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#6239181 - 05/13/18 11:46 AM Social Security Benefits
Chamacat Offline
trapper

Registered: 03/01/07
Posts: 1450
Loc: New Mexico
Yep..Last week I was out at a camp with an older gentlemen. After supper we were talking and he was telling me that he was going to wait until he is 66 or so years of age before he applies. I asked him why he would pass on 48 months of benefits to get to 66. He said that he planned on living longer than 66. If you ask me it would take quite awhile to make up for the benefits you left on the table until the maxium benefit amount would be reached at 66. Wouldn't it be smart money to go ahead and get the benefits at 62?
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#6239183 - 05/13/18 11:52 AM Re: Social Security Benefits [Re: Chamacat]
T-Rex Offline


Registered: 12/24/06
Posts: 4888
Loc: MN >>>
My accountant told me I'd need to live to 85 to make up the difference from taking the earliest retirement.
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Man who mistake shillelagh for fairy wand; see pixie dust, also.

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#6239186 - 05/13/18 11:52 AM Re: Social Security Benefits [Re: Chamacat]
kytrapper Offline
trapper

Registered: 12/23/06
Posts: 1274
Loc: SE Kentucky
In my simple mind, yes.

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#6239187 - 05/13/18 11:52 AM Re: Social Security Benefits [Re: Chamacat]
hippie Offline
trapper

Registered: 02/22/10
Posts: 5372
Loc: pa
We figured so.
Wife has an appt. tomorrow to sign up. When we went up months ago, the lady showed us the difference and we decided to go at 62.

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#6239188 - 05/13/18 11:53 AM Re: Social Security Benefits [Re: Chamacat]
wissmiss Offline


Registered: 01/06/07
Posts: 11695
Loc: north Idaho
If you start taking SS before your full retirement age (probably 66 in this guys case), there are deductions in what you get if you are still working. Not sure of the details but your SS check is reduced.

If you wait til full retirement age, you can earn as much as you want and still get your full benefit. That is why I waited.
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#6239190 - 05/13/18 11:53 AM Re: Social Security Benefits [Re: T-Rex]
hippie Offline
trapper

Registered: 02/22/10
Posts: 5372
Loc: pa
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.


This is what we figured with the numbers the lady showed us.

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#6239197 - 05/13/18 11:58 AM Re: Social Security Benefits [Re: Chamacat]
Law Dog Online   content
trapper

Registered: 12/11/10
Posts: 13503
Loc: Central, SD
He is giving up $54,000 by waiting it will take him 18 years to benefit from the time he waited to see the 1st dollar, tell him good luck and thanks! Nobody plans to die sooner but many do.
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Was born in a Big City Will die in the Country OK with that!

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#6239198 - 05/13/18 11:59 AM Re: Social Security Benefits [Re: Chamacat]
T-Rex Offline


Registered: 12/24/06
Posts: 4888
Loc: MN >>>
You can still earn limited income without penalty. After that limit, you are taxed. So what? It is entirely controllable.

BTW, I did take the early retirement, and am still working. Now that I am over the full retirement age, there is no limit to what I can earn without affecting my SS benefit.

The flip side:
My SIL is a CPA. she decided to wait for full retirement age. Although her health ain't that great right now, she is banking on a nice long life. WTH, the mid sixties ain't nearly as old as it was when SS was established.

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

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#6239220 - 05/13/18 12:36 PM Re: Social Security Benefits [Re: Chamacat]
Paul Dobbins Offline
"Trapperman custodian"

Registered: 12/22/06
Posts: 11187
Loc: Goldsboro, North Carolina
Back when I was 62 I looked at drawing SS. I found out that for every two dollars I made over $14,700 they would take one dollar from my benefit. It would have left me with no SS. So I started drawing at 66 and there's no limit on how much I can make and still get the full benefit.
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#6239232 - 05/13/18 12:49 PM Re: Social Security Benefits [Re: Chamacat]
Chamacat Offline
trapper

Registered: 03/01/07
Posts: 1450
Loc: New Mexico
Yep..That $14,700 dollars does that include 401K's?
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#6239233 - 05/13/18 12:53 PM Re: Social Security Benefits [Re: Chamacat]
hippie Offline
trapper

Registered: 02/22/10
Posts: 5372
Loc: pa
If your gonna keep working regardless, no reason to draw early?

I'm talking actually retiring.

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#6239236 - 05/13/18 12:55 PM Re: Social Security Benefits [Re: Chamacat]
Sullivan K Offline
"Keith"

Registered: 12/22/06
Posts: 2852
Loc: Northern Ohio ...
Originally Posted By: Chamacat
Yep..That $14,700 dollars does that include 401K's?


No, it's only earned income. But, your SS does get taxed if your income exceeds a certain amount. I have some Municipal bonds that are state and federal tax free. But in figuring taxes on SS that bond income is figured in. So even though the bonds are tax free they cause my SS to be taxed. Go figure that one out.


