Video on not taking social security at age 65

[doitmyself]

glad he retired at 62 and was able to enjoy life for a while before a heart attack

I'm still not grasping the idea of waiting until retirement to enjoy life. Yes, I know that as long as one is working for "the man", there is a ball and chain attached. Still, I'm glad I followed my idealistic notions of my late teens and rejected the rat race.

Goodness, now I'm almost doing that chest beating thing I hate so much, lol.

 

[BaronHK]

What if your 71 and still working? (Forgot to retire).

The screw job when working past 65 is you are still paying Medicare premiums, potentially getting Medicare benefits but paying IRMAA which is 2X my Medicare Part B premium.

One gets zero benefit from paying any Medicare premiums past 65. At least with SS they recalculate your benefits as you work longer replacing lower income years with higher income years.

And wife pays the same IRMAA I do because I work. Wife does not

I was able to represent my mother in an administrative appeal to Medicare and get them to stop applying IRMAA adjustments and refund what they took. She had just gotten laid off recently and that counted as a loss of income.

I studied Social Security and Immigration law and various other things in my spare time from library books because I got bored and like to speed read things that would cause most people's head to hurt. It really helps with technical manuals. Using the study of Immigration law I was able to successfully petition for my spouse's green card and citizenship saving over $15,000 in attorney's fees.

The library is not just a place for homeless people to pee you know.

 

[notharry]

Working until 70 is nuts

But taking SS while still working might be nuttier

Yes but I belive controling the wages is the important factor. So ss takes 1/2 after 23,000 I think it is as I just went to a seminar 23 or 24. No thats not much but would supliment some of the other costs Insurance and such. Plus it gives us some time to spend with others if desired. Just cannot work full time. Trader Joes and others provides part timers a small belifit package and im sure it can be negotiated.

 

[notharry]

I used to be self employed and my boss were my clients. sometimes working 100 hours plus a week to satisfy them. Loved the people Loved the job. Took a huge step back when I realized I was only really adding to the US economy and not so much my familys. Its the Self employment trap. Some will understand, Some will not. 100% dedication, 20 plus years on 24 hours call. The service industry. No regrets.

 

[Pablo]

I used to be self employed and my boss were my clients. sometimes working 100 hours plus a week to satisfy them. Loved the people Loved the job. Took a huge step back when I realized I was only really adding to the US economy and not so much my familys. Its the Self employment trap. Some will understand, Some will not. 100% dedication, 20 plus years on 24 hours call. No regrets.

That double taxation is 200% abusive.

The main benefit of one of my businesses was the ability to buy tools.

 

[doitmyself]

I used to be self employed and my boss were my clients. sometimes working 100 hours plus a week to satisfy them. Loved the people Loved the job. Took a huge step back when I realized I was only really adding to the US economy and not so much my familys. Its the Self employment trap. Some will understand, Some will not. 100% dedication, 20 plus years on 24 hours call. The service industry. No regrets.

Self employment trap, What is that? Get to choose your hours. Sleep in if you wish. Beholden to nobody but yourself. Incredible wealth. After settling in, sit back and let all your employees do the hard stuff. Big LOL. My dad dreamed that farming was a similar Shangri-La


Delaying SS might benefit your spouse with more income if you die first. In my case, I'm just a stone throw away from bumping up a tax bracket. I have other circumstances too.

 

[notharry]

Self employment trap, What is that? Get to choose your hours. Sleep in if you wish. Beholden to nobody but yourself. Incredible wealth. After settling in, sit back and let all your employees do the hard stuff. Big LOL.

Like I mentioned... Some will understand, some will not.

Farming is one of those constants. Always something to maintain. Shangri-la yes!

 

[Pablo]

Have a real job, pay max SS, have two side businesses and pay both halves of SS. Again.

 

[alarmguy]

My situation is somewhat unique. I don't need SS, and likely never will, so the way I am tempted to "game it" is to take it early (62) and put 100% of the proceeds directly into an SP500 index fund which I would probably never touch. It would continue to fund a 401K like proxy for me for life. Over time its growth and dividend could exceed what I might get by waiting. I am thinking real hard about this.

Absolutely good thought
At 62 you are adding to your estate, if you wait until 67 and leave this earth early your estate might get none of that money that you worked your whole life for. Its not gaming, talk to an accountant or investment advisor.

