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Started By
Message
At what age did you / do you plan to start taking social security?
Posted on 3/25/25 at 12:39 pm
Posted on 3/25/25 at 12:39 pm
I’m aiming for 70. Wife is aiming for 62.
Optimistic vs pessimistic view on life!
In doing so, she will be interfering with our tax strategy (earlier SS takes space from earlier tax-deferred withdrawals that aim to lower RMD).
If make it to 80, paid for itself. If do not make it to 80, does not matter anyway.
Optimistic vs pessimistic view on life!
In doing so, she will be interfering with our tax strategy (earlier SS takes space from earlier tax-deferred withdrawals that aim to lower RMD).
If make it to 80, paid for itself. If do not make it to 80, does not matter anyway.
25
Posted on 3/25/25 at 12:41 pm to Artificial Ignorance
62 unless the market crashes in the next 7 years (like a crash that doesn't recover).
This post was edited on 3/25/25 at 12:42 pm
Posted on 3/25/25 at 12:46 pm to Artificial Ignorance
62.
Not worth it to gamble on extra years of life for a few extra bucks, imo
Not worth it to gamble on extra years of life for a few extra bucks, imo
Posted on 3/25/25 at 1:05 pm to Artificial Ignorance
Probably 65-67 because I don't think I'll be financially ready to retire at 62.
Posted on 3/25/25 at 1:05 pm to AlteriorMotive
Depends on the breakeven point and your health/family death history.
Posted on 3/25/25 at 1:16 pm to Artificial Ignorance
I presume your wife won't have other income? Realize that your income will affect whether a percentage of her SS distribution is taxed as well. The number is pretty low so odds are that at least a portion of her SS distribution will be taxed.
I plan to take mine at FRA. I will work about 6 months past FRA so that I can get an additional contribution to my IRA before retirement. My distribution for those 6 months will put the finishing touches on ny 401k contributions.
I plan to take mine at FRA. I will work about 6 months past FRA so that I can get an additional contribution to my IRA before retirement. My distribution for those 6 months will put the finishing touches on ny 401k contributions.
This post was edited on 3/25/25 at 1:19 pm
Posted on 3/25/25 at 1:19 pm to Artificial Ignorance
I'm taking from my Roth IRA and 401k from 59.5 to 70 then will start taking my full social security benefit. I'll reduce my 401k draw by the amount of my social security. If everything goes according to plan (it probably won't), my wife and I will be making $14,000 a month in retirement.
Posted on 3/25/25 at 1:19 pm to Artificial Ignorance
ASAP.
Posted on 3/25/25 at 1:39 pm to Artificial Ignorance
Me 70
Wife 66
Wife 66
Posted on 3/25/25 at 1:58 pm to Artificial Ignorance
I'm planning on working till 67 then drawing
Posted on 3/25/25 at 2:06 pm to Artificial Ignorance
62. I’ll run income through a company and make sure I only pay taxes on 20k.
Posted on 3/25/25 at 2:29 pm to Lakeboy7
I'd bevery careful with that strategy.
Posted on 3/25/25 at 2:37 pm to Artificial Ignorance
I think SS strategy should put people into 2 camps.
1. If you are going to be reliant on SS in retirement, work as long as you can to make the benefit as large as it can possibly be.
2. If SS is just a supplement and you aren't reliant on it, take it as early as possible and just invest that money.
But for some people in camp 1 it actually does make sense to start it at 62 and then maybe do some part time work. I've had relatives that got a pay raise when they retired at 62 and started taking Social Security lol
1. If you are going to be reliant on SS in retirement, work as long as you can to make the benefit as large as it can possibly be.
2. If SS is just a supplement and you aren't reliant on it, take it as early as possible and just invest that money.
But for some people in camp 1 it actually does make sense to start it at 62 and then maybe do some part time work. I've had relatives that got a pay raise when they retired at 62 and started taking Social Security lol
Posted on 3/25/25 at 2:54 pm to VolSquatch
quote:
2. If SS is just a supplement and you aren't reliant on it, take it as early as possible and just invest that money.
I agree and this is why my current plan is 63 or 64. I am 45 now, and with the way I have some things set-up now, I will be ready to retire in that 63 to 64 range. A lot can change in the next 18-19 years, but this is the current plan
Posted on 3/25/25 at 3:09 pm to Artificial Ignorance
Tell me when you will die and I can tell you when to start taking it.
The actuaries design it to come out even no matter when you take it based on life expectancy.
If you will die before the average life expectancy, better to take it as soon as possible. If you will outlive the average person, defer as long as you can.
To answer your question, I plan to take it as soon as eligible but I'm not really factoring SS into my retirement. I just want it out of the government's hands as soon as possible.
The actuaries design it to come out even no matter when you take it based on life expectancy.
If you will die before the average life expectancy, better to take it as soon as possible. If you will outlive the average person, defer as long as you can.
To answer your question, I plan to take it as soon as eligible but I'm not really factoring SS into my retirement. I just want it out of the government's hands as soon as possible.
Posted on 3/25/25 at 3:19 pm to BamaAlum02
I’m taking it on Sunday. Happy 70th birthday to me.
Posted on 3/25/25 at 4:00 pm to Fat Bastard
quote:
your household can only get so much anyway. My wife and I cannot each MAX it out. It would be over the household limit.
There is no household limit on SS. Each individual will get whatever they have earned.
Posted on 3/25/25 at 4:00 pm to VABuckeye
quote:
I'd bevery careful with that strategy.
It all depends on what you are showing for business expenses and the amount of actual income. If you make 800k and claim 22k in income, yeah you will get some scrutiny.
If everything is reasonable you wont get a second look.
I've been running income through an S corp my entire career and I honestly dont know why everyone doesnt do that. Lots of concurrent expenses in life and business.
Posted on 3/25/25 at 4:13 pm to Lakeboy7
quote:
I've been running income through an S corp
i do the same
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