I quit working at 61. I started drawing SS at 62 and 1 month. My break even point is 77 years and 11 months old. When I quit working I had no intention of working, at a paying job, again, so the reduction in benefits, if I earned a certain amount of money, did not factor in. The males in my family do not live to be very old, so I decided to figure I also was not going to live to be very old, and I might as well try to get as much of my SS as I could.
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If I told ya once, I etc. etc., my name ain't Keith

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#6239251 - 05/13/18 01:13 PM Re: Social Security Benefits [Re: Chamacat]
ratbrain Offline
trapper

Registered: 11/14/08
Posts: 2062
Loc: Illinois
I starting drawing at 62. No regrets.

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#6239264 - 05/13/18 01:31 PM Re: Social Security Benefits [Re: Chamacat]
Bob Jameson Offline


Registered: 12/25/06
Posts: 3394
Loc: SW Pa
I also waited until 66 to receive benefits. If I had taken it at 62 1/2 years of age I would have had a limit on my income and would have to pay it back over a certain amount.

If you don't have any other income you may be further ahead. I have two businesses and it would have cost me money to take it early so I opted to wait until 66.

It was the best decision. Now it is all mine with no threat of having to pay any money back to Uncle Sam.

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#6239272 - 05/13/18 01:37 PM Re: Social Security Benefits [Re: Chamacat]
wissmiss Offline


Registered: 01/06/07
Posts: 11695
Loc: north Idaho
Each persons situation is different. What worked for me won't necessarily work for some one else.

There are calculators on the SS web site that you can pull up your account and plug in numbers for different scenarios and see which is best for you. Do your research before making a decision.
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#6239273 - 05/13/18 01:38 PM Re: Social Security Benefits [Re: Chamacat]
BFP Offline
trapper

Registered: 12/21/14
Posts: 424
Loc: North Dakota
I started drawing at 62, The only mistake I made was I should've started 40 yrs. sooner.

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#6239280 - 05/13/18 01:45 PM Re: Social Security Benefits [Re: Chamacat]
GritGuy Offline


Registered: 12/23/06
Posts: 7522
Loc: Magna, Utah
I take mine next year at 66 full check, no penalty to keep working either. Sign up for Medicare this year, drops the wivery's insurance cost down for her program as well.

Made no sense to me to take it early, suffer a penalty while you keep working and lose funds.

This way I made more for waiting till my full retirement age, Utah is one of 14 other states that taxes your SS funds any way, so I don't need more penalty on top of taking it early, your Medicare health funds come out of it as well, so the longer you wait the better check you have.

Only time it makes sense to take it early is if your failing in your health or you don't have the genes for long life. You actually make out just about even in the end any way as your SS is adjusted when you turn 70 to make up the difference.

Don't know why people continue to not study up on SS and Medicare, both are what you been paying for since your started working !!
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Sorry if my opinions or replies offend you, they are not meant to !

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#6239306 - 05/13/18 02:17 PM Re: Social Security Benefits [Re: GritGuy]
hippie Offline
trapper

Registered: 02/22/10
Posts: 5372
Loc: pa
Originally Posted By: GritGuy
I take mine next year at 66 full check, no penalty to keep working either. Sign up for Medicare this year, drops the wivery's insurance cost down for her program as well.

Made no sense to me to take it early, suffer a penalty while you keep working and lose funds.

This way I made more for waiting till my full retirement age, Utah is one of 14 other states that taxes your SS funds any way, so I don't need more penalty on top of taking it early, your Medicare health funds come out of it as well, so the longer you wait the better check you have.

Only time it makes sense to take it early is if your failing in your health or you don't have the genes for long life. You actually make out just about even in the end any way as your SS is adjusted when you turn 70 to make up the difference.

Don't know why people continue to not study up on SS and Medicare, both are what you been paying for since your started working !!


Allow me to throw an "unless" in here.

Makes no sense to retire early,
"Unless"
Your not figuring to continue working and actually retiring.


I agreee with ya if as you stated, your going to keep working anyhow.

Like someone said, every situation is different, working or not. Health has alot to do with it also.


Edited by hippie (05/13/18 02:24 PM)

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#6239313 - 05/13/18 02:27 PM Re: Social Security Benefits [Re: Chamacat]
newtoga Offline
trapper

Registered: 08/17/11
Posts: 689
Loc: ohio
Will get my 4 this check wed this week. Started at 62. As previously stated go till 85 to make up the difference.
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lifetime member NTA, OSTA, GTA

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#6239314 - 05/13/18 02:30 PM Re: Social Security Benefits [Re: Chamacat]
Furvor Offline
trapper

Registered: 07/06/08
Posts: 1094
Loc: Idaho Falls, ID
Quote:
You can still earn limited income without penalty. After that limit, you are taxed. So what? It is entirely controllable.


The limit and percent of SS taxed is based on household income, not just your personal income.
I wrote to the president about this penalty for working but it did no good.

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