
Posts: 17,789
james bay frontierOnt.
B
Boco Offline
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Boco  Offline
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Joined: Aug 2011
Posts: 17,789
james bay frontierOnt.
I took mine(CPP) at 60.Was only a couple hundred difference if I waited til 65.We get another one(OAP) at 65 anyway.

Re: Social Security Benefits [Re: Chamacat] #6239374
05/13/18 09:03 PM
05/13/18 09:03 PM
Joined: Mar 2007
Posts: 1,548
New Mexico
C
Chamacat Offline OP
trapper
Chamacat  Offline OP
trapper
C

Joined: Mar 2007
Posts: 1,548
New Mexico
Yep..I been looking around likes been suggested. I see where some states are better places to be in for state taxes on social security benefits. The question I'm going to throw out there is there federal income tax withheld no matter what state one lives in? I don't see any schedule for that.


I can catch them here...I can catch them ANYWHERE
Re: Social Security Benefits [Re: Chamacat] #6239388
05/13/18 09:26 PM
05/13/18 09:26 PM
Joined: Dec 2006
Posts: 2,972
Northern Ohio ...
S
Sullivan K Offline
"Keith"
Sullivan K  Offline
"Keith"
S

Joined: Dec 2006
Posts: 2,972
Northern Ohio ...
Originally Posted By: Chamacat
The question I'm going to throw out there is there federal income tax withheld no matter what state one lives in? .


I live in Ohio and I have no withholding taken from my SS. I just pony up when I file my taxes.


If I told ya once, I etc. etc., my name ain't Keith
Re: Social Security Benefits [Re: Chamacat] #6239402
05/13/18 09:49 PM
05/13/18 09:49 PM
Joined: Dec 2006
Posts: 7,642
Magna, Utah
G
GritGuy Offline
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Joined: Dec 2006
Posts: 7,642
Magna, Utah
Great question about the fed tax and state tax for that matter, not having been through this I'd assume those who have to pay would have to just save up for it. I will do some more research and find out if it's coming out or not, however due to still working I'd assume it's up to the receiver to pay when it's due. Might be different if one is not working and everything is all set with no changes in income.

I plan on putting a bit aside every check just like it being taken out to pay when it's due, another bite out of the SS check LOL, by the time it's all said and done one should have enough for gas money to keep going to work !!


[Linked Image]

Sorry if my opinions or replies offend you, they are not meant to !

www.wasatchwild.com
Re: Social Security Benefits [Re: Hal] #6239417
05/13/18 10:15 PM
05/13/18 10:15 PM
Joined: Dec 2006
Posts: 5,023
MN >>>
T-Rex Offline
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T-Rex  Offline
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Joined: Dec 2006
Posts: 5,023
MN >>>
Originally Posted By: Hal
Originally Posted By: T-Rex
My accountant told me I'd need to live to 85 to make up the difference from taking the earliest retirement.


I would quickly seek out another accountant!

I've run the numbers on this several times, and I'm waiting until I'm 70 to draw SS. I only have to live to be 78 to "catch up" on all the reductions from drawing at 62 or 66. I'm convinced that I will indeed live to be 78. After that, it's all gravy. Big check every month.
There ain't no way I'd drop a life long friend and fraternity brother over good advise that you will never understand. Finances are a lot more complex than some folks will ever understand. Your numbers and my numbers probably have nothing in common.


Man who mistake shillelagh for fairy wand; see pixie dust, also.
Re: Social Security Benefits [Re: T-Rex] #6239420
05/13/18 10:20 PM
05/13/18 10:20 PM
Joined: Dec 2006
Posts: 4,757
East-Central Wisconsin
B
bblwi Offline
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Joined: Dec 2006
Posts: 4,757
East-Central Wisconsin
There no federal withholdings or state witholdings for SSN. Your amount of tax on your SSN income is based on your AGI. Some states don't tax SSN at all, some do so you need to review all those differences as well.

Bryce

Re: Social Security Benefits [Re: Chamacat] #6239425
05/13/18 10:26 PM
05/13/18 10:26 PM
Joined: Dec 2010
Posts: 15,374
Central, SD
Law Dog Offline
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Law Dog  Offline
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Joined: Dec 2010
Posts: 15,374
Central, SD
Some of you guys should look up the word retirement maybe! Just saying if you collect retirement and keep on working your not really "retired" are you? If a guy retires and collects SS and works some small jobs life can be good sure you make a little less but your costs are way less too.


Was born in a Big City Will die in the Country OK with that!

