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Have any of you calculated SS this way?
mogley98
Member Posts: 18,291 ✭✭✭✭
If you retire early say at 62 and you work and earn over the limit they reduce your benefit 1 dollar for every two dollars you earn over the limit.
However once you reach full retirement age they recalculate and restore the benefits you lost.
This could be a good strategy to make sure that if you die pre full retirement age you still draw something and if you live past full retirement age and beyond you could still recalculate to a nice size check. Plus the extra years of earning could replace years out of the thirty five calculated that you may have earned less and provide another increase.
My thinking is if you bank what you get the interest earned, the additional earnings and the recalculation at full retirement age might be a good strategy but I haven't plugged it all into a spread sheet yet. Anyone else looked at it this way?
From SS web site "Social Security will recalculate your monthly amount, giving you credit for any payments that were withheld during the time when you earned more than the annual earnings limit"
However once you reach full retirement age they recalculate and restore the benefits you lost.
This could be a good strategy to make sure that if you die pre full retirement age you still draw something and if you live past full retirement age and beyond you could still recalculate to a nice size check. Plus the extra years of earning could replace years out of the thirty five calculated that you may have earned less and provide another increase.
My thinking is if you bank what you get the interest earned, the additional earnings and the recalculation at full retirement age might be a good strategy but I haven't plugged it all into a spread sheet yet. Anyone else looked at it this way?
From SS web site "Social Security will recalculate your monthly amount, giving you credit for any payments that were withheld during the time when you earned more than the annual earnings limit"
Why don't we go to school and work on the weekends and take the week off!
Comments
"If you've already started collecting benefits and you're under full retirement age, it's not too late to get a raise. One strategy: Go back to work. If you earn more than $14,160, the Social Security Administration will dock $1 in benefits for every $2 you earn. But once you reach full retirement age, your benefits will be recalculated to account for the money you didn't get while working. So, for example, someone who took their benefits at 62 -- at a 25% reduction compared to full benefits -- but went back to work from ages 63 to 66 and earned enough to zero out his entire Social Security check could end up collecting close to full benefits at age 66. "
Of course taxes come into play too
Needs a "pencil and paper" factoring in what you intend to do.
Get some ideas, this is one search "retire at 62 or 65 which is best". Better places than the "fool" but it's just ideas.
https://www.fool.com/retirement/general/2014/05/31/social-security-why-taking-benefits-at-62-is-smart.aspx
if we knew that we would know what was best to do
There are way more rumors than facts floating about and to try to get answers you end up with more questions![:(!]
About as bad as our IRS policed and monitored tax system.
quote:Originally posted by danielgage
the real unknown is when we will die
if we knew that we would know what was best to do
Recently I've read 62 is the best age to retire. Wasn't sure if I'd live past 65 or 70 so went with 65. BUT, didn't intend to ever work another hour in my life.
Needs a "pencil and paper" factoring in what you intend to do.
Get some ideas, this is one search "retire at 62 or 65 which is best". Better places than the "fool" but it's just ideas.
https://www.fool.com/retirement/general/2014/05/31/social-security-why-taking-benefits-at-62-is-smart.aspx
that would be great if you could survive on SS only
if you have no BIG pensions.... big 401K etc etc
only folks i know that can at 62 are on GBF a few brag about their millions......one in particular that thinks SS and medicare/medicaid should be trashed
I aint one of them
my fault............
How much is 4 years of your life worth? I retired at 62 instead of 66 and I'm glad I did. That's 4 years of doing what I wanted to do while I was still healthy instead of jumping through hoops for someone else in order to buy food.
Exactly ^^^^ but only had to feed myself, makes a big difference.
When I filed last year, my h&r guy said that I get taxed on 50% of what I make after I go over $36K in benefits and pension/retirement pay.
I got medically retired at 57, couldn't receive pension till after disability determination (2years, 11 months, 26 days), had to adjust taxes back 4 years; SSDI expires next year, and converts to SS at same amount plus recent $28 raise, Medicare already kicked in, and my monthly nut is $300.
I figure that whatever I make now, and whatever I pile on top from Odd jobs; I want to pay some taxes on it!
The more I pay; the more I made! I'd absolutely get woozy if I were able to pay $6M in taxes!
Move over, Mr. President; I wanna earn more than you![:D]
Heck! Daniel Boone never had health insurance, 401k, Social Security, lots of money socked away under his mattress, or much besides a good dog and a good shooting rifle! He lived to be a ripe ole age too boot.
I may be a bit of a dreamer but no matter what our circumstances may be we will exist until we get called home.
If I had lived on the IRA until it was gone it only would have been taxed at 100% & my SS would be much higher.
You don't really need to "retire" at 62, just keep on working after you apply for benefits. You will probably need to keep working a 40 hour week, in order to get any benefit from a recomputation at a later age. And, you have to avoid resenting the fact that a portion of your SS entitlement is being snatched back by greedy politicians.
The only real "loophole" was closed 2 years ago; that was a trick that allowed you to file for benefits but postpone receiving them until you reached full retirement age. (Allowed old men with young children to get childrens benefits.)
Neal
quote:Originally posted by nmyers
Statistically, men usually are better off retiring early than women, because we won't live as long. You have to consider your entire household income, especially other pensions & investments that kick in at a later age.
You don't really need to "retire" at 62, just keep on working after you apply for benefits. You will probably need to keep working a 40 hour week, in order to get any benefit from a recomputation at a later age. And, you have to avoid resenting the fact that a portion of your SS entitlement is being snatched back by greedy politicians.
The only real "loophole" was closed 2 years ago; that was a trick that allowed you to file for benefits but postpone receiving them until you reached full retirement age. (Allowed old men with young children to get childrens benefits.)
Neal
If you paid into a retirement system that isn't part of the SS system your SS gets docked.
So since I worked a lot before and during my teaching career (including Army Reserve) my SS was about half of what it would be otherwise.
And only certain states apply this provision.
Thanks a lot, Sen McConnel[:(!]
Another joker in the SS deck is the "Windfall Provision" that bit me.
If you paid into a retirement system that isn't part of the SS system your SS gets docked.
So since I worked a lot before and during my teaching career (including Army Reserve) my SS was about half of what it would be otherwise.
And only certain states apply this provision.
Thanks a lot, Sen McConnel[:(!]
How is the Ky Teachers retirement any of Mitch McConnel's concern?
Yep the POS government voted to penalize pensioners while THEY get both. IIRC back in rep Dan Rostenkowski days. Guess pos mconnnel was there then too.
I try to cheat them worse than they cheat me.
They started it.