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FDP Forum / Moe's Tavern (_8^(I) / collecting Social Security VS waiting

Previous 20 Messages   Next 20 Messages  
SS2
Contributing Member
****

Alexandria, Virginia

May 29th, 2012 04:08 PM   Edit   Profile   Print Topic   Search Topic

"Could the additional income send you to another tax bracket,"

Yes, but from my understanding, just the amount that raises you over a lower tax bracket is taxed at the higher rate. It's not going to change the complete tax rate on your entire income.

markerdown
Contributing Member
***

Las Vegas NV

For Those About to Rock, ....Fire!!!
May 29th, 2012 04:09 PM   Edit   Profile   Print Topic   Search Topic

I was thinking SS at age 62, plus my military retirement. I'm still undecided and 6 years away :-(

rok-a-bill-e
Contributing Member
********

Nashville,USA

I'm tired of pretending I'm not special!
May 29th, 2012 04:25 PM   Edit   Profile   Print Topic   Search Topic

professor, go to the source below for your answers.

The Facts

professor
Contributing Member
**********
****

North Gnarlyington

May 29th, 2012 04:57 PM   Edit   Profile   Print Topic   Search Topic

rok-a-bill-e, yes I've seen that, and it seems to say that your benefit can be corrected up if you continue to work as well as collect the benefit-

"Each year we review the records for all Social Security recipients who work. If your latest year of earnings turns out to be one of your highest years, we refigure your benefit and pay you any increase due. This is an automatic process and benefits are paid in December of the following year."

reverendrob
FDP Data Goon
Moderator

Hero, hero

you have done so well...
May 29th, 2012 05:12 PM   Edit   Profile   Print Topic   Search Topic

I had to take it, disability anyway.

Do what you have to, you've paid into it - even if you haven't paid in much, you've still had your checks garnished etc.

Ragtop
Contributing Member
*********

The older the violin

the sweeter the music.
May 29th, 2012 05:13 PM   Edit   Profile   Print Topic   Search Topic

It all depends on how long you plan to live.

I'm shooting for 75, given my health history, so I'm taking it at 62.

sjerome
Contributing Member
**********

Upstate NY, USA

Musical accident waiting to happen
May 29th, 2012 05:17 PM   Edit   Profile   Print Topic   Search Topic

Given my health history, I'm shooting for 59.5 (and I'm already 60.5)! IOW, if I make 62, I will probably start drawing, but we may have enough of a wad to allow the wife to wait for the max benefit (or me, if I'm an 0.1%-er).

If there's any question and I'm here to take it, I'm a-gonna.

zeprin
Contributing Member
********

Too Old To R&R

Too Young to...
May 29th, 2012 08:46 PM   Edit   Profile   Print Topic   Search Topic

I started taking it at 62.
As I told the counselor, 'if I wait 5 more years, well,
You (SS) may not be there. I may not be there. And the difference dollars isn't worth the trouble. Besides. I need the money now.'

z


reverendrob
FDP Data Goon
Moderator

Hero, hero

you have done so well...
May 29th, 2012 09:21 PM   Edit   Profile   Print Topic   Search Topic

Just follow the Spinal Tap rule: Have a good time, all the time.


LeonB
Contributing Member
***

North of Philly

Solid state = solid sound+light weight
May 29th, 2012 10:49 PM   Edit   Profile   Print Topic   Search Topic

Chris,

If you're turning 62 this year your full retirement age should be 66, same as me. I turned 62 last year.

SS can do some weird stuff.

I applied, and am getting benefits starting this month (May). But they are witholding May because I'm working, and earning over $14640 at my job. I'll be paid for June at the end of July.

Your pay date is based on your birth date, if you were born early in the month, you get paid early etc.

As for taxes, you can have them witheld from your payment. In my case the worst that can happen is that my tax refund may be a little smaller. The tax software I use automatically takes care of the calculations.

trumpet77
Contributing Member
********

Columbia, SC

pink Tele? YES!
May 29th, 2012 11:11 PM   Edit   Profile   Print Topic   Search Topic

One other thing to consider if you are married is how you draw SS and how your spouse draws SS. There are a lot of options on how you do that, and you can make a sizable difference on which one of you takes it first, since the lesser earning spouse can draw either their own entitlement or 50% of the higher earning spouse.

Chris Greene
FDP Host

Idaho, USA

Charlie Don't Surf
May 29th, 2012 11:16 PM   Edit   Profile   Print Topic   Search Topic

What if your spouse is six years younger than you like mine?

trumpet77
Contributing Member
********

Columbia, SC

pink Tele? YES!
May 30th, 2012 06:29 AM   Edit   Profile   Print Topic   Search Topic

Chris,
You'd have to look that one up or do the math with their calculator I guess. Some of the strategies seemed kind of tricky, but still stay within the rules. Certainly I'm not a SS expert, but have read a few books and articles that convince me to look at all the options to maximize the benefit for a married couple

jhawkr
Contributing Member
**********
*********

USA

Final Four!
May 30th, 2012 06:58 AM   Edit   Profile   Print Topic   Search Topic

I'm 59 and also get full benefit at 66. I'm not looking at maximum payout over a number of years, but what it takes to pay the bills, buy supplemental insurance, etc. I also have a younger (3 yrs) wife. Medicare doesn't kick in until 65. Lot's of things to consider.

dlee58
Contributing Member
*******

Kansas...longer to

drive through than you think
May 30th, 2012 10:30 PM   Edit   Profile   Print Topic   Search Topic

I turn 54 in a few days, plan on working as long as I possibly can to build up the 401k and a couple of other things. Hopefully with SS, my military retirement and my own retirement accounts I will be OK. Rather frightening though.

jefe46
Contributing Member
*****

State of Jefferson

May 31st, 2012 11:03 PM   Edit   Profile   Print Topic   Search Topic

Took mine at 62... glad I did.


Chris Greene
FDP Host

Idaho, USA

Charlie Don't Surf
May 31st, 2012 11:51 PM   Edit   Profile   Print Topic   Search Topic

My accountant thought it probably made sense to wait IF I thought I'd live into my 80's. If the FDP survives another few years it might make sense. If it doesn't....

So it's up to you guys!

;o)

Doc Sarvis
Contributing Member
*********

USA/Salt Lake City

Tuned Strings and Tight Lines
Jun 1st, 2012 12:21 AM   Edit   Profile   Print Topic   Search Topic

I turn 55 this year and in three years some income producing properties will be paid up which will generate a monthly income. I'm seriously considering retiring at age 62, taking the benefit somewhere around age 65 and putting a good part of it into an investment account for my two children. They're the one's I'm really worried about.

Thommie
Contributing Member
**********
******

Dallas, Texas

Not Legal in California
Jun 1st, 2012 12:32 AM   Edit   Profile   Print Topic   Search Topic

It is a hard decision for me, and one that I need to think hard about.

My wife's family has a history of living into their 90s. Since she was not employed the past few decades due to raising our children, her SS benefits will be a lot lower than mine.

I would be very surprised if I make it into my 70s. I am concerned about NOT starting to collect SS benefits before I die, and what effect it may have on her.

I will be 60 this year, so I need to start thinking about this stuff very seriously over the next 2 years.


Texican
Contributing Member
**********

Cypress, TX

I Dare To Be Different
Jun 1st, 2012 07:47 AM   Edit   Profile   Print Topic   Search Topic

I'm retiring in three years and plan to take advantage of the Social Security benefits at the age of 63.

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FDP Forum / Moe's Tavern (_8^(I) / collecting Social Security VS waiting




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