That is why I advised a two step approach including a professional advisor.
Drawing Social Security early....
- Thread starter G-Mac
- Start date
That is why I advised a two step approach including a professional advisor.
HOUSTON RICK
Member
Social security at its most basic, is set up so that if you live to 80, it is better to hold off. If you figure that you will not make it 80, you may as well start drawing when you can. Taxes related to other income and numbers of dependents under 18 can alter that.
Bozz10mm
US Veteran
I took SS retirement as soon as I was eligible at age 62 and continued to work for about 6 months. I was giving up $1 in SS for every $2 that I earned at work. At that point, it just wasn't worth continuing to work.
I was working security on a Federal contract where we had to certify yearly with the baton and three times a year with the handgun- twice for the Feds and once for the state.
I had been having shoulder problems for about six years and it locked up where I couldn't raise my arm more than 45 degrees. So when baton quals came up in November, I resigned. I had hit 62 in August, but waited to draw until the next year, receiving my first SS check in February. I had planned to work at least two more years, but it didn't work out thataway. As it turned out, I had a back issue later in November, so even if my shoulder had been working, I would have had to quit because of my back.
I had been having shoulder problems for about six years and it locked up where I couldn't raise my arm more than 45 degrees. So when baton quals came up in November, I resigned. I had hit 62 in August, but waited to draw until the next year, receiving my first SS check in February. I had planned to work at least two more years, but it didn't work out thataway. As it turned out, I had a back issue later in November, so even if my shoulder had been working, I would have had to quit because of my back.
I’ve had a similar experience dealing with Social Security representatives on the phone. One instance required an in person visit to my local Social Security Office to get factual information and the other instance required 3 calls to finally talk to someone who knew what they were doing.
I’ve found Social Security to be very accommodating in returning calls in a timely manner, and making contact with a person relatively easy, but less than stellar in their training of employees.
Last edited:
I'm 67, starting my checks in February. I plan to work until the fall but teaching just plain sucks right now and the "company" attitude is "You suck and we hate you." Morale is under the toilet. The upside, I can make $50K and pay no tax being well past FRA. Joe
That is, if you trust ss to still be around by then. For me, being the cynical paranoid type, that was a big part of my decision to start pulling from it early. Also I did the math, and those three years of reduced payments combined were worth not waiting.
YMMV
GypsmJim
Member
- Joined
- Oct 16, 2009
- Messages
- 4,083
- Reaction score
- 7,192
That follows the assumption that your motive is to get as much back from the government as possible. For many people the motive is to be able to continue to live comfortably.
At 62 your medical insurance premiums will be very high. If you were an "average" worker, your SS payments may not be high enough to pay all your bills. Unless you have other cash flow, early retirement may not be feasible.
Grayfox
US Veteran
A heart attack and triple bypass at age 46 taught me that tomorrow is promised to nobody. I retired at age 60 on the first day I was eligible. Started drawing Social Security when I turned 62. I've never regretted either choice.
I retired in this past March, which happened to be when I turned 63. I took my SS because I may not live to be 66 1/2 years old, and all that money I never would have seen. Supposedly it doesn't catch up until I reach 78. I did all the math, and I'm okay with my two pensions and SS, with one of the pensions paying my health insurance for the 3 of us with money left over for "bullets" & beer. The annuity money is always there, too, if I can pry it from my greedy money guy's little fingers!
Yup!
In addition to getting zero percent of anything while waiting
to file at full retirement age, I considered these factors/questions:
1. Everyone dies*, I don't know if I'll reach full retirement
age. If I do live to full retirement, will I be around long enough
to break even (with what I'd have gotten, from filing at 62)? Will
I last long enough to do better than breaking even?
2. Age decreases one's ability to do things*. Filing now will
allow me to spend $$ on stuff I may not be physically
capable of doing, at full filing age.
3. Future legislation is uncertain, future SS fund health is
uncertain. What's "on paper" now, may not be accurate
by the time I hit full-retirement age.
