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joey12508
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Good morning
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Great move!Good morning! Got my Social Security lined up on line, to start in December....waited to start at 70.
If I wait it is only $800 more/monthGreat move!
The difference in pay is staggering…
Great move!
The difference in pay is staggering…
I'll probably take it as soon as eligible because I calculate it like this (even though I'm decades away from retiring). If you take SS when you're first eligible at 62 rather than waiting until 70, it's a reduced amount BUT you're drawing it for 8 years from 62-70. As a hypothetical example, for someone who draws early at age 62 for $2,000/mo vs. maxing out at $3,500/mo at age 70:If I wait it is only $800 more/month
On the fence about electing now but keep working
I’m still 15-20 years away so I haven’t really read up on it.I'll probably take it as soon as eligible because I calculate it like this (even though I'm decades away from retiring). If you take SS when you're first eligible at 62 rather than waiting until 70, it's a reduced amount BUT you're drawing it for 8 years from 62-70. As a hypothetical example, for someone who draws early at age 62 for $2,000/mo vs. maxing out at $3,500/mo at age 70:
Total accumulation from 62-70 = $2,000*12*8 = $192,000
Benefit difference of 70 vs 60 = $3,500-$2,000 = $1,500/mo
Years past 70 to break even point = $192,000/$1,500 = 10 years, 8 months
You'd be almost 81 before you start to see any downside ($1,500/mo less than you could have gotten). That's just the baseline; factor in that you may get COLA each year, and that the 8 years of income could grow pretty healthy in an annuity, my money's on taking SS as soon as eligible.
I think it's after 67...but, yes, you can earn up to about $19k before they start reducing your benefit. Pensions, annuities, investment income, etc. doesn't count; just net wages.I’m still 15-20 years away so I haven’t really read up on it.
But don’t they limit your other income from 62-70 but after 70, they don’t care how much you make in addition?