Drawing Social Security early or not?

[WileE]

What about the income restriction before full retirement age ? You can live on less than 24k/year, according to your numbers ?

 

[MarPar]

ill never see any $$ from SS...still have 22 years to go!!

the Ponzi will have collapsed by then.

 

[Paul_G]

What about the income restriction before full retirement age ? You can live on less than 24k/year, according to your numbers ?

FAQ HomeRetirement
Will withdrawals from my individual retirement account affect my Social Security benefits?
Social Security does not count pension payments, annuities, or the interest or dividends from your savings and investments as earnings. They do not lower your Social Security retirement benefits.

See Income From Pensions, Annuities, Interest, And Dividends for more information.

Living on $24000 a year is impossible for most. To actually retire early you must have income from a pension or annuity that does not reduce the SS payments. Not sure about the 401k? Going to ask my tax person about that.

 

[gary h]

On a Related Note : If one Draws Disability, What age do they claim Retirement Benefits ?

 

[GetX'd]

On a Related Note : If one Draws Disability, What age do they claim Retirement Benefits ?

Your social security retirement benefits automatically kick in at your full retirement age. The $$ will be the same - no more or no less. In other words you transition automatically from disability to ss retirement at FRA.

 

[cmansell]

I signed up yesterday, I will be 62 in a month. I retired after 30 years at the age of 53. I thought it would be bust before I got to this point. My father passed at 58 so waiting till 70 for full benefits never crossed my mind.

 

[Bruzilla]

I figure if my Social Security isn't enough, I'll just go back to dancing for Chippendales.

 

[Danomt]

Started drawing at 66, quit paying myself then. never quit working, just take time off when want too. Now I just buy and sell with the shop account. works fine for me.....

 

[lewtot184]

i started drawing SS at 62 1/2. i wasn't guaranteed i'd live to 63. i wanted my money back.

 

[mosquito13]

Go to your investment adviser with this . For some it is better tax wise to wait and draw down on other taxables as s/s is taxable income and can push you into a different tax bracket. There are some great retirement calculators . Schwabe's is the best I have found. Think it is free for all to use.

 

[Ranger16]

ill never see any $$ from SS...still have 22 years to go!!

the Ponzi will have collapsed by then.

I doubt that will ever happen. Congress won't allow it. They can't. They'd be tared & feathered if they did.

 

[Fran Blacker]

I doubt that will ever happen. Congress won't allow it. They can't. They'd be tared & feathered if they did.

If nothing is done in or around 2034 SS will be reduced by 25%.

 

[5.7 hemi]

This is gonna piss some people off, but.......if you never put into SS, you shouldn't get anything! Now there are exceptions, such as, those that stayed home to take care of the kids while the spouse was at work.

Stop giving it to anyone who applies for it!

 

[ws23jrt]

My understanding is that the money we put into SS for our benefit is long gone--spent.
There is no pot of cash. --Today's payments come from today's contributions from today's workers that is/was intended to be for their retirement. My check comes from those working now not from my working then.

When we here the terms---"national debt"--or --"unfunded obligations"---This is one of those situations.

When I got to where I had all my debt paid I started investing the extra. Kinda like my own SS except I did not spend it out from under myself in hopes that I may find it again in some other way when I needed it.

The mind boggles at the thought of how SS might look today if the money was held or invested at the very least.

 

[monaco66coupe]

I'll be 65 soon, and have not applied, and won't until 66. I am self employed, and get paid by commission. If I earn over 15,900 from age 62-66,and am considered to be in a suspicious line of work, like a realtor that earns Income by commission, the Feds would come back and reduce what they give me dollar for dollar me anyway. They have people that check up on self employed people just to see if they are really retired. So I said screw the Government. I don't want to be followed around, and they won't at age 66. However, I will still continue to work after 66 years of age, as I have to stay busy. A good friend worked at a large hospital for 35 years as the lead engineer for maintenance. He retired at 62. now three years later he seems weakly, and babysits grand kids all day, every day. Not for me!

 

[Brandy]

Unfortunately I had no choice. Began 100% disabled ( TBI) and SSDI ( TBI) at age 57. A mere 6 years after the last combat tour. I WISH I could have a job. But, not gonna happen. Brains too screwed up.

 

[ws23jrt]

I clearly recall thinking about SS and what it might do for me in the future when I was in my twenties.
At the time it seemed like a very long shot that was unstable and out of any control I had. So I discounted it for my future and hoped for anything that came of it to be a blessing.--(It was just another tax to be paid for the privilege of working).

I got into a construction trade in 1976 and there was always a deduction from my checks that went to a pension fund. To me this felt just like the SS deduction but a clear difference even at that time was that I would have something later from the pension.
Fast forward and I am now drawing 100% more money from my pension than I get from SS. --My pension will last as long as I do or until someone (like the gov)decides to spend it out from under me.

My pension comes from a fund that was managed for the 40 years I worked and is going strong.--(for now)
The gov. always oversteps and trips up when trying to be our mom.

 

[Brandy]

I paid into SS since 1976, every year for the full year. 39 years worth.

 

[super-bee_ski]

Nope
I'm waiting.....
It's 30% less at 62
hell, I'm almost 64, I'm waiting until 66 or 65
(less than a 9% loss at 66)

 

[5.7 hemi]

I'm a disabled VET with 100% IU, and was denied SS disability. But any friggin' illegal alien can get SS!

That's total horse ****!