Just give it some time, anything reported as bunk, is usually just the opposite. That is the trend long term.
Won't know anything for sure till the searching going on is done.
Video on not taking social security at age 65
- Thread starter GON
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Won't know anything for sure till the searching going on is done.
GON
$150 Site Donor 2025
Received a real-time graphic of the different social security payouts.
What is unknown is the impact of tax consequences if someone takes social security at age 62, but continues to work full time, and what the return on investment is if someone takes social security at age 62, plans to work full time until age 70, and puts the net social security payment into a S&P 500 fund from age 62 to age 70.
What is unknown is the impact of tax consequences if someone takes social security at age 62, but continues to work full time, and what the return on investment is if someone takes social security at age 62, plans to work full time until age 70, and puts the net social security payment into a S&P 500 fund from age 62 to age 70.
Correct. If you take SS before full retirement age and are still working, the SS benefit will be reduced by $1 for every $2 you earn over $23,400 for the year. That deduction penalty is removed when you reach full retirement age.
In the chart that @GON posted, if SS was claimed at age 62, the benefit would be $2643/mo. x 12 mo./year = $31,716/year. The SS benefit would be reduced to $0 when $23,400 + ($31,716 x 2) or $86,832 is reached in annual wages.
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- Mar 9, 2024
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If you have a couple million in 401k/IRA accounts at 62 then it certainly makes sense to retire early & take SS at 62.
It's early and maybe it's in here someplace. When I worked and collected social security I didnt care that they took 50% when I exceeded the earnings cap.
I was just keeping busy, getting full time health benefits from my employer, contributing the max that I could to a 401k plan until I turned 65. However this 2 year stint that I started was at age 63 and cut my hours to 25 hours a week (and a low position) to get all the above.
I dont see mentioned here but maybe it is. That YOU GET the 50% back after you are full retirement age. Social Security will reformulate your pay out.
It's early and on my first coffee but I can tell you, sometime later after I retired, I got the notice that my payout was reformulated or something to that effect.
(consult with an expert though, use a forum to generate questions for that expert, not to rely on forum information)
https://www.aarp.org/social-security/faq/withholding-while-working/
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If you have a couple large in the bank, and your making $200K a year, and like what you do, do you still think so? I would say no.
Everyone is different.
GON
$150 Site Donor 2025
A younger guy asked me to join him for breakfast this Sunday morning.
He stated his Dad was in the Navy for 31 years. Passed away shortly after retirement. States he Dad dies of "change of pace".
I asked the man to elaborate on change of pace. he stated his Dad was a super hard worker, hard charger. He went from 100 miles per hour, every day for 31 years, to the pace of a turtle. States that is why his Dad died.
I next asked if his dad didn't retire, but stayed in the Navy or a like job, would he be alive today? He said he couldn't answer that question. But his mom is alive and a widow.
He stated his Dad was in the Navy for 31 years. Passed away shortly after retirement. States he Dad dies of "change of pace".
I asked the man to elaborate on change of pace. he stated his Dad was a super hard worker, hard charger. He went from 100 miles per hour, every day for 31 years, to the pace of a turtle. States that is why his Dad died.
I next asked if his dad didn't retire, but stayed in the Navy or a like job, would he be alive today? He said he couldn't answer that question. But his mom is alive and a widow.
Forgot your time zone--thought you were talking about last week.
I tell people, I can't wait for all the days to end in Y. All the stuff I enjoy at work, I can do at home, minus the commute.
Well maybe... some of the problems we solve are attached to really expensive stuff. Might miss the enjoyment of solving a problem--not the sweat, but the finish line. Still. I'd very much sleep better at night knowing I could hang it all up and still put food on the table & pay the bills. Working after that would be icing on the cake indeed.
Cleaning out old email, came across this quote that I found years ago, in The Hobbit.
I tell people, I can't wait for all the days to end in Y. All the stuff I enjoy at work, I can do at home, minus the commute.
Well maybe... some of the problems we solve are attached to really expensive stuff. Might miss the enjoyment of solving a problem--not the sweat, but the finish line. Still. I'd very much sleep better at night knowing I could hang it all up and still put food on the table & pay the bills. Working after that would be icing on the cake indeed.
Cleaning out old email, came across this quote that I found years ago, in The Hobbit.
I believe this to be true. I have seen similar occurrences a couple times. People I worked with that retired then passed within a year or two.
My grandfather retired and did well, but he was a tinkerer, spent all day every day in the garage. Even when he was almost blind, did everything by feel. Eventually the family felt they needed to move my grandparents to town so they were easier to check in on. No garage, no tinkering. My grandfather died of a heart attack within a month. Possibly coincidence but I don't think so.
I think the key is having a legitimate complex thing to keep you busy. Another friend of mine thats a decade older than me retired early - full military pension plus other savings from the private sector. He was fishing / hunting / gunsmithing every day, all day. I couldn't keep up with his exploits. After a couple years he must have slayed all the fish and ducks there were, because he went back to work, in a completely different career that he could be outside most days.
