 Soc. Security (by Jim [PA]) Sep 26, 2024 10:41 AM
 Soc. Security (by WMH [NC]) Sep 26, 2024 10:47 AM
Soc. Security (by Oregon Woodsmoke [ID]) Sep 26, 2024 10:53 AM
Soc. Security (by RB [TN]) Sep 26, 2024 10:59 AM
Soc. Security (by WMH [NC]) Sep 26, 2024 11:10 AM
Soc. Security (by Oreo [WI]) Sep 26, 2024 11:20 AM
Soc. Security (by GKARL [PA]) Sep 26, 2024 11:27 AM
Soc. Security (by Ray-N-Pa [PA]) Sep 26, 2024 12:09 PM
Soc. Security (by mapleaf18 [NY]) Sep 26, 2024 12:11 PM
Soc. Security (by plenty [MO]) Sep 26, 2024 12:20 PM
Soc. Security (by GKARL [PA]) Sep 26, 2024 1:26 PM
Soc. Security (by Pmh [TX]) Sep 26, 2024 1:46 PM
Soc. Security (by MMIT [VA]) Sep 26, 2024 4:08 PM
Soc. Security (by tryan [MA]) Sep 26, 2024 4:15 PM
Soc. Security (by 6x6 [TN]) Sep 26, 2024 6:51 PM
Soc. Security (by Tarheel T [NC]) Sep 26, 2024 8:29 PM
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Soc. Security (by Jim [PA]) Posted on: Sep 26, 2024 10:41 AM
Message:
I'm an investor since 1998, I used to work in the corp. world till 2005. I have been thinking whether to start drawing S.S. since I am available to do so. My Accountant said I should be fine with being taxed as I run everything through my business with enough expenses. Just wondering if anyone have started drawing S.S. at 62/63 and their experience or expectations.
Thanks
--74.98.xx.xxx |
Soc. Security (by WMH [NC]) Posted on: Sep 26, 2024 10:47 AM
Message:
I started at 62, my DH waited until his full retirement age even though we both stopped working at our W-2 jobs years ago.
It's just more cash in the bank...we figure the income will eventually pay for a helper if we need to hire an extra set of hands. --173.28.xx.xxx |
Soc. Security (by Oregon Woodsmoke [ID]) Posted on: Sep 26, 2024 10:53 AM
Message:
SS payment isn't usually enough to be too bothered about but it is nice to get onto medicare. Even with the charges for medicare and any supplement it brings the cost of medical down --76.178.xxx.xxx |
Soc. Security (by RB [TN]) Posted on: Sep 26, 2024 10:59 AM
Message:
Jim -
since no one is promised a tomorrow,
I started SS at 62.
My accountant of 45 years suggested I NOT collect SS
until I needed it.
Being me, I told her I DON'T need it and that is why
I started to collect / save it.
Five years later, I have every penny of a Hundred Thousand
Dollars, plus.
DOWHATYAGOTTADO !
--69.130.xxx.xxx |
Soc. Security (by WMH [NC]) Posted on: Sep 26, 2024 11:10 AM
Message:
RB, that's what I did: just funnel it to a savings account and forget it.
The check my DH receives IS worth it, but it too just goes to liquid savings.
Medicare has been a godsend - I got expensively sick just a few short months after qualifying. It ain't cheap for us - but my SS covers the increased premiums and otherwise our OOP has been pretty much zero. --173.28.xx.xxx |
Soc. Security (by Oreo [WI]) Posted on: Sep 26, 2024 11:20 AM
Message:
I waited until 70 so can't help you there. It substantially increased the amount. It took 6 months for the govt to get it right. I applied online and it sat in a pile in Chicago until our local office straightened it out. I would not recommend doing it online as a result.
We're not promised tomorrow. I'd look at your needs and health. Start early on applying for Medicare. It was a nightmare for my friend and my husband. Same scenario as applying for SS online. It took two separate and different govt employees to get it.
--75.11.xx.xx |
Soc. Security (by GKARL [PA]) Posted on: Sep 26, 2024 11:27 AM
Message:
Real estate income doesn't count as earned income for the purposes of the earnings cap that applies if you're under full retirement age. It almost always makes more sense to take a reduced benefit at age 62 if one's only income is investment income. I couldn't claim mine early as I still had earned income over the cap in addition to my real estate income. My own retirement is "three legged" at the moment; real estate, social security and PT employment in my accounting practice. --23.28.xx.xx |
Soc. Security (by Ray-N-Pa [PA]) Posted on: Sep 26, 2024 12:09 PM
Message:
Follow up question for G-Karl.
I pay myself a small salary so I can fund a SD Roth Solo retirement account. I have more than enough quarters of earned income when I was in the military. How does taking this salary impact future SS payments? How are they calculated? --24.101.xxx.xxx |
Soc. Security (by mapleaf18 [NY]) Posted on: Sep 26, 2024 12:11 PM
Message:
I started at 62 but used my widow's benefits; not based on my SS from my decades of W2. When I turn 67 I will switch to my own benefits which will be about twice what I'm getting now. --64.246.xxx.xx |
Soc. Security (by plenty [MO]) Posted on: Sep 26, 2024 12:20 PM
Message:
Will draw my first check in Oct! Ya! From my understanding and experience with my spouse's draw you can make some money and the rental income isn't a factor. Go online and read, if you can wait patiently enough call for a voice to tell you that --172.58.xxx.xxx |
Soc. Security (by GKARL [PA]) Posted on: Sep 26, 2024 1:26 PM
Message:
Ray, the current cap on earned income if you're below full retirement age is 22,320. As long as your salary and any other "earned income" is below that amount, no reduction in benefits. For every $ 2 over that amount, $ 1 is deducted from your benefit. If you've not done so, you should set up an on line account with SS to check your benefits. Even if it's less than the amount you'd get by waiting, it always pays to take it early if you can.
ssa.gov/benefits/retirement/planner/whileworking.html --23.28.xx.xx |
Soc. Security (by Pmh [TX]) Posted on: Sep 26, 2024 1:46 PM
Message:
I thought I would wait till 65 but then I ran the break even and decided to take at 62….. --166.198.xxx.xx |
Soc. Security (by MMIT [VA]) Posted on: Sep 26, 2024 4:08 PM
Message:
Take social security as soon as possible.
I put the social security checks into a separate account.
After 4 years, the account had enough money in it to pay cash for another rental house. (Based on today’s real estate prices, it will take a couple more years, but, the concept is still valid).
My “social security house” is paying me an additional $1550/month.
When I die, the kids will inherit the house tax free. The house will continue paying them $1550/month. --72.219.xxx.xx |
Soc. Security (by tryan [MA]) Posted on: Sep 26, 2024 4:15 PM
Message:
63 in Oct ... have not started.
Every year you wait is a 8% bump. Yes the SP500 is better. BUT I have had plenty of "risk" in my time in the hood. No need to add more. Probably start taking it 66/67. --198.168.xx.xxx |
Soc. Security (by 6x6 [TN]) Posted on: Sep 26, 2024 6:51 PM
Message:
Soc. Security (by Tarheel T [NC]) Posted on: Sep 26, 2024 8:29 PM
Message:
opensocialsecurity.net is a great free SS claiming calculator. Boglehead forum has a lot on the subject too.
For married couples the strategy is for the one with highest
SS benefit to wait as long as possible and the lowest to take at 62.
Im taking in Nov and nurse wife at 67. --75.131.xxx.xxx |
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