Looking at the rules, if I am still working before age 67 my payout is reduced so that changes everything

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Jul 29, 2021
3:04:07pm

Sea Chicken Freeloader

I plan to retire at age 65 so I'll do the math again in a few years.

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Sea Chicken

Bio page: Sea Chicken
Joined: Jun 26, 2001
Last login: Apr 19, 2024
Total posts: 58,642 (1,380 FO)

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Messages

Author

Time

POLL: At what age do you plan on taking your SS payments?

kccougar Intervention Needed

7/29/21 2:18pm

won't be a thing when I go to retire.

Mayor of Cougartown

7/29/21 2:19pm

Yes it will

LiveCoug

7/29/21 2:19pm

I think he's 7 years-old

Conan

7/29/21 2:34pm

Um, have you seen our government lately? Who do you think is going to remove benefit payments?

kccougar

7/29/21 2:20pm

good point. won't stop unless china demands payment or will invade.

Mayor of Cougartown

7/29/21 2:21pm

How much debt is to China? Spoiler.. less than people think.

cougcoug3

7/29/21 2:32pm

Much, much less

UpperCirqueUte

7/29/21 2:35pm

Demand payment in dollars?!? That ain't hard to pay

TomPetty

7/29/21 2:32pm

How come? Even if nothing is done and it becomes a pay-as-you-go plan in 11-14

basman

7/29/21 2:22pm

You mean because of UBI? 🙂

TomPetty

7/29/21 2:23pm

This thought is insane

JOPE

7/29/21 2:29pm

I know I'm must messing around. With how no one saves we'd have starving oldos

Mayor of Cougartown

7/29/21 2:44pm

But the 30 or 40% who don't save help the others get rich

TomPetty

7/29/21 2:52pm

MOre like 80-90%

Turnpike Lane

7/29/21 3:02pm

Most people save some money after age 45.

TomPetty

7/29/21 3:46pm

Not go away completely, but I could see the govt saying you don’t qualify if

stenso

7/29/21 3:39pm

Never. There will not be any by the time I retire

Mr. Rumsfield

7/29/21 2:19pm

RE: POLL: At what age do you plan on taking your SS payments?

Salami Karate

7/29/21 2:19pm

What are these payments you speak of?

Ironhide

7/29/21 2:20pm

Yeah, because the federal government has shown they are really interested on reducing handouts.

kccougar

7/29/21 2:21pm

I'm just not planning on it.

Ironhide

7/29/21 2:22pm

There will be SS. The currency will just be so inflated that the distribution

Backcountry

7/29/21 3:20pm

Because government has shown a great propensity to limit handouts.

kccougar

7/29/21 3:23pm

And destroy currency

Backcountry

7/29/21 3:50pm

RE: POLL: At what age do you plan on taking your SS payments?

MormonDevil

7/29/21 2:20pm

I wasn’t going to take it until 70, but am doing it at 67 so that it can go

Nat Gas Man

7/29/21 2:20pm

A SocSec expert told me that 67 is the break even point

Florwood

7/29/21 3:06pm

Yep, it is 8% addition for each year. The vast majority take it at 62

Nat Gas Man

7/29/21 3:12pm

about 72.

Belboz

7/29/21 2:27pm

If my math is correct (and my math is rarely correct)

Sea Chicken

7/29/21 2:48pm

what interest rate and inflation rate are you using?

TomPetty

7/29/21 2:54pm

I'm not using any interest rate or inflation rate.

Sea Chicken

7/29/21 2:55pm

Life expectancy at 65 is 19 years for a male (+/- for health and improvement)

TomPetty

7/29/21 2:55pm

I expect to live past 90

Sea Chicken

7/29/21 2:58pm

Looking at the rules, if I am still working before age 67 my payout is reduced so that changes everything

Sea Chicken

7/29/21 3:04pm

At 62, the payout is 75% of the amount at age 67. At age 70 the payout is 125%.

hitechcpa

7/29/21 2:48pm

I've been thinking along those lines but how do you account for lost income between 62 and 67?

kccougar

7/29/21 3:09pm

Are you referring to the limitation on earned income between 62 and 66?

hitechcpa

7/29/21 3:22pm

Yes, and what do you mean by income management?

kccougar

7/29/21 3:24pm

I'm not going to put that into writing. But, I have a spouse and we file joint.

hitechcpa

7/29/21 3:26pm

Is venemous viper your previous board name?

kccougar

7/29/21 3:37pm

No, but I've been referred to as such.

hitechcpa

7/29/21 6:31pm

Given average life spans it equates to the same money IIRC

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