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Old 12-17-2018, 01:54 AM
 
71,488 posts, read 71,652,652 times
Reputation: 49069

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Quote:
Originally Posted by CatPeople View Post
Not sure about your numbers. In Excel plugged in your $1,850 and $2,600. At 72, starting collecting at age 62 is still up $40,000. Break-even is around 77. From 66 to 77, you are still getting the $1,850.

Microsoft Office is $100 a year. Worth every penny.
there are way more factors involved when doing these calculations then the simple excel math .

you have spousal not gotten while delaying

assets being spent down while delaying that are gone forever

checks not received

uncapped medicare premiums while delaying , the sky is the limit .

then there are tax differences between delaying vs early ss

rmds to figure in the equation .

survivor benefits .

longevity risks

market risks

depending on age , restricted application may still be an option .

Last edited by mathjak107; 12-17-2018 at 03:24 AM..
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Old 12-17-2018, 08:38 AM
 
Location: Buckeye, Arizona
267 posts, read 105,593 times
Reputation: 282
That's all interesting..... so do you consider leaves (sick, sick bank, holiday pay and vacation) as earned income when you receive it OR is it earned earlier and you just collected it later? My last on the job workday would be November 1 BUT I have leaves that will fill in until February 1 the next year. I would be on basically permanent leave until I run out, not resigning on Nov 1st if that makes a difference? My leaves will pay me more than $3,000+ a month FYI.
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Old 12-17-2018, 08:41 AM
 
Location: SoCal
13,200 posts, read 6,308,074 times
Reputation: 9815
I hope you have better luck then my husband. He worked at home the whole month of January, only went in to do retirement paper. He had maybe one week of vacation pay.
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Old 12-17-2018, 10:20 AM
 
11,121 posts, read 8,527,266 times
Reputation: 28084
Help me with some context here. Is the OP concerned about getting partial payments for a few months? Or is the concern getting a permanently reduced payments because of the month of filing?
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Old 12-17-2018, 11:58 AM
 
8,186 posts, read 11,902,987 times
Reputation: 17952
Quote:
Originally Posted by 4khansen View Post
That's all interesting..... so do you consider leaves (sick, sick bank, holiday pay and vacation) as earned income when you receive it OR is it earned earlier and you just collected it later? My last on the job workday would be November 1 BUT I have leaves that will fill in until February 1 the next year. I would be on basically permanent leave until I run out, not resigning on Nov 1st if that makes a difference? My leaves will pay me more than $3,000+ a month FYI.
As I stated in my initial response to you, the IRS considers it income to you when you receive it, not when you earned it. So if you receive payment for your leave and holiday pay in January or later, it is 2020 income, not 2019.
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Old 12-17-2018, 02:07 PM
 
Location: Mount Airy, Maryland
10,459 posts, read 5,920,270 times
Reputation: 16151
I drive ride share one day a week, I'll do it more when I retire. We deduct business miles for all the dead miles and because of that have very little reportible income. So I'll parrot the earlier post, is this earnings that appear on the 1099 or the income after deductions?



And what is meant by a "penalty"? Do they deduct from your monthly benefit or are we referring to taxes on SS?
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Old 12-17-2018, 02:51 PM
 
Location: SoCal
13,200 posts, read 6,308,074 times
Reputation: 9815
Quote:
Originally Posted by MadManofBethesda View Post
For Social Security purposes, income counts when it was earned, not when it is received. (Which is the opposite of how and when the IRS counts income.) If you retire in November and are paid for your leave the following year in January and/or February, that will not affect your SS benefits for those two months.
@Madman, did you mean the opposite here, your last post stated the opposite.
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Old 12-17-2018, 07:36 PM
 
8,186 posts, read 11,902,987 times
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Quote:
Originally Posted by NewbieHere View Post
@Madman, did you mean the opposite here, your last post stated the opposite.
No, look at what I wrote again. In one instance, I was talking about SSA; in the other, the IRS.

For Social Security purposes, income counts when it was earned, not when it is received. Conversely, for tax purposes, the IRS considers it income to you when you receive it, not when you earned it.
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