SS, pension offset, taxes and timing

[steady saver]

I'm reading with interest the thread on timing of taking SS.

With DH having just retired this fall, we've decompressed enough to start looking closer at things as we rethink our investment plan, and this has led to a broader discussion, including eventual SS withdrawal age.

Can someone explain how to take into consideration both SS estimates and the effect of pension reduction when taking social security to help us start mapping out a plan on when to take SS? We are both 58 so we have time but I'd like to have a sense of the direction we're going in.

Thank you.

 

[skyking1]

put your numbers in here and see what it says. Then pick your own numbers and see how you do.
https://opensocialsecurity.com/

 

[Sunset]

OP - Why do you think you will have a pension reduction when taking SS ?

 

[finnski1]

OP - Why do you think you will have a pension reduction when taking SS ?

That was my question as well.

 

[street]

I am thinking OP is referring about taxes, as a reduction when taking SS??

 

[Mark1]

Steady Saver, based on your prior post I know which Megacorp pension program is paying your pension. The pension offset will happen at your SS full retirement age, regardless of when you actually take SS. In my case, I will just fund my retirement with slightly more of my portfolio withdraw money once my pension decreases at age 67 and I will still wait until I'm 70 to take SS.

 

[Jerry1]

Yeah, I have friends in the auto industry and when they retire early, they get a pension. Then at 62 the pension is decreased for the amount of their SS. I wonder if any of them ever thought about funding the difference until 70 (or any age) instead of taking SS at 62. I’d never heard them talk about that so not sure if that was an option for them.