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I also would like to know if anybody has used social security solutions? Were they happy with their results ? How much do they charge? thanks !
they do different workups depending on how intensive you want to be . they have different prices depending on level of detail and types of scenerios you want to calculate. you can click on the link
FRA means full retirement age. We've got a number of threads on the Retirement Forum on the file and suspend technique, which is particularly useful for married couples.
No, mathjak has no affiliation with that site. You are new to this board and, thus, unfamiliar with long-term posters. CD doesn't allow members to promote their own business interests. Mathjak has no need, in any event. One of the more prosperous members here.
$600/wk = $31,200/year income. You are allowed to earn $15,480 without having your benefits reduced. Thereafter, your SS will be reduced by $1 for every $2 you earn over $15,480, or $15,720 ($31,200 less $15,480 = $15,720). Which means your $14,400/yr benefit becomes $6,540 ($14,400 less $7,860 [$15,720/2 = $7,860] = $6,540).
There is no withholding on SS. Your wife's earnings have no effect on your SS benefit.
Income tax liability, however, is another matter. A certain amount of your SS benefit will become federally taxable, depending on how far over the threshold of $32,000 your earnings, plus your wife's earnings, plus 50% of your SS is. As much as 85% of your SS benefit could become taxable. So, you need to do the numbers.
Probably not, but you'll have to do the numbers both ways to determine that. 1040 instructions provide a worksheet on taxability of SS.
Since it appears collecting before your FRA (full retirement age) results in benefits are being decimated by your earnings, you need to think about this a bit more.
Generally, it is not advisable to collect SS early. Do a search on this board for file and suspend. There are many lengthy discussions on the financial advantages of strategically timing collection of benefits and which spouse collects what when. Proper planning can make a HUGE difference in SS benefits long-term - especially if you have a spouse.
You might start by taking the time to read this thread:
Thank you very much for the detailed response. This is what I was looking for to get me started in researching Social Security benefits.
I appreciate all who posted and I know you long-time forum members get tired of newbie questions but this kind of thing really helps, when I can ask specific questions and get them answered, PLUS get referred to some links for further research. I feel like I know what I need to do now in terms of research.
Thanks again to all who posted in this thread! It is much appreciated that you took your time to post instead of just saying "Use Google!"
I think you're grossly exaggerating. The last Social Security rep I spoke with not only told me she intends to claim on her ex's record at FRA (while earning delayed credits on her own record), she also suggested in a not too subtle manner that my ex could still withdraw his application for benefits (claimed at FRA) if he chose to do so. I also reached a knowledgeable SSA employee using the 800 number. I honestly think the problem is not with Social Security's staff, but with the "end user".
Ummm, hmmmm, ummmm, hmmmm how to say this. First I fully agree 100 percent plus. Fully! I am not saying this to put anyone else down but if a person doesn't know fully what they want to know when they call how can anyone help them? There is so much misinformation and accurate information that doesn't pertain to everyone out there it is amazing the folks at SS do as well as they do. I believe you have been involved in discussions on here where folks have confused spousal and survivor benefits. Imagine those phone calls.
I notice that in the news on the net, and in magazines and so on, these days, the mantra is "Don't take early Social Security."
I think that while of course this is correct if you want to gain the maximum amount, it is certainly not - imho - always the best advice. (And to the credit of those in this thread I acknowledge that no one is "pushing that", but the media certainly does.)
I always wonder how old those article writers are, who write the Yahoo etc. articles pushing people to retire at 66, 68 or 70 instead of taking it early to enjoy more free time!
The way I see it is that I'd rather retire on $1100 a month in a foreign country, (with maybe a $1000 extra income from online businesses) - than to wait til I'm 66 or older, at which time I may well be feeble, diseased, have limited mobility or otherwise be less able to fully enjoy my retirement. (By the way I have friends who have retired on $1200/month and are doing fine because they own their own home in a foreign country where they reside.)
It makes me mad that people look at me like I'm crazy for taking Social Security at 62 even though I am not getting anywhere near the max, nor do I have a huge 401k or other retirement income.
I have lived in other countries before on very little money and quite frankly I'd rather do that than to work here in the USA for 4, 6 or 8 more years to increase my Social Security by a substantial amount.
I just think it's important that when one considers one's retirement that one does some true self examination and asks "how much is really enough?".
Personally I really think that enjoying more of one's life, free from work, or at least in semi-retirement, is much better than working until one is potentially unable or less able to enjoy one's retirement or semi-retirement.
I think too much emphasis is put on "how much money" as opposed to "how much time". If one really needs more money in order to be happy, then by all means work until you're 70 if that floats your boat - even though you may then end up spending more of your retirement with less mobility, less mental capacity or less health in general.
On the other hand, if you value the ability to go hiking, swimming, local traveling, etc. and truly enjoy NOT having to work full time any more, and if you can learn to live - or already know how to live - a simpler life, with a smaller income, as I have learned to do in the past, then I say "Go for it!"
More money in retirement does not always equal more happiness.
Just sayin'.
Ummm, hmmmm, ummmm, hmmmm how to say this. First I fully agree 100 percent plus. Fully! I am not saying this to put anyone else down but if a person doesn't know fully what they want to know when they call how can anyone help them? There is so much misinformation and accurate information that doesn't pertain to everyone out there it is amazing the folks at SS do as well as they do. I believe you have been involved in discussions on here where folks have confused spousal and survivor benefits. Imagine those phone calls.
