Posted on 08/24/2020 5:15:42 PM PDT by rintintin
If you file for early retirement benefits, you can make all the money you want, so long as it stops the month before you file. So you can work all year and retire in December. Ot take a big severance package. The first year of early retirement is a grace year (no claw-back of benefits received), so long as you have no additional earned income after you file. I had to explain this to my CPA.
Take IT And RUN!
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I Like That!
Thanks.
BS article. Everyones situation is different.
No...he wants to suspend it temporarily so that people can recover from this covid disaster.
Funny how women were conned into thinking a career sitting in a stressful cubical is a fulfilling life choice.
Not just cubicles
Every kind of job
Look how few take the extremely physically demanding, roofing, construction, sewer, repairing anything, etc.
But even desk jobs are ‘so stressful’
Not made for it on the whole, here are exceptions but truly good ones are far and few between
For guys no one gives a shiite how they’re handling it
They left out a very important one. You are in poor health. You get one payment then die. Your nonworking spouse gets the same lower payment for the rest of her life. Happened to someone I know.
Off topic, but why wrap a Fox Business url in a Google wrapper? Why not just use:
I retired at 58 so we could go cruising on the boat. Moved our residency to Florida, so, no state income tax. Pension pays for everything we need (not that much) and my wife is taking early SS soon, me, not too much later. Gonna have fun and adventure for as long as we can. Hoping to go to Europe and the South Pacific, but, we’ll take what we can get.
Congress can stop paying any day they pass a law.
You know who will stop getting paid.
I’m taking dollar 1 on day 1.
I’m sure it wouldn’t be too difficult to come up with 5 scenarios where waiting to claim SS would be a terrible move.
Can you predict the future?
I would lose about $700 a month if I claimed at 62 instead of 66.7 years. I can afford to wait.
Well I took SS at 62. I get 1847 mo and wife get 1157 mo.. I am 73 now... Plus I get monthly pension of 2015.57 We are doing okay!!!
I took mine at 66. Full retirement for me. Came out to about $2500/ month. Plus I kept working full time until I was 70. With no penalties from the IRS. Gave a nice boost to my income the last 4 years until I finally retired.
Almost everything I read about SS says “wait to take it.”
Now I want all you people to think about something. When every single article says “wait” doesn’t that tell you this is what is in the government’s best interest, not your personal best interest.
Me, I took it at the first possible opportunity — I spent Uncle’s money while I kept my nest egg intact and growing. Best decision I ever made.
$2100/month x 96 months is a little over $200,000 that you’re NOT getting. If you take 4000/mo at age 70 and die at say age 72 that’s less than half that amount and probably most of it will be spent on health care and or assisted living. If you live until you’re 68 you get NOTHING. Not to mention there’s no guarantee there would be anything for you by then anyway.
Every year you wait is money that has passed under the bridge. I retired at 64 and began taking SS immediately. We could have survived without it, but it made things much easier with the extra income.
Besides, when was the last time the Federal government did something that benefited you - and not them? They know the longer you wait to get it (the 8% bait) the less likely they will have to pay you. It is all about them - not us.
Also, remember if your family history points to people dying before 65. Take the $$$ at 62. My dad died at 60 and all that $$$ went poof !!!!
I have read that Social Security will have finding issues in less than 10 years. I think if I sign up before that I would get grandfathered in when the decide they have to reduce benefits to those that have not begun to collect.
In his August 8th remarks when issuing his four executive orders Trump said, "If I’m victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax. So I’m going to make them all permanent."
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