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re: Social security claiming strategy
Posted on 6/12/24 at 10:15 pm to Tigerjulie
Posted on 6/12/24 at 10:15 pm to Tigerjulie
The “penalty” isn’t really a big deal as it’s amortized over the rest of your life expectancy, but it will absolutely put a dent into the plans of those who think they can work, draw SS, and invest the proceeds. It’s plausible you could be drawing SS before FRA and have to pay all of it back if your income is too high.
2
Posted on 6/13/24 at 7:37 am to makersmark1
It just depends on life expectancy.
Nothing wrong taking it early if don’t live past 72.
Otherwise the government keeps all your money.
My parents lived to 69 and 67. If they waited, they would not have collected a nickel.
It will only hurt if you live past 75, but by then you typically are hit with a double whammy with your benefits not keeping up with inflation and the healthcare costs getting out of hand.
Nothing wrong taking it early if don’t live past 72.
Otherwise the government keeps all your money.
My parents lived to 69 and 67. If they waited, they would not have collected a nickel.
It will only hurt if you live past 75, but by then you typically are hit with a double whammy with your benefits not keeping up with inflation and the healthcare costs getting out of hand.
This post was edited on 6/13/24 at 7:40 am
Posted on 6/13/24 at 9:00 am to slackster
When I filed, I confirmed my annual income for the current year. It's the same that I've reported from my professional corporation for years. I am under the belief(perhaps incorrectly) that my 2024 benefit computation took into account my representation of expected income. I'll need to confirm that this is in fact the case.
Posted on 6/13/24 at 9:05 am to fallguy_1978
quote:
I'll probably delay hers as long as I'm still working.
You might want to start taking hers and delay yours till 70 just for the increased survivor benefits. I don't see where delaying hers gives you that much of an advantage. Unless it puts you in a higher tax bracket.
Posted on 6/13/24 at 9:11 am to OTIS2
quote:
When I filed, I confirmed my annual income for the current year. It's the same that I've reported from my professional corporation for years. I am under the belief(perhaps incorrectly) that my 2024 benefit computation took into account my representation of expected income. I'll need to confirm that this is in fact the case.
You’ll lose $1 in SS benefits for every $2 your income is over the $22,320 limit in 2024.
Those “lost” benefits will be amortized over your life expectancy when you reach full retirement age.
I genuinely don’t know if they take the benefits on the front end or if it’s done when you file taxes for the year.
ETA- you’ll also be taxed on up to 85% of the benefits, which is a different story altogether.
This post was edited on 6/13/24 at 9:13 am
Posted on 6/13/24 at 9:20 am to Tarps99
quote:
Otherwise the government keeps all your money.
And gives to people that live longer.
Posted on 6/13/24 at 10:13 am to slackster
Isn’t that something. Pay back what they’ve stolen from you. While folks who have put nothing into SS can claim it and spouses can claim spousal benefit and get more than they’ve put in or deserve. SS needs to go away.
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