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Social Security Benefits #6239181
05/13/18 04:46 PM
05/13/18 04:46 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..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?


I can catch them here...I can catch them ANYWHERE
Re: Social Security Benefits [Re: Chamacat] #6239183
05/13/18 04:52 PM
05/13/18 04:52 PM
Joined: Dec 2006
Posts: 5,023
MN >>>
T-Rex Offline
trapper
T-Rex  Offline
trapper

Joined: Dec 2006
Posts: 5,023
MN >>>
My accountant told me I'd need to live to 85 to make up the difference from taking the earliest retirement.


Man who mistake shillelagh for fairy wand; see pixie dust, also.
Re: Social Security Benefits [Re: Chamacat] #6239186
05/13/18 04:52 PM
05/13/18 04:52 PM
Joined: Dec 2006
Posts: 1,375
SE Kentucky
K
kytrapper Offline
trapper
kytrapper  Offline
trapper
K

Joined: Dec 2006
Posts: 1,375
SE Kentucky
In my simple mind, yes.

Re: Social Security Benefits [Re: Chamacat] #6239187
05/13/18 04:52 PM
05/13/18 04:52 PM
Joined: Feb 2010
Posts: 6,258
pa
H
hippie Offline
trapper
hippie  Offline
trapper
H

Joined: Feb 2010
Posts: 6,258
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.

Re: Social Security Benefits [Re: Chamacat] #6239188
05/13/18 04:53 PM
05/13/18 04:53 PM
Joined: Jan 2007
Posts: 12,191
north Idaho
W
wissmiss Offline
trapper
wissmiss  Offline
trapper
W

Joined: Jan 2007
Posts: 12,191
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.

Re: Social Security Benefits [Re: T-Rex] #6239190
05/13/18 04:53 PM
05/13/18 04:53 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: 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.

Re: Social Security Benefits [Re: Chamacat] #6239197
05/13/18 04:58 PM
05/13/18 04:58 PM
Joined: Dec 2010
Posts: 15,374
Central, SD
Law Dog Offline
trapper
Law Dog  Offline
trapper

Joined: Dec 2010
Posts: 15,374
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.


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

Jerry Herbst
Re: Social Security Benefits [Re: Chamacat] #6239198
05/13/18 04:59 PM
05/13/18 04:59 PM
Joined: Dec 2006
Posts: 5,023
MN >>>
T-Rex Offline
trapper
T-Rex  Offline
trapper

Joined: Dec 2006
Posts: 5,023
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.



Man who mistake shillelagh for fairy wand; see pixie dust, also.
Re: Social Security Benefits [Re: Chamacat] #6239220
05/13/18 05:36 PM
05/13/18 05:36 PM
Joined: Dec 2006
Posts: 11,592
Goldsboro, North Carolina
Paul Dobbins Offline
"Trapperman custodian"
Paul Dobbins  Offline
"Trapperman custodian"

Joined: Dec 2006
Posts: 11,592
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.



Re: Social Security Benefits [Re: Chamacat] #6239232
05/13/18 05:49 PM
05/13/18 05:49 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..That $14,700 dollars does that include 401K's?


I can catch them here...I can catch them ANYWHERE
Re: Social Security Benefits [Re: Chamacat] #6239233
05/13/18 05:53 PM
05/13/18 05:53 PM
Joined: Feb 2010
Posts: 6,258
pa
H
hippie Offline
trapper
hippie  Offline
trapper
H

Joined: Feb 2010
Posts: 6,258
pa
If your gonna keep working regardless, no reason to draw early?

I'm talking actually retiring.

Re: Social Security Benefits [Re: Chamacat] #6239236
05/13/18 05:55 PM
05/13/18 05:55 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..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.


If I told ya once, I etc. etc., my name ain't Keith
Re: Social Security Benefits [Re: Chamacat] #6239251
05/13/18 06:13 PM
05/13/18 06:13 PM
Joined: Nov 2008
Posts: 2,194
Illinois
R
ratbrain Offline
trapper
ratbrain  Offline
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R

Joined: Nov 2008
Posts: 2,194
Illinois
I starting drawing at 62. No regrets.

Re: Social Security Benefits [Re: Chamacat] #6239264
05/13/18 06:31 PM
05/13/18 06:31 PM
Joined: Dec 2006
Posts: 3,527
SW Pa
B
Bob Jameson Online content
trapper
Bob Jameson  Online Content
trapper
B

Joined: Dec 2006
Posts: 3,527
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.

Re: Social Security Benefits [Re: Chamacat] #6239272
05/13/18 06:37 PM
05/13/18 06:37 PM
Joined: Jan 2007
Posts: 12,191
north Idaho
W
wissmiss Offline
trapper
wissmiss  Offline
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W

Joined: Jan 2007
Posts: 12,191
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.

Re: Social Security Benefits [Re: Chamacat] #6239273
05/13/18 06:38 PM
05/13/18 06:38 PM
Joined: Dec 2014
Posts: 437
North Dakota
B
BFP Offline
trapper
BFP  Offline
trapper
B

Joined: Dec 2014
Posts: 437
North Dakota
I started drawing at 62, The only mistake I made was I should've started 40 yrs. sooner.

Re: Social Security Benefits [Re: Chamacat] #6239280
05/13/18 06:45 PM
05/13/18 06:45 PM
Joined: Dec 2006
Posts: 7,642
Magna, Utah
G
GritGuy Offline
trapper
GritGuy  Offline
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Joined: Dec 2006
Posts: 7,642
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 !!


[Linked Image]

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

www.wasatchwild.com
Re: Social Security Benefits [Re: GritGuy] #6239306
05/13/18 07:17 PM
05/13/18 07:17 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
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.

Last edited by hippie; 05/13/18 07:24 PM.
Re: Social Security Benefits [Re: Chamacat] #6239313
05/13/18 07:27 PM
05/13/18 07:27 PM
Joined: Aug 2011
Posts: 740
ohio
N
newtoga Offline
trapper
newtoga  Offline
trapper
N

Joined: Aug 2011
Posts: 740
ohio
Will get my 4 this check wed this week. Started at 62. As previously stated go till 85 to make up the difference.


lifetime member NTA, OSTA, GTA
Re: Social Security Benefits [Re: Chamacat] #6239314
05/13/18 07:30 PM
05/13/18 07:30 PM
Joined: Jul 2008
Posts: 1,352
Idaho Falls, ID
F
Furvor Offline
trapper
Furvor  Offline
trapper
F

Joined: Jul 2008
Posts: 1,352
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.


Member: Upper Snake River Trappers of Idaho Association
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