 

[alarmguy]

Yes but I belive controling the wages is the important factor. So ss takes 1/2 after 23,000 I think it is as I just went to a seminar 23 or 24. No thats not much but would supliment some of the other costs Insurance and such. Plus it gives us some time to spend with others if desired. Just cannot work full time. Trader Joes and others provides part timers a small belifit package and im sure it can be negotiated.

... and you get that money back after you retire, Social Security will recalculate your payments. Your experience may be different but I read up on it on the SS website years back. 1st my SS benefit was adjusted higher and they sent me a letter on it because I worked.

"When you turn your full retirement age, your payments will be recalculated to give you credit for the withheld portion of your benefit."
https://money.usnews.com/money/reti...s-if-you-work-while-receiving-social-security

 

[alarmguy]

That is correct, with that said when it comes to tax matters if you’re doubting your accountant, ask another accountant or research on the government website because some people might be getting the right answer, but asking the wrong question for a particular circumstance

https://www.ssa.gov/faqs/en/questions/KA-01921.html

From the link above
"
What counts as earnings:

When we figure out how much to deduct from your benefits, we count only the wages you make from your job or your net earnings if you're self-employed. We include bonuses, commissions, and vacation pay. We don't count pensions, annuities, investment income, interest, veterans benefits, or other government or military retirement benefits."

 

[notharry]

... and you get that money back after you retire, Social Security will recalculate your payments. Your experience may be different but I read up on it on the SS website years back. 1st my SS benefit was adjusted higher and they sent me a letter on it because I worked.

"When you turn your full retirement age, your payments will be recalculated to give you credit for the withheld portion of your benefit."
https://money.usnews.com/money/reti...s-if-you-work-while-receiving-social-security

look close at a roth. Build tax free is where its at. Move to florida for 6.1/31 months and no state taxes.

 

[notharry]

Look at the news today.Trump is pushing hard for Zero SS taxes for us ancients!! Yes!! Almost here people. Elder abuse is about to end.

 

[alarmguy]

Look at the news today.Trump is pushing hard for Zero SS taxes for us ancients!! Yes!! Almost here people. Elder abuse is about to end.

Actually you might find this surprising but I am on the fence about that. The system has enough problems keeping up with the growing older population.
However my point would be that I didnt pay taxes on my Social Security contributions during my working career. Much like you dont pay taxes on 401 contributions. So in a perverted way it only makes sense to pay taxes once you collect that money that you didnt pay taxes on.
(todays thought)
Of course I will tax it if offered though. (we have to be careful not to talk politics, I would avoid mentioning names of political figures)

 

[notharry]

The system is likely to go defunct in the near future. Take it early.

A SS check in the hand is worth two in the bush.

The reality is it will not go defunked. They will just float another 4 trillion in debit. lol seriously, According to a financial adviser that gave a seminar they will have to increase taxes. That means start taking money out of your regular retirement accounts and get it into a roth. Later on everyone taxes will support SS. Afterall, the system is a insurance policy of sorts that we have paid into. They may stop Cost Of Living adjustments (COLA) but thats doubtful. and its doubtful anyones benifits would be reduced. last year after cola the benifit was still reduced because medicaid payments went up. As some may have already said the retirement age is going up... It has to Be grandfathered in.

 

[notharry]

I also don’t need SS and it’s really not on my radar.

I’ve got a pension, voluntary pension, 401K and IRA to fund my retirement.
It’s a substantial amount of money (not bragging) and I earned every penny.

My SS will be invested for the grandkids 529 plans.

Good Man! Yes i belive they passed the bill that said one can get SS as well a a governent or privite pension without ss being reduced. WE all know the system need funds to survive.

Double taxation, taking any part of ones ss just because one is ambitious enough to be dedicated to 1) your family support 2) your employer 3) your customers. 4) society is nothing short of ludicrous.

Good Luck everyone!!

 

[gfh77665]

I agree. I strongly suspect no politician will defund SS, or reduce it significantly. The system could change for younger people, but if you are 50+ I doubt you will ever see any reduction.

 

[Vil_Riker]

This prompted me to go and see what the estimate of my SS monthly payments will be.

It's essentially poverty level income - $2,800 gross income per month so either I would be homeless, or hungry if I rely on SS.

 

[Pablo]

This prompted me to go and see what the estimate of my SS monthly payments will be.

It's essentially poverty level income - $2,800 gross income per month so either I would be homeless, or hungry if I rely on SS.

Not meant to be 100% of retirement income

That and minimum wage thoughts were corrupted

 

[gfh77665]

Its intended as a supplement, not to fully support someone. Worst case it would be a saftey net so no one would literally starve.