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^^ A person can have enough money for the years they have remaining -- that they don't need to worry about longterm inflation, or government support issues. That is certainly possible.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by mathjak107
you can give it me , i will pay the tax
After full retirement age (July 2018 for me) collecting SS while still working means a higher income tax bite, but still nets greater income for those last few working years. If the SS payment at 67 is $2,500, for example, and you continue working until age 70, that's $90,000 before taxes. Even with higher income tax that's money that would be left on the table. Waiting to collect at age 70 your benefit might be about $400/month more to start, but it would take many years to recover that lost $90k.
well any kind of govt. subsidized income/support. if one will refuse income because of taxes, then is he planning on saying no to govt. subsidies when needed?
^^ A person can have enough money for the years they have remaining -- that they don't need to worry about longterm inflation, or government support issues. That is certainly possible.
how do you know what is enough? do you have long term insurance? you live in a country that does not provide full healthcare. what will you do if you are hospitalized and in a nursing home? will you go on medicaid, govt. support for which you will forego income so you don't have to pay taxes? I know you did not say that but saying I don't want to pay taxes is like cutting your nose off to spite your face.
After full retirement age (July 2018 for me) collecting SS while still working means a higher income tax bite, but still nets greater income for those last few working years. If the SS payment at 67 is $2,500, for example, and you continue working until age 70, that's $90,000 before taxes. Even with higher income tax that's money that would be left on the table. Waiting to collect at age 70 your benefit might be about $400/month more to start, but it would take many years to recover that lost $90k.
delaying from 62 to 70 and living off a balanced portfolio while delaying has a break even of about 22 years .
however from that point n a 70% bigger check plus the colas on that add up quickly .
at age 90 a 65 year old couple has almost a 50% chance of one person seeing that age . the roi on the ss rivals the return on a balanced portfolio at the point with zero risk .
so again , the biggest factor is do i want to be more market and rate dependent or more longevity dependent , or something in the middle .
That has nothing to do with the decision to collect Soc. Sec.
Yes, it is a factor for many Americans who are not healthy. They cannot afford to retire at 62 and pay the cost of their healthcare out-of-pocket, which would mean paying full-price for prescription drugs, instead of a co-pay or reduced price through their insurance. Many choose to work until 65 so that they are eligible for Medicare.
If anyone is in the know with what's REALLY happening with the economy, you'd better take SS while you can. It may not even be available within the next few years as things are/will drastically change. Get it while you can!
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