Let's talk Social Security

[azgreg]

I turn 62 in May. If I elect to take SS then I'll be liable for a penalty. The penalty is a reduction in benefits of $1 for every $2 I make over $24,800. Based on how much I currently make and what my SS benefits project to be the penalty will wipe out the entire benefit. Now supposably when I reach full retirement (67) the penalty would be repaid if I read it right on the SS site.

 

[Russ Smith]

I turn 62 in May. If I elect to take SS then I'll be liable for a penalty. The penalty is a reduction in benefits of $1 for every $2 I make over $24,800. Based on how much I currently make and what my SS benefits project to be the penalty will wipe out the entire benefit. Now supposably when I reach full retirement (67) the penalty would be repaid if I read it right on the SS site.

Just saw this.

My take is i've always planned on taking it at 62. I turned 60 in November so 2 years away. I'm somewhat changing on that in that if the markets hold up the next 2 years and don't crash I may wait . My last estimate is 2310 a month at 62, 2460 at 63, 3280 if I wait until 67. So wait 5 years get 1000 more a month or 12K a year. But you lose 5 years of payments which is 138,600 dollars. So it will take 11.5 years at 67 to make up that 138K. So my break even is 78.5 if I wait.

My plan is still 62 but if the markets are fine, I'll wait a year and do the numbers again. My main plan is to use the SS money to pay health insurance.

 

[Dback Jon]

I'm 63 and still working - so taking now would lead to the reductions. My Dad lived to be 92, Mom 88 so waiting makes sense for me - and also would benefit my husband, who is 58 - because my earnings are greater than his, he'd get the bump to my benefits if I passed before him.

 

[Weenus O'Baggins]

I'm 63 and still working - so taking now would lead to the reductions. My Dad lived to be 92, Mom 88 so waiting makes sense for me - and also would benefit my husband, who is 58 - because my earnings are greater than his, he'd get the bump to my benefits if I passed before him.

I legit thought you were my age

 

[Dback Jon]

I legit thought you were my age

Seriously?

Thanks (I think)