Posted on 05/14/2025 12:38:15 PM PDT by where's_the_Outrage?
Farmers should always use the alternate Self Employment Tax computation when they have loss years to assure Social Security Disability Insurance Coverage.
It’s a small price to pay to maintain coverage.
I used it recently to get a farmer’s wife benefits when her husband died. They had not filed returns for many years due to farm losses. I went back, filed the old returns using alternate SE method under her name as she was co-owner of the farm and got her disability benefits for life. She was truly disabled prior to her husband’s death and had zero income after he died.
Everyone is different and situations are different .
I work in the mortgage business .
I have seen quite a few people living on very little income, it appears they quit working too soon .
But yes you really need to be aware of life expectancy .
And we all need to enjoy life before retirement .
If you have a 401K you also have to factor in the Required minimum distributions, and the tax impact if you’re also taking Social Security.
My wife waited till she got her full pension and then died shortly after. Something to think about.
I am 63. I will absolutely retire by 65 if not sooner. Might as well enjoy something of life while I can.
I always think of Bear Bryant, who died a month after his retirement.
If you have money, wait until the last minute. That will be your assisted living money.
Excellent advice... Wait until you’re dead. The government will love you for it.
I’m turning 77 soon and have been enjoying my retirement since 2010 when I turned 62. While many in the Medicare insurance profession would argue against taking an early retirement, it has allowed me to pursue my bucket list items vigorously. My wife and I work our “side hustle” six months out of the year teaching old farts about Medicare, and selling plans for various companies in 15 states, which allows us the opportunity to live a little larger lifestyle than drawing our social security alone, even at the higher rate.
That being said, I would urge everyone making the decision to look at their financial needs versus their projected income before jumping into early retirement.
Or Charles Schulz, who died on the day his last strip was published.
If you continue working and start collecting at age 62, ss will be taxed pretty well.
Grab it at 62...get it back from those government bastards while you can. By the way...have Trump and Noem abolished FEMA yet???
The breakeven calculators don’t take into account the possibility that one might be able to save and invest it. Ignoring taxes: The breakeven point is 80 if you spend all the money as it comes in, i.e. 0% return. If one can get just 5% return per year, that delays the breakeven point to almost 90. If one can invest the money and make 10% return per year, then there is never a breakeven point.
waited until 70 ... Excellent move ... Extremely happy
I did also. I take the maximum and bank it. My retirement is all I need. This will be a cushion in case of medical emergencies.
What is thing called retirement that everyone is talking about?
I am 65, in good health, and make a great living. If I was to retire, I would just be sitting around the house watching the clock to know when it was time to go out to feed my horses and cows. And there would be really no chance of that, since my wife is 48, there wouldn’t be any sitting around time either since she would have a list of honey-dos a mile long.
If you continue working and start collecting at age 62, ss will be taxed pretty well.
If you like your work, and plan to keep doing it, Taking SS at 70 allows you to make as much as you want with no penalty.
Same, bailed out after Øbowel killed the return to the moon program.
I sure as heck enjoyed the years far more than struggling to find new work in engineering.
I know people who waited to take SS, then died soon after without getting much back.
I retired as soon as possible. I’m going to collect every penny I paid into it before I die. My job was physically demanding. I wouldn’t have made it to 70 anyway.
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