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Getting Social Security and working

Fernando said:
If my wife makes more money (more social security), wouldn't it make sense for me to take SS at 62.
Then when younger wife retires, I get booted up to same amount as her higher SS give out?
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Fern,
Reading is fundamental. If you take early you are locked in at that amount for life. Any SS you receive prior to your full retirement age will be reduced $1.00 for every $2.00 you make over a certain dollar amount and you will also pay income tax on your SS, depending on your income and filing status. The only way you will get booted up to her benefit amount is if she predeceases you and the you lose your benefit.

If you and your wife make the money you would like us to think you do, you would most likely lose 50% of you SS benefit and pay income taxes on 85% of the benefit you do receive. You need to either do some research or contact someone about 6 months before you turn 62 at the SS office and go over your options.
 
Fernando said:
If my wife makes more money (more social security), wouldn't it make sense for me to take SS at 62.
Then when younger wife retires, I get booted up to same amount as her higher SS give out?
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The best advice is to work until 70, - that is, if you expect to live at least another 20 years after that. That is what both my wife and I have done - more or less - i.e. when you get to 69 1/2, it doesn't make that much difference because you can never be sure of living another 20 years - you might die in an accident - and giving up $4k+/month vs payback over the next 20 or so years, is probably not worth fretting about. And by the way if you die young in an accident, you are not going to know the difference anyway.

But, everyone is different. Run different scenarios in Excel to decide.
 
RCA said:
The best advice is to work until 70, - that is, if you expect to live at least another 20 years after that. That is what both my wife and I have done - more or less - i.e. when you get to 69 1/2, it doesn't make that much difference because you can never be sure of living another 20 years - you might die in an accident - and giving up $4k+/month vs payback over the next 20 or so years, is probably not worth fretting about. And by the way if you die young in an accident, you are not going to know the difference anyway.

But, everyone is different. Run different scenarios in Excel to decide.
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He has a bunch of rental income. He may need to get on medicare as soon as he can unless his wife has insurance that covers him or he has some other plan on health insurance.

Even if he has another plan, he still needs to get on medicare as soon as he can.

I think age 65 on medicare. I'm getting close.
 
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I want the health insurance congress has. LOL

I'm dreaming.
 
KHS445 said:
If you take early you are locked in at that amount for life.
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Not necessarily. If you continue to work after you start taking SS early, your benefits can increase based on the amount you continue to pay in.
 
Zoe said:
He don't need the money. He travels all over the world. He would be crazy to take it early.
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Yes. Yes he would... but, I didn't want to say that.
 
Fernando said:
So what is the threshold income while collecting SS before disincentivized in earning more income?
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If you wait for your full retirement age there is none. You can earn as much as you want. You will still have to pay income taxes on what you earn. Your full retirement age depends on when you were born. You can look it up on the SS's website. Why don't you do that instead of asking the forum?
 
sputnam said:
If you wait for your full retirement age there is none. You can earn as much as you want. You will still have to pay income taxes on what you earn. Your full retirement age depends on when you were born. You can look it up on the SS's website. Why don't you do that instead of asking the forum?
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I figure many AF have retired and collecting SS and what are the costs in earning money from their experience.
If the threshold is $36,000, I aim to earn that much and stop.
I do know when 65, I get medicare so that is great in saving health cost there ( I believe regardless if I have earn income).
 
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