[GeorgiaDawg32]

Any help you can give is appreciated.

[Not A Snowbird]

You’d be much better off contacting Social Security to get your answers.

Not to blow you off, but they are the experts.

[E. Pluribus Unum]

I just started collecting in April at age 66. The monthly amount they gave me was less than the estimated monthly amount because they only count full years, so the first four months of this year did not count. In other words, you will probably get about a hundred or so dollars less a month than the estimate unless you retire on December 31.

[Red Badger]

I have almost the same questions.

I was thinking of creating a spreadsheet to compare my earnings vs. SS benefits if I take them early and put them in a bank or invest ment, vs. waiting for full benefits and then putting them in the bank or investment.................

Does anyone know if there is one already created anywhere?........

[Doogle]

.....where’s the accounting FReeps?

[freedumb2003]

It is risk management.

A the SS site you can model (and save the models) with you retiring at all kinds of different ages.

In general, Taking SS at “full retrirement” (65-1/2) is the baseline. Retiring at 70 adds about 30%. Retiring before knocks I think it is 3% per year.

So the question is, do you think it will be there and when you add up the total collected where do you maximize the amount taken? When do you think you will die?

I have enough where I can choose (it has always been zero in my retirement planning) when I think it will be needed. I have penciled in 70 since that is much, much higher — mostly for my wife whose family lives VERY long.

But if I need a few bucks I could pull the trigger earlier.

[GuySwell]

Will you receive higher monthly
benefits later if benefits are
withheld because of work?
Yes. If some of your retirement benefits
are withheld because of your earnings,
your monthly benefit will increase
starting at your full retirement age to
take into account those months in which
benefits were withheld.

[Aliska]

None of those answers is correct to the best of my knowledge, maybe one somewhat true. I took mine at 62. I think it was Bob Brinker who said it was better to wait and your payments would be higher plus (actuary tables) you will collect more in the long run by waiting until age 66 is it now?

The employee at SS advised me to take it at 62. Still had to wait to age 65 to go on Medicare. I'm not really sorry though although I never made it up in payments and don't think I will no matter how long I live.

The only lump sum I know about is back pay for people who apply for disability and get turned down.

But with any of them, if they make a mistake and overpay you, you have to pay it back. And if you have extra income over a certain point, you are taxed on all or part of your benefits depending on how much over I think it is 25K.

I don't know how much longer before it goes broke. Bob Brinker did give a dire warning on Sunday night. He said to the effect that if we go through a deflationary period, "it's all over". A caller asked him to elaborate and he explained (my words) the house of cards, all the funds that would go down. Bonds. Stocks. Dividends. Corporate earnings. Wages. And the national debt hanging over our heads.

It's like a ponzi scheme and they have played fast and loose with SS and various pension funds. Illinois in huge trouble. Caller this afternoon talking how his IH pension fund has suffered, how good it was and how much he has to pay now for private insurance. One person. $800/mo. People with dependants and older people undergoing expensive medical treatmments in a world of hurt.

[NEMDF]

I believe answer #1 is “closer” to the truth.

If you DO NOT start taking your benefits for some time period, then your actual benefits when you DO START, will be slightly higher.

[Bommer]

Wait till your 70

... and you’ll get credit for delaying If you retire sometime between your full retirement age and age 70, you typically get a credit. For example, say you were born in 1951 and your full retirement age is 66. If you started your benefits at age 68, you would receive a credit of 8% per year multiplied by two (the number of years you waited). This makes your benefit 16% higher than the amount you would have received at age 66. That higher baseline lasts for the rest of your retirement, and serves as the basis for future increases linked to inflation. While it’s important to consider your personal circumstances—it’s not always possible to wait, particularly if you are in poor health or can’t afford to delay—the benefits of waiting can be significant.

[DFG]

The 2018 Social Security early retirement earnings limit (under full retirement age) is $17040. Social Security will take $1 for every $2 over the limit.

The 2018 Social Security early retirement earnings limit (year of full retirement age) is $45360. Social Security will take $1 for every $3 over the limit. This earnings limit only applies though to income earned from Jan 1 to the day before you reach full retirement age. There is no limit on the earnings starting on the day you reach full retirement age.

You will probably still come out ahead by starting Social Security Retirement in the year you reach full retirement age.

Contact Social Security early in the year you reach will reach full retirement age.

I am an Enrolled Agent. I had to research this issue for one of my clients this year. He makes around $100,000 but his birthday is in September.

[E. Pluribus Unum]

It’s a veritable certainty that you are better off collecting the minute you reach 62, provided you put it into your retirement account.

If you’re just going to spend it, hold off as long as you can.

[freedumb2003]

Note:L I get a modest retirement from the California State. I looked at what I get per month at my age, then multiplied it by months until I die (I assume 85).

I added all that together. The I ran the numbers if I wait 10 years. The gross difference was a few thousand so Mrs. FD and I said “heck let’s get it now.” And we did and it covers my self-financed health care so it nets out wonderfully.

Remember to include Present Value of Capital/Money when doing your models.

[GuySwell]

The ssa.gov website is very good. That’s the source for the information I posted.

[DadofMany1]

You can start receiving benefits, without being penalized for making too much money, on Jan 1 of the year you turn 66. You will, however, get reduced benefits based on how many months you are away from your full retirement age.

[piroque]

Sorry,but you or any of us won’t live long enough to collect every dollar we paid in.

[outofsalt]

I went to the social security website and "created" an account. There I was able to obtain a printout projecting my benefits if I retire at any age.
Ultimately, it's an actuarial crap shoot. You could die the day after retiring or 30 years later. My advice, work and save if you like what you do (or if you can do it under the table;) otherwise, get a lawn chair and set up near the beach or highway and watch the world go by.

[ml/nj]

[IANAL or a CPA!]

If you don't need the money and are still working, as I am, you are best off waiting until the "official" retirement age, whatever that is now. (But you still should sign up for Medicare a month or two before you turn 65.)

But this is complicated if you have dependent children under 18 years old, when I believe it is best to collect as soon as you are able.

It is also complicated by having a spouse also at "official" retirement age. My wife isn't considered as having begun to collect but I get 50% of what she would be collecting added to my monthly check.

ML/NJ

[GOPJ]

My impression is this is a choice you make based on things like ‘how long do you think you’ll live’...

You get more money per month if you put off your ‘start date’
... then at some point in the future the extra money ‘catches up’ with what you would have gotten if you had started earlier. After that point it’s pure gravy.

Do you need the money now? Do you have a different ‘bucket’ to take living expense out of? How old were your parents when they died? How’s your health? There are books that deal with this subject - and CPA’s who work with the elderly... who might have insights. I asked my CPA years ago about a similar situation and she said ‘how long to do you think you’ll live?’.

Wish I could help rather than just add new layers of questions... If you figure this out share the answer with the rest of us...

[Liz]

Contact your congressman....that’ what they’re there for.....to help out on federal questions like yours.

[Skooz]

ssa.gov