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Social Security Benefits
#6239181
05/13/18 11:46 AM
05/13/18 11:46 AM
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Joined: Mar 2007
Posts: 2,347
New Mexico
Chamacat
OP
trapper
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OP
trapper
Joined: Mar 2007
Posts: 2,347
New Mexico
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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
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Re: Social Security Benefits
[Re: Chamacat]
#6239183
05/13/18 11:52 AM
05/13/18 11:52 AM
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Joined: Dec 2006
Posts: 7,892
WI
T-Rex
trapper
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trapper
Joined: Dec 2006
Posts: 7,892
WI
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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.
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Re: Social Security Benefits
[Re: T-Rex]
#6239190
05/13/18 11:53 AM
05/13/18 11:53 AM
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Joined: Feb 2010
Posts: 20,346
pa
hippie
trapper
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trapper
Joined: Feb 2010
Posts: 20,346
pa
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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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Re: Social Security Benefits
[Re: Chamacat]
#6239197
05/13/18 11:58 AM
05/13/18 11:58 AM
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Joined: Dec 2010
Posts: 36,267
Central, SD
Law Dog
trapper
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trapper
Joined: Dec 2010
Posts: 36,267
Central, SD
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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
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Re: Social Security Benefits
[Re: Chamacat]
#6239198
05/13/18 11:59 AM
05/13/18 11:59 AM
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Joined: Dec 2006
Posts: 7,892
WI
T-Rex
trapper
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trapper
Joined: Dec 2006
Posts: 7,892
WI
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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.
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Re: Social Security Benefits
[Re: Chamacat]
#6239220
05/13/18 12:36 PM
05/13/18 12:36 PM
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Joined: Dec 2006
Posts: 17,041
Goldsboro, North Carolina
Paul Dobbins
"Trapperman custodian"
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"Trapperman custodian"
Joined: Dec 2006
Posts: 17,041
Goldsboro, North Carolina
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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.
John 14:6 Jesus answered, “ I am the way and the truth and the life. No one comes to the Father except through me." ![[Linked Image]](http://www.trapperman.com/forumpics/USAflag1.gif)
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Re: Social Security Benefits
[Re: Chamacat]
#6239232
05/13/18 12:49 PM
05/13/18 12:49 PM
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Joined: Mar 2007
Posts: 2,347
New Mexico
Chamacat
OP
trapper
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OP
trapper
Joined: Mar 2007
Posts: 2,347
New Mexico
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Yep..That $14,700 dollars does that include 401K's?
I can catch them here...I can catch them ANYWHERE
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Re: Social Security Benefits
[Re: Chamacat]
#6239236
05/13/18 12:55 PM
05/13/18 12:55 PM
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Joined: Dec 2006
Posts: 3,520
Northern Ohio ...
Sullivan K
"Keith"
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"Keith"
Joined: Dec 2006
Posts: 3,520
Northern Ohio ...
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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 61½. 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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Re: Social Security Benefits
[Re: Chamacat]
#6239280
05/13/18 01:45 PM
05/13/18 01:45 PM
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Joined: Dec 2006
Posts: 8,995
Magna, Utah
GritGuy
trapper
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trapper
Joined: Dec 2006
Posts: 8,995
Magna, Utah
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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]](http://banners.wunderground.com/weathersticker/miniDial_both/language/www/US/UT/Magna.gif) Sorry if my opinions or replies offend you, they are not meant to !
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Re: Social Security Benefits
[Re: GritGuy]
#6239306
05/13/18 02:17 PM
05/13/18 02:17 PM
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Joined: Feb 2010
Posts: 20,346
pa
hippie
trapper
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trapper
Joined: Feb 2010
Posts: 20,346
pa
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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 02:24 PM.
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Re: Social Security Benefits
[Re: Chamacat]
#6239313
05/13/18 02:27 PM
05/13/18 02:27 PM
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Joined: Aug 2011
Posts: 1,780
Ohio
newtoga
trapper
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trapper
Joined: Aug 2011
Posts: 1,780
Ohio
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Will get my 4 this check we’d this week. Started at 62. As previously stated go till 85 to make up the difference.
lifetime member NTA, OSTA, GTA
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Re: Social Security Benefits
[Re: Chamacat]
#6239314
05/13/18 02:30 PM
05/13/18 02:30 PM
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Joined: Jul 2008
Posts: 2,414
Idaho Falls, Idaho
Furvor
trapper
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trapper
Joined: Jul 2008
Posts: 2,414
Idaho Falls, Idaho
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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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