bobandsherry
Thinks s/he gets paid by the post
- Joined
- Nov 24, 2015
- Messages
- 2,692
200 messages and what I've learned --> there is no single right or wrong answer on this, yet many seem to think it is that simple.
200 messages and what I've learned --> there is no single right or wrong answer on this, yet many seem to think it is that simple.
No clawback that I have heard of.
For me, it is breakeven. I was born in 1955. So let's say that I could collect $1,000 at my FRA of age 66 + 2 months.
From 62 to FRA I would collect $750/month for 50 months or $37,500. Beginning at FRA I would collect an additional $250/month so it would take me 150 months or 12 1/2 years to "breakeven" which will be 2034... so I'll take my chances with FRA because if I am collecting $1,000 and get haircut 23% that is $770/month from 2034 on vs if I start at 62 it be $750 haircut to $578.
$750 for the rest of my life from 2034 on is better than $578.
I guess I thought the math and logic were sound. It's a simple case, but I think it is makes a valid point which eliminates this one reason for starting early.
There are plenty of good arguments for starting early. "I can safely spend more in the early years" isn't one of them.
I wonder how many people who boast....” well we are waiting till 70 to get the bigger check” will even make it to age 70 it’s such a guess you don’t know how long you’re going to live. I have a lot of friends who thought they would live to 90 and died at 61 with heart attack.
I'm planning to take it at 70. I can always change my mind later on and take it earlier.
But if I took it at 62, then I'm stuck with that decision.
So why am I waiting until 70:
- married so one of us will likely make it to 90
- gives me time to convert IRA to ROTH before age 70 , and if I did it when collecting SS, then the SS would be taxed.
- I have faith that all the congress members want to be re-elected so any change won't affect old folks who planned on SS.
+1. I have never counted SS in my planning so it will be like finding money. I sometimes think of it as a one time COL adjustment.
+1. I have never counted SS in my planning so it will be like finding money. I sometimes think of it as a one time COL adjustment.
Thanks for the find. Very interesting. I think these kind of things don't get much reporting since it is hard to find a severe sob story of someone affected.Link to 2016 Bipartisan SS recommendations:
https://www.ssa.gov/OACT/solvency/BPC_20160609.pdf
Contains possibilities I never could have imagined.
The sky is not falling - Little haircuts for everybody.
Good for you if you are older than 62 in 2022. (But word search 'clawback')
Link to 2016 Bipartisan SS recommendations:
https://www.ssa.gov/OACT/solvency/BPC_20160609.pdf
Contains possibilities I never could have imagined.
The sky is not falling - Little haircuts for everybody.
Good for you if you are older than 62 in 2022. (But word search 'clawback')
It looks to me like the tax increases are worth about 1.40% of total payroll. They are: increasing the tax rate from 12.4% to 13.4%, and increasing he taxable wage base to about $195,000.Link to 2016 Bipartisan SS recommendations:
https://www.ssa.gov/OACT/solvency/BPC_20160609.pdf
Contains possibilities I never could have imagined.
The sky is not falling - Little haircuts for everybody.
Good for you if you are older than 62 in 2022. (But word search 'clawback')
I didn’t work and save so that I would watch my pennies in retirement. There will be no reduction in my standard of living in retirement.
Good for you if you are older than 62 in 2022. (But word search 'clawback')