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Posted on 4/18/26 at 9:05 pm to Ramblin Wreck
Retirement is extremely individual.
There is absolutely no one size fits all.
I wouldn't presume to be capable of giving specific advice to anyone.
If you have a good retirement, the fear is that it is too good.
RMDs will potentially push you into a higher tax bracket in the future.
It is great to have financial security. But you and I know that you get more security by keeping a larger percentage of your money than paying it to uncle sam.
Other concerns could be (I dont know if you are married), the benefit of the higher wage earner delaying to age 67 or 70 for the widow's survivor benefit. And the benefits of cola adjustments on that larger amount.
And lastly, the widow's tax. Compound the tax frustration of filing single on your future tax returns with RMDs, again the fear is that you are paying a huge chunk of that saved 401k to the IRS to maintain a net cash flow.
There are arguments for all sides (early, middle, and late). Kudos to you for being in a well enough off situation that "saving too much" could be a problem.
There is absolutely no one size fits all.
I wouldn't presume to be capable of giving specific advice to anyone.
If you have a good retirement, the fear is that it is too good.
RMDs will potentially push you into a higher tax bracket in the future.
It is great to have financial security. But you and I know that you get more security by keeping a larger percentage of your money than paying it to uncle sam.
Other concerns could be (I dont know if you are married), the benefit of the higher wage earner delaying to age 67 or 70 for the widow's survivor benefit. And the benefits of cola adjustments on that larger amount.
And lastly, the widow's tax. Compound the tax frustration of filing single on your future tax returns with RMDs, again the fear is that you are paying a huge chunk of that saved 401k to the IRS to maintain a net cash flow.
There are arguments for all sides (early, middle, and late). Kudos to you for being in a well enough off situation that "saving too much" could be a problem.
This post was edited on 4/18/26 at 9:08 pm
Posted on 4/19/26 at 5:11 am to meansonny
quote:
Retirement is extremely individual.
^this
I decided since I still have a 1099 gig that pays more than the social security level where they take back a chunk of the money, that I will wait until I’m older to take social security.
I think they take back 1 in 3 dollars after 22,000 and 1 in 2 dollars over 44000 or something along those lines.
The 1099 work is not extremely stressful, but whenever I stop it or age 70 (when there is no penalty for work) is when I plan to take it.
Posted on 4/19/26 at 10:05 am to makersmark1
quote:
The 1099 work is not extremely stressful, but whenever I stop it or age 70 (when there is no penalty for work) is when I plan to take it.
There is no penalty at whatever your FRA is (likely 67), but there is no benefit to delaying past 70. Again, everyone's situation is different. If you project a long life, in your situation, I would wait until 70. However, you could take it at your FRA with no penalty for your gig work.
Posted on 4/19/26 at 11:50 am to Ramblin Wreck
If you are prepared for retirement with a flush 401k, Roth, and HSA start drawing at 62. So many people aren’t financially prepared for retirement or they think SS is supposed to be their retirement and they have to wait until 67 or 70. Social Security was never meant to be one’s sole source of money for retirement. It’s a supplement to other retirement vehicles.
Posted on 4/19/26 at 4:34 pm to Ace Midnight
quote:
There is no penalty at whatever your FRA is (likely 67)
Thanks for that correction.
I’ll probably quit at 67 and take SS then.
Posted on 4/19/26 at 5:17 pm to Ace Midnight
quote:There is no penalty with any of it, even withdrawal at 62. It's a matter of simple actuarial adjustment, not a penalty.
There is no penalty at whatever your FRA is (likely 67), but there is no benefit to delaying past 70
Posted on 4/19/26 at 5:19 pm to ronricks
quote:That is good advice, IMO
If you are prepared for retirement with a flush 401k, Roth, and HSA start drawing at 62.
Posted on 4/19/26 at 6:44 pm to ronricks
quote:
If you are prepared for retirement with a flush 401k, Roth, and HSA start drawing at 62.
What do you consider flush for HSA?
Posted on 4/19/26 at 9:06 pm to NC_Tigah
quote:
quote:
There is no penalty at whatever your FRA is (likely 67), but there is no benefit to delaying past 70
There is no penalty with any of it, even withdrawal at 62. It's a matter of simple actuarial adjustment, not a penalty.
The penalty is that they withhold your social security payment.
Every $2 that you earn above the threshold, they withhold $1 on your payment.
You get it back when you hit FRA.
But what is the point of claiming SS if you still have income and you aren't even receiving the 62 year old benefit?
Posted on 4/20/26 at 9:25 am to kywildcatfanone
quote:
What do you consider flush for HSA?
Its going to be a case by case basis. It has only existed since 2004. I've had mine since 2005 and have maxed it every year and have it invested. I'm single and family's can put in more money than self only. The huge benefit here is at 65 you can:
A: You can use funds for any purpose, including non-medical
B. you can use HSA funds tax-free for Medicare premiums (Part A, B, C, D) and long-term care premiums.
Posted on 4/20/26 at 9:58 am to meansonny
quote:
The penalty is that they withhold your social security payment.
Every $2 that you earn above the threshold, they withhold $1 on your payment.
You get it back when you hit FRA.
But what is the point of claiming SS if you still have income and you aren't even receiving the 62 year old benefit?
That's just a stupid rule. Let me collect my SS no matter how much i make. That needs to be changed.
Posted on 4/20/26 at 10:48 am to Double Oh
quote:
That's just a stupid rule. Let me collect my SS no matter how much i make. That needs to be changed.
You can collect SS no matter how much you make at full retirement age.
But that is one of the drawbacks to claiming early if you cannot live off of ss and retirement withdrawals alone at age 62.
Posted on 4/20/26 at 10:59 am to meansonny
quote:
You can collect SS no matter how much you make at full retirement age.
But that is one of the drawbacks to claiming early if you cannot live off of ss and retirement withdrawals alone at age 62.
Yea i get that but i want SS at 62 and make as much as i want at 62 also.
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