Posted on 08/02/2018 9:22:46 AM PDT by Red Badger
I’m 62. I’m thinking either 66 or 67.
Ditto here... I’m coming up on 62.
ALL of my aunts and uncles, my mother included, smoked their entire adult lives. Almost all died of cancer in one form or another. So that is a factor as well.................
I am approaching 66, still working full time. Is there any downside to taking it while still working full time?
“But if you start collecting at 62 by the time you are 70 how much have you collected? Approximately 72000 dollars.
Now if you start collecting at (70 and only live another 5 years), how much did you collect? Approximately 78000 dollars...its pretty close.”
You also need to figure if collecting at 62 what you would have collected by age 75. (collecting at 70 & live 5 years = 75) So, you would collect $70K + $45K = $115. So, it’s not pretty close. $78K vs $115K
I’ll be filing three months before62. All the rest of the essay assumes you trust SS for anything....
Since I'm fully covered at the VA, I'd rather have the $120 they would have taken out of my meager SS check, to save or spend how I wanted.
We knew that retiring from the military would give us basic retirement benefits to live on when we quit working.
And VA medical benefits when we got older. Knowing that everyone struggles with the medical costs of their aging bodies and failing health, that seemed like a wise choice.
We've been married 43 years and still running beef cattle on a farm in Florida. So far so good at age 70.
And widows who haven’t remarried can start drawing SS at age 60, rather than having to wait until 62.
You have to file Form W-4V to have federal taxes withheld. The options are 7%, 10%, 15%, or 22%.
ttps://www.irs.gov/pub/irs-pdf/fw4v.pdf
The same think happened to a former coworker of mine. He was still working and had employer-sponsored health insurance. HR didn’t tell him that when he turned 65 he no longer could contribute to an HSA. I learned from his mistake, and maxed-out my HSA contributions before I turned 65. You can still draw down from an existing HRA after age 65, but you can’t put money into it.
Medicare Part A is automatic at age 65. You can delay Part B and Part D after age 65 without penalty if you are still working and you are covered under a qualified employer-sponsored plan.
You will permanently lose about 8% for each year between age 66 and age 70 that you draw SS. You have to evaluate your time preference rate and your annual mortality risk. If those two add up to more than 8%, take SS now. If they add up to less than 8%, then you should delay.
“When we read this stuff, we were absolutely amazed at just how convoluted this whole thing actually is.”
Absolutely correct. There are still some subtle features of both SS and Medicare that I don’t fully understand.
I hope you’re right, but I don’t think so. My understanding is that working or not, your SS benefits are Federally taxed as income if you receive over a certain amount.
Thank you.
Socialist Security is a crime against the “blessings of liberty”, and the enslavement of our posterity.
Well I am a Christian. I am not sure about that statement.
Everybody wants to go to Heaven, but nobody wants to die to get there!........Mark Twain.............
If you are black or hispanic you should take it early.
This chart is missing lifespan by race.
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