Hippie


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.

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.

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

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...

Obviously, the concept of delayed gratification is foreign to most folks.

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.

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

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 !!

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.

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

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.

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 !!

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.

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.

Yep.So does the federal government from the Social Security Administration. Send out a 1099 form? or something close to it?

Yes

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.

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.