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Old 02-19-2017, 02:08 PM
 
Location: Straddling two worlds
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Quote:
Originally Posted by gentlearts View Post
Yes, but you will also be losing $122,000. during that time, and it will take a lot of years to make that up.
How do you figure if I'm still working full time? I can't collect now and earn more than $16k a year without penalties and I can't live on that where I am right now (SFBayArea). Dying to move home to NYC but that's also a pipe dream right now.
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Old 02-19-2017, 02:14 PM
 
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For 122k you could never buy any annuity that pays what you get in the difference in ss, is inflation adjusted , is passed to a spouse and gets special tax treatment.

No one should ever buy an annuity without delaying ss first
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Old 02-19-2017, 02:27 PM
 
Location: Straddling two worlds
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Quote:
Originally Posted by mathjak107 View Post
For 122k you could never buy any annuity that pays what you get in the difference in ss, is inflation adjusted , is passed to a spouse and gets special tax treatment.

No one should ever buy an annuity without delaying ss first
Still not getting where the $122K is coming from.
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Old 02-19-2017, 02:31 PM
 
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They are looking at what someone not working would give up delaying
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Old 02-19-2017, 02:34 PM
 
Location: Straddling two worlds
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Quote:
Originally Posted by mathjak107 View Post
They are looking at what someone not working would give up delaying
Oh okay thanks. Not sure how you could do that unless you were independently wealthy to begin with.
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Old 02-19-2017, 02:46 PM
 
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Delaying is an option for those who can afford to safely lay out the money.

We are delaying so we can be far less dependent on market and interest rates. Our draw drops by 50% from our portfolio with the 70% bigger ss check.
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Old 02-19-2017, 02:51 PM
 
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and just remember that if you start or when you start drawing your IRAs etc, that income counts toward your total and will most likely increase taxes on your SS to a max of 85% of your SS which increases your taxes owed.

most know that, it just became patently obvious for me this year as I filed the difference it makes.
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Old 02-19-2017, 02:58 PM
 
Location: Straddling two worlds
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I don't have any type of portfolio. Social security and small pension, which is why I need to wait till I'm 70 or as close to it as possible. Looking to move somewhere my rent isn't 45% of my take home... but that's another forum

Last edited by Hannah5555; 02-19-2017 at 03:29 PM..
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Old 02-19-2017, 03:16 PM
 
71,593 posts, read 71,751,865 times
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Quote:
Originally Posted by theoldnorthstate View Post
and just remember that if you start or when you start drawing your IRAs etc, that income counts toward your total and will most likely increase taxes on your SS to a max of 85% of your SS which increases your taxes owed.

most know that, it just became patently obvious for me this year as I filed the difference it makes.
Spending down ira's while delaying ss can not only help reduce rmd's but ss is taxed at a max of 85% while rmd's are fully taxed. You are better off with higher ss and lower rmd's.

Many states do not tax ss but rmds are taxed .

Just using the standard deductions you can take 22k out if a couple tax free and up to 40k at 4.50% tax. All that while reducing rmd's and growing an ss check

Last edited by mathjak107; 02-19-2017 at 03:29 PM..
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Old 02-19-2017, 06:42 PM
 
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Quote:
Originally Posted by Hannah5555 View Post
Unless you have a lot other money, not sure why you would collect so soon (and no, no one tells you to sign up for either ss or medicare). If I started collecting now (I'm 64, working full time), I would only get approx $1700 a month. If I can stay employed until I'm 70, I get almost $3000! Not sure I'll be able to hang on that long but I need to get to 66 at least so I can keep working part time if I need to and not get penalized. Good luck. Wish I could retire so soon
If you can't find work at 62, that's a good reason to start collecting at that age.
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