Social Security

[elkhound]

IMHO Social Security isn't going anywhere. The Government always finds a way to fund what they want. Again, JMHO but I think the optimum age to draw your SS is 66-67. For me it was 66, but depending on when you are born it may differ. For me at 66 I could draw my SS and still earn as much as I wanted working. If I had started drawing at 62 my income would have been limited to about $14,000.00 per year. If I earned more than that my SS would be reduced. So I double dipped for about 4 years, and retired from work at 70.

Elkhound, I would seriously question your Relative's financial advisor. All the analyses I have seen show about a 12 year difference in payback between 62, 66, and 70. My logic was I could probably make it to 74, and still have a pretty good chance to reach 78, but 82 might be a stretch. I have not regretted the decision.

from things i been studying on this year and from crunching numbers its about same for difference of ages 62 and 67...67 is full age for me....but that didnt count adding up age 70 amount....cause i aint waiting that long for sure.

also as example one thing i wasnt aware of is difference money is viewed different by govt/tax...example...if you wanted to do a roth account you cant use ss money...you have to be working showing earned income...interest ,pension,401k doesnt count. it has to be earned wages....also you are limited..not because of ss..just limited..you can only buy 10k a year in savings bonds...i think of each class type though.

i think as of now for this year if you draw ss early the amount you can still earn is like 23k or there abouts.

theres are a bunch of new laws and limits etc. and changes happening and coming soon too...so it seems we all better do homework.

above is not advice of any type..its me blabing on and just talkinf to be clear.

also if you have a LLC you are limited in amount you can work...from what i read its 45 hours a month...i was looking for a loop hole...it wasnt there....blocked.

 

[randyt]

I just really hope the politicians keep 0n taxing it, I mean for God sake they NEED that money

 

[elkhound]

well i was curious so i went and retrieved my numbers for ages 62,67 and 70.

calculated to age 83 like i said before....gross amounts for each are not far off...70 looks better monthly for sure....but gross wise...its still less than a years salary worked earning wages..spread out over 21 years from 62 i can pick up enough pop cans to cover it on side of road.

past 83 then gap widens more...so question is...do you think you make it past 83 and can you make difference up easier by starting earlier.

@Tommyice your 2cents on this mess,

 

[Lenny]

My observation has been that Medicare absorbs every bit of the Social Security raises.