community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.
Yes, you can apply for your SS benefits anytime after you become eligible and you can work as much as you choose. You will still have to pay into the system if you have income other than your SS. Any 'penalty' depends on when you take your benefits (pssst... earlier is a bad idea unless you need the money) and on what tax bracket you find yourself in.
He don't need the money. He travels all over the world. He would be crazy to take it early.
My monthly insurance cost dropped from $550 to $174 for Medicare plus $33 for my supplement. The supplement includes a $75 per quarter debt card that can be used to purchase a wide variety medical related products. My wife saw the same reduction when she turned 65. Because of the tax implications and the annual increase in your payout for waiting to file for SS I decided to wait until 70 to draw. My first check will be deposited next month.
That is smart. My father in law was a world war 2 vet and had two jobs that he retired from after serving in the military overseas.
All I have to do is live to about 80, then I will I have received about the same amount of SS, whether I filed at 62, 66 or 70. Another reason is my wife has been in retail for years so while she has paid into the system her benefit will not be that large and she will be able to draw more if she draws against my benefit. Additionally, I am 4+ years older than my wife and if I should predecease her she can give up her benefit and draw 100% of mine, which will be worth $2,000 + more per month for her. Now I am in excellent health, take no medicine of any sort and I have had two great grandparents, three grandparent, my father and several direct line aunts and uncles all live into their 90’s. My dad was just shy of 93 when he passed and he had not been on any medication during his lifetime. He and my mom had contracted polio before I was born and it affected my mom’s lungs and my dad’s legs. So I think I have a good shot at being around another 20+ years.
I'm over 65, never retired, still working as an independent contractor, and make all I want. Added to that, my SS check is a BIG plus every month. However, I've put a lid on how many appraisal jobs I accept, because of taxes. I check my appraisal file numbers, and make sure I don't exceed the number of jobs I did the prior year. So, I know how much I'll owe the IRS every year, and that also depends on business deductions, travel expenses, etc. This has worked for me, since I'm in good health. Besides, I don't want to be sitting around, or joining some 'old ladies' club.
I checked out one of those, and hated it! I'd rather work from my home office, meet interesting people, and get paid.
yes. That's your big expense before and after. I lose almost half my check to the supplemental insurances (including some outside insurance I carry)
If my wife makes more money (more social security), wouldn't it make sense for me to take SS at 62.
So what is the threshold income while collecting SS before disincentivized in earning more income?I'm over 65, never retired, still working as an independent contractor, and make all I want. Added to that, my SS check is a BIG plus every month. However, I've put a lid on how many appraisal jobs I accept, because of taxes. I check my appraisal file numbers, and make sure I don't exceed the number of jobs I did the prior year. So, I know how much I'll owe the IRS every year, and that also depends on business deductions, travel expenses, etc. This has worked for me, since I'm in good health. Besides, I don't want to be sitting around, or joining some 'old ladies' club.