Posted on 11/27/2018 10:46:01 AM PST by Red Badger
Bkmk
Correction: For people born in 1954 (not 1953) and before FRA is age 66
SS was a sweet deal for Ida Mae Fuller!
I think the writer was speaking generally.......................
bkmk
Another thing to watch out for....we had a one time income bump in 2017. Just received a notice yesterday from SS that they are deducting a total of $395 each month in 2019 from my SS benefit. $325 IRMAA against Medicare part B and $70 against part D.
I’m 61. From what I can tell, it looks like age 64 is a reasonable time to start collecting. I figured it out, and you have to live past 80 for you to draw more by waiting for FRA.
At least that’s true for me.
Interesting.
Born in 1955 ( a few days from now actually), but my first SS “yearly pay” was in 1974 for $32.00.
So, do I “remove” that year (since the next year’s salary in 1975 was much higher), or leave it as-is? After all, I expect to continue working for another 10 years or so.
They didn’t figure for the break-even point; if Soc sec is taken at full retirement age, it takes a good number of years to recoup the money that would have been earned had the recipient taken soc sec at 62.
I’m going to start collecting as late as possible, then move to Chicago and register as a Democrat. That way, I know I’ll be collecting until I’m at least 130 years old. :-P
and the neat thing is that you can vote 1,000 times in Chicago, too
I did that calculation once.
I included the income that could be earned on money received starting at 62 at a modest 2.5%.
My break even age was 78 and some months.
A bird in hand, etc. Start taking benefits ASAP.
Retirement plans,,,
Thanks.
Should You Take Social Security at 62, 66, or 70?
Here’s a game plan to help you figure out if it makes sense to take your Social Security early, on time, or late:
https://www.fool.com/retirement/2017/03/25/should-you-take-social-security-at-62-66-or-70.aspx
Playing with That,,,
I’m 63,64 in January.
Geeesh, if a person is born in 1958, say April 1, 1958, they can not draw until they are 62, which is in 2020, not 2019 as the article says. Only if they were born on January 1, 1958 - could they draw in 2019 because they would be deemed to be eligible the month before.
Geeesh, if a person is born in 1958, say April 1, 1958, they can not draw until they are 62, which is in 2020, not 2019 as the article says. Only if they were born on January 1, 1958 - could they draw in 2019 because they would be deemed to be eligible the month before.
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