Tuborg, I fully agree with you which is why I'm here on this forum in the 1st place.
I know from my friend's experience with a Social Security worker that the person he spoke with didn't know jack and actually gave him 100% wrong information which he later found out.
I'm not saying this is the norm; I have no idea what the percentage of dumb or ignorant Social Security workers is. It could be 1% or it could be 50%.
The bottom line is that when we do things of this level of importance we need to do our homework and know something about what we are doing because we cannot rely on any "expert" to be 100% accurate or to know everything there is to know.
Let me give you an example outside of Social Security. Doctors are highly trained professionals and experts. They are among society's most respected and knowledgeable people. But you cannot rely on them 100%. You should know the medications you are taking and their side effects because the doctor may be too busy and overlook it and give you a medication that you know (because you have done your DUE DILIGENCE) should not be taken with the one he is prescribing. You should also know that they don't always know everything there is to know about health, particularly about other modalities.
I had an issue with pain that it turns out was caused by an inflamed or enlarged vein. The doctor said there was nothing that could be done short of surgery which he did not recommend unless the pain got too intense. I went home thinking I was doomed to suffer in pain. Then I did some research on the net and found that some people had success with certain herbs. I began taking the herbs as directed. After a short time I began having NO more pain. Zero. Zip. Zilch!
So one has to do one's own research on anything important and not trust one's future to anyone else.
I notice that in the news on the net, and in magazines and so on, these days, the mantra is "Don't take early Social Security."
I think that while of course this is correct if you want to gain the maximum amount, it is certainly not - imho - always the best advice. (And to the credit of those in this thread I acknowledge that no one is "pushing that", but the media certainly does.)
I always wonder how old those article writers are, who write the Yahoo etc. articles pushing people to retire at 66, 68 or 70 instead of taking it early to enjoy more free time!
The way I see it is that I'd rather retire on $1100 a month in a foreign country, (with maybe a $1000 extra income from online businesses) - than to wait til I'm 66 or older, at which time I may well be feeble, diseased, have limited mobility or otherwise be less able to fully enjoy my retirement. (By the way I have friends who have retired on $1200/month and are doing fine because they own their own home in a foreign country where they reside.)
Persons who are unable to retire without SS face issues normally not addressed in articles discussing the pros and cons of delaying benefits. Many of these articles don't target the question of when to retire but rather when to start drawing SS benefits. They're assuming that a retiree has pension and investment income, and the SS is the 3rd leg.
That's the case for DH & me. We retired at 61 and 62. Nearly 3 years later, we're still not drawing SS. We read the articles with interest.
Persons who are unable to retire without SS face issues normally not addressed in articles discussing the pros and cons of delaying benefits. Many of these articles don't target the question of when to retire but rather when to start drawing SS benefits. They're assuming that a retiree has pension and investment income, and the SS is the 3rd leg.
That's the case for DH & me. We retired at 61 and 62. Nearly 3 years later, we're still not drawing SS. We read the articles with interest.
Well it's good then that I represent the poor and un-represented!
I am somewhat middle class now but lost my 401k and investments so will have to retire poor.
I have lived poor before so I know it can be done without sacrificing happiness. In fact often I think the more money you have, the more complicated your life is.
Not everyone has the luxury of retiring early then waiting to collect Social Security for "extra money". For me it's either retire poor now, or work an extra 4 years at a job I don't like, living in a city I don't care to live in any more! OR retiring happily but with much less $ in a foreign country I choose to live in.
Not everyone has the luxury of retiring early then waiting to collect Social Security for "extra money".
It's not all luxury. Many have pensions that are adequate now but aren't indexed so inflation is a big worry. They have good reason to be concerned about whether or not to delay SS benefits.
The articles you're reading apparently don't pertain to you but that doesn't mean they don't provide useful information.
It's not all luxury. Many have pensions that are adequate now but aren't indexed so inflation is a big worry. They have good reason to be concerned about whether or not to delay SS benefits.
The articles you're reading apparently don't pertain to you but that doesn't mean they don't provide useful information.
Hi buscuitmom, I'm not saying that it's a luxury for everyone, nor am I saying that the articles and discussions about retiring later don't provide useful information.
I'm just saying that Social Security is NOT a one-size-fits-all subject and it kind of makes me mad when EVERY article I've ever seen about Social Security says "take it later, at 66 or 70".
I'd just like to see another side of the story. Some people would rather not risk waiting, when they might end up feeble or immobile or otherwise impaired from enjoying life as much as they might have at 62.
I'd like to see more stories about people who retired at 62 on a low income and were happy about it! Because I know people who have done this, one of whom died at 66 of a heart attack, but he had 4 really great years in a foreign country on $1k/month.
There are always things in life that apply to some of us and not to others. There are plenty of frugal living retirement sites .
The answer is easy , post the discussions here that pertain to your situation.
Most financial topics are going to based on doing better ,knowing more and utilizing what you have better where you can on the INCOME SIDE .
learning to get by on less is usually not as much a financial discussion as much as it is a frugal living and lifestyle one.
many retirement forums are divided up into lifetyle sections and financial sections. where to retire on less or how to live on less is in the lifestyle section
how to retire on more , get more income ,save more taxes would be in the financial section.
Last edited by mathjak107; 08-07-2014 at 03:25 AM..
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