Eszpresszo
Confused about dryer sheets
Hi, I'm Eszpresszo (but you can call me Clint). I am 62 years and 6 months old. I'd like to retire in two years or maybe wait until 65 when I can start collecting Medicare. In any case, there are two important factors in my life, which are very relevant to my retirement. First off, I have a 15 year old son, who lives with my ex-wife. I am liable for child support until he turns 18. Secondly, I am a serious traveler and travel abroad twice a year. I have been since I was 20. I have visited most of Europe. I even lived in England and Germany when I was younger. I feel comfortable with the idea of living abroad and will do it for personal reasons more than for financial reasons. In recent years, I have only traveled in the developing world.
So, my first question I have to resolve is when it is most advantageous for my situation to begin receiving social security. Again, my child is a big factor in this. I understand that he COULD qualify as a dependent and I COULD receive up to 150% of my actual benefit. The vagueness of the Social Security website is the problem here. My wife has legal custody and claims him as a dependent for tax purposes. However, I understand the SSA has a different definition of dependent than the IRS. Unfortunately, the SSA is way less clear on fine details than the IRS.
Secondly, I need to learn how much it would receive of this when I am still working full time. I am not able to quit working entirely, and I understand I would lose 2/3 of this beyond what I earn after 18k. But, I also understand I could come out ahead at full retirement age, due to the amount of SS withheld and the fact my wages are higher than ever.
These are the questions I need to deal with immediately. I am sure I am not the only who is confounded by the vagueness of the SSA website. I would appreciate help in finding resources to help me understand how to best take advantage of social security given my situation. Also, I would like to get some ideas on building steady sources of income with my investments. But, that can be dealt with at a later date. Thanks for reading.
So, my first question I have to resolve is when it is most advantageous for my situation to begin receiving social security. Again, my child is a big factor in this. I understand that he COULD qualify as a dependent and I COULD receive up to 150% of my actual benefit. The vagueness of the Social Security website is the problem here. My wife has legal custody and claims him as a dependent for tax purposes. However, I understand the SSA has a different definition of dependent than the IRS. Unfortunately, the SSA is way less clear on fine details than the IRS.
Secondly, I need to learn how much it would receive of this when I am still working full time. I am not able to quit working entirely, and I understand I would lose 2/3 of this beyond what I earn after 18k. But, I also understand I could come out ahead at full retirement age, due to the amount of SS withheld and the fact my wages are higher than ever.
These are the questions I need to deal with immediately. I am sure I am not the only who is confounded by the vagueness of the SSA website. I would appreciate help in finding resources to help me understand how to best take advantage of social security given my situation. Also, I would like to get some ideas on building steady sources of income with my investments. But, that can be dealt with at a later date. Thanks for reading.
