Easiest decision imaginable. Take it the second you turn 62.
I am eligible but trying to put it off because of the rule that you begin to lose fifty cents on the dollar in benefits for wages earned over $15,000. So at about $40,000 in income I’d get no SS at all. Is my reasoning flawed?
“Easiest decision imaginable. Take it the second you turn 62.”
Of course, unless the only one who can gives you His guarantee you will live long enough to make it worthwhile.
60, as DSSI. When I was 56 applied for Disability, had to, no physical way I could work, took 4 yrs. When I turned 66 they switched it to regular SS/Medicare.
Exactly. Get it while you can. Takes about 15 years to break even. My MIL waited until the last minute to take it ...and passed away a couple of years later.
KyCats wrote:
“Easiest decision imaginable. Take it the second you turn 62.”
It won’t help if someone needs to stay working in order to have health insurance; social security payout is reduced if one is still working.
L
“Easiest decision imaginable. Take it the second you turn 62.”
Our CPA was a good friend. My wife was against me taking the SS early..
I had early retirement and had a good paying gig as an independent contractor. I paid both sides of my social security and health insurance as well as state and federal income tax.
My wife actually came up with the concept of depositing every other gig check into an escrow acct to pay federal taxes, the above and state taxes.
However, she didn’t want me to stop the consulting gig. I was about to turn 62.
Our CPA told us before our next appt in a few days, to go to an ATM and take out the maximum/$300 and bring it to the meeting.
Our CPA had an empty Homer Bucket on her desks.
She told my wife to count out $180 from the ATM’s $300 and put it in the bucket.
My wife did that, and the acct. said okay sit in the back seat of your Bronco have Dave drive down main street where the bums live on your way home.
Then, she told my wife to throw out the $180 into the street so the bums could have it.
My wife told our CPA she was crazy. The CPA said she was the crazy one.
I started taking my SS when I turned 62.
I’m 81 now, so that turned out well.
Our CPA helped my wife to negotiate with her bosses to put what was $’s designated to her health insurance into maximizing her 401k and to start a SEP IRA with her original boss. Maximizing her health savings acct and some nice gift cards versus raises. That little SEP IRA been sending a monthly $120 check since my wife turned 65. She is now 80.
There is an 8% increase every year from 66 till 70. It’s hard to find 1% interest rate now., let alone 8%. Depending on your health, habits, genes, weight and Covid antibody status it usually pays to wait as long as possible. It’s more complicated if you have a spouse, and the wrong decision there can cost the surviving spouse thousands over their lifetime. It’s smart to get all the facts. Taking the minimum benefit early usually favors the government.
Got my eye on that kitty cat