Hay Mark! Social Security Payouts
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From what I understand, if your life expectancy is normal, the total payout you'll get from Social Security is the same (within a small amount of error) whether you start early, FRA, or later.
Of course, if you start early, your yearly amount will be smaller.
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Yeah. I've been looking at the data. I still make too much money, and I'm not ready to "retire" They would basically withhold the entire amount for the next 5 years. I guess they pay it back at FRA which would be quite the windfall if I live that long. I'd get a gross check of over $130k?
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@mark said in Hay Mark! Social Security Payouts:
@Jolly good info. Thanks.
I'm still 3 years away from Medicare.
BIL got bit by IRMAA because of a Roth conversion.
Your FRA is probably 67. Do take a look at the income you can make, should you take your SS before then..
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I turn 70 later this year and will start taking SS at that time. Mrs. Kluurs is still working and plans to continue for another 5+ years though we'll see if that happens. I've not taken Medicare B as I am covered under Mrs. Kluurs health insurance so as I read those columns, that may work out better for me as my former salary won't impact calculations when my wife retires.
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I'm an oddball.
Since I'm subject to WEP, my SS is cut by 50% and I still work PT. I don't make the big bucks like Mik, but I make enough (and my SS is low enough) that it's not worth taking my SS at 65, so I've been paying for my Medicare out of pocket.
All this stuff is much more complicated than it needs to be.
Set the early retirement age, set the FRA and set them in stone. Do away with the max age to collect. Apply a sliding scale for benefits between early and FRA. Do not tax SS. Do not penalize people with WEP or GPO.
And do not let any illegals collect a single dime.
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I turn 70 later this year and will start taking SS at that time. Mrs. Kluurs is still working and plans to continue for another 5+ years though we'll see if that happens. I've not taken Medicare B as I am covered under Mrs. Kluurs health insurance so as I read those columns, that may work out better for me as my former salary won't impact calculations when my wife retires.
@kluurs said in Hay Mark! Social Security Payouts:
I turn 70 later this year and will start taking SS at that time
Me too.
But I jumped the gun. I get my first payment next week, but turn 70 in October.
That changed my break-even date by a couple months - somewhere around 83 years old.
We started receiving my wife's at age 67, for no good reason, just as a bit of a hedge against the early demise of either her or Social Security.
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When we are all dead, can we keep the forum going in the afterlife?
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When we are all dead, can we keep the forum going in the afterlife?
@bachophile said in Hay Mark! Social Security Payouts:
When we are all dead, can we keep the forum going in the afterlife?
Larry is already all over that!
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@kluurs said in Hay Mark! Social Security Payouts:
I turn 70 later this year and will start taking SS at that time
Me too.
But I jumped the gun. I get my first payment next week, but turn 70 in October.
That changed my break-even date by a couple months - somewhere around 83 years old.
We started receiving my wife's at age 67, for no good reason, just as a bit of a hedge against the early demise of either her or Social Security.
@Copper said in Hay Mark! Social Security Payouts:
, for no good reason, just as a bit of a hedge against the early demise of either her or Social Security.Yeah, I'm betting on the survival of SS - but then again, I bet on Beta as opposed to VHS. Probably should figure that SS will disappear by the end of the year.