*If anyone knows how to get around this, let me know
If you're subject to the withhold of $1 in S/S benefits for every $2 of earnings, how real time is that withholding done with regards to earned income? In other words, if you earned say $3K in July, does S/S withhold in August the withholding amount, or do they calculate it annually, where if one year your earnings are subject to the withholding they then take the withholdings for that year the following year?
Starting Feb 2021, I need to live 6 years 8 months to get back every penny I and my employers have put in in the 52 years (no "zeroes") I been hitting it. Looking back, I made the biggest money in the pharma and construction biz. Funny thing, construction out in the heat and elements 100+ hours a week paid less than putting on a suit and bringing lunch to Doc's offices, while telling the office staff how great they look, and maybe working 30 hours a week. I'm a little worried about losing the "work routine mindset" which helps me keep my **** in one sack and seems more important the older I get. We'll see. Joe
Been at my job as a copier tech at Xerox for 36 years. My 62nd B-day will come just a couple months after my 40th anniversary with the company. I am fully vested in my pension. When I retire at 62 I will make a bit more from my pension than I will from SS. I have been putting money into my 401K for the whole time with Xerox. Started off only putting in 4% but have upped it gradually over the years to 16%. Xerox matches up to 6% of my contributions. So I have a decent chunk in my 401K.
I have no debt plus our house is paid off and when Mom goes it will come to me. Mom has had really good Medicare plans plus supplements and basically pays nothing extra for any treatment. When she had quad bypass surgery 6 years ago she paid nothing out of pocket. She has insurance in case she needs to spend any time at a assisted living facility. She still has a nice nest egg and that will be split between myself and my sisters kids. Whatever that ends up coming to will become the house fund that will pay taxes, insurance and upkeep on it.
According to the retirement software on our company benefits site I will be making more upon retirement at 62 than I am now. I am a homebody and do not plan to travel or make any big expenditures. I am perfectly happy running down the road 20 miles to Brazos Bend State Park with my camera and hiking around, or taking a fishing pole to the lake at the end of our block. I have simple tastes. The way things have gone the last several years at work I have no interest in going past 62.
I have no debt plus our house is paid off and when Mom goes it will come to me. Mom has had really good Medicare plans plus supplements and basically pays nothing extra for any treatment. When she had quad bypass surgery 6 years ago she paid nothing out of pocket. She has insurance in case she needs to spend any time at a assisted living facility. She still has a nice nest egg and that will be split between myself and my sisters kids. Whatever that ends up coming to will become the house fund that will pay taxes, insurance and upkeep on it.
According to the retirement software on our company benefits site I will be making more upon retirement at 62 than I am now. I am a homebody and do not plan to travel or make any big expenditures. I am perfectly happy running down the road 20 miles to Brazos Bend State Park with my camera and hiking around, or taking a fishing pole to the lake at the end of our block. I have simple tastes. The way things have gone the last several years at work I have no interest in going past 62.
mike from st pete
Member
You opened an IRA in 1974, right?
You joined your company's 401k in 1978, right?
You started a ROTH IRA in 1997, right?
You contributed as much as possible to them, right?
Always pay yourself first, you hear that youngsters?
As for us old folks, get out of work force ASAP to allow the youngsters to have nice high paying jobs.
You joined your company's 401k in 1978, right?
You started a ROTH IRA in 1997, right?
You contributed as much as possible to them, right?
Always pay yourself first, you hear that youngsters?
As for us old folks, get out of work force ASAP to allow the youngsters to have nice high paying jobs.
Last edited:
The “LIKE button is not big enough for this.
I turn 66 next month. This morning i signed up to collect starting in January. I'm going to continue working 4 days a week. With vacation days I lined up and the holidays next Friday should be the last Friday I work. If conditions were better with the company I'd continue to work full time but I don't like the direction things are heading.
I pulled the plug at 62 in 2000. I've never regretted it.