Jerry Herbst
Re: Social Security Benefits [Re: Chamacat] #6239431
05/13/18 10:30 PM
05/13/18 10:30 PM
Joined: Dec 2006
Posts: 7,642
Magna, Utah
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GritGuy Offline
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Joined: Dec 2006
Posts: 7,642
Magna, Utah
Bryce, one can have estimated with holding taken out of a SS check in a state that does tax this income. This is for state taxes only as far as I can research it out yet. Fed's have not been so easily defined on what they will do.

Yes it is based on your AGI, however if your still working like I am when taking my SS check it might be easier to have an estimated tax taken out than trying to save all year long for it. Especially if your not knowing if your going to be working a lot of overtime or not. It's just a guess on the form with 4 or five amounts though, it is not a real figure so saving may come into play but not at such a large rate.

Getting the SS check just plain and simple seems to be evading me as I do more research on it !!


[Linked Image]

Sorry if my opinions or replies offend you, they are not meant to !

www.wasatchwild.com
Re: Social Security Benefits [Re: Chamacat] #6239443
05/13/18 10:40 PM
05/13/18 10:40 PM
Joined: Feb 2016
Posts: 552
Kentucky
ky_coyote_hunter Offline
trapper
ky_coyote_hunter  Offline
trapper

Joined: Feb 2016
Posts: 552
Kentucky
Gonna retire at 62 1/2 and live off a pension and 401K....Will start drawing SS at 70 so my wife's half will be larger after I'm pushing up daisies.


Member NRA, NTA, and The UTK.
Re: Social Security Benefits [Re: GritGuy] #6239446
05/13/18 10:42 PM
05/13/18 10:42 PM
Joined: Dec 2006
Posts: 2,972
Northern Ohio ...
S
Sullivan K Offline
"Keith"
Sullivan K  Offline
"Keith"
S

Joined: Dec 2006
Posts: 2,972
Northern Ohio ...
Originally Posted By: GritGuy
Fed's have not been so easily defined on what they will do.

Getting the SS check just plain and simple seems to be evading me as I do more research on it !!


When I signed up for SS I was asked if I wanted any withholding. I told them no. If you want to change you can file Form W-4V.

I'm not sure, but I don't believe you get an SS check. I think it is all direct deposit now and it was very simple. I just gave them the account number I wanted the money to go into.


If I told ya once, I etc. etc., my name ain't Keith
Re: Social Security Benefits [Re: Chamacat] #6239450
05/13/18 10:49 PM
05/13/18 10:49 PM
Joined: Mar 2007
Posts: 1,548
New Mexico
C
Chamacat Offline OP
trapper
Chamacat  Offline OP
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Joined: Mar 2007
Posts: 1,548
New Mexico
Yep.So does the federal government from the Social Security Administration. Send out a 1099 form? or something close to it?


I can catch them here...I can catch them ANYWHERE
Re: Social Security Benefits [Re: Chamacat] #6239451
05/13/18 10:50 PM
05/13/18 10:50 PM
Joined: Dec 2006
Posts: 2,972
Northern Ohio ...
S
Sullivan K Offline
"Keith"
Sullivan K  Offline
"Keith"
S

Joined: Dec 2006
Posts: 2,972
Northern Ohio ...
Originally Posted By: Chamacat
Yep.So does the federal government from the Social Security Administration. Send out a 1099 form? or something close to it?


Yes


If I told ya once, I etc. etc., my name ain't Keith
Re: Social Security Benefits [Re: Chamacat] #6239457
05/13/18 10:59 PM
05/13/18 10:59 PM
Joined: Mar 2007
Posts: 1,548
New Mexico
C
Chamacat Offline OP
trapper
Chamacat  Offline OP
trapper
C

Joined: Mar 2007
Posts: 1,548
New Mexico
Yep..Everything I have been reading today may not be accurate information. I can't tell if the new tax laws/code that have been imposed impacted Social Security Benefits payouts. I don't think they did.


I can catch them here...I can catch them ANYWHERE
Re: Social Security Benefits [Re: Chamacat] #6239459
05/13/18 11:04 PM
05/13/18 11:04 PM
Joined: Dec 2006
Posts: 5,023
MN >>>
T-Rex Offline
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T-Rex  Offline
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Posts: 5,023
MN >>>
Retirement means a lot of different things to different people. It is a relatively new concept, less that 100 years old. The creator intended people to work as long as they lived, and that is what I intend to do. The US Government, on the other hand decided that it ought to get old folks out of the workforce to make room for younger workers. And why not, when they could double up that idea with a new tax grab.

My idea of retirement, has nothing to do with sitting on a Lazy Boy, or under a palm tree. It is more a time where I can slow down just a bit, by reclaiming what the government has been stealing from me over my "working" years.


Man who mistake shillelagh for fairy wand; see pixie dust, also.
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