Larry if you don’t mind my asking, do you have taxes withheld from your benefit?
yes but its not alot. It gets direct deposited.....I have no idea how much....i dont spend it...it will be invested when it accumulates to 20k in a year.....for me i crunched the numbers and frommy past performance in conservsative investing.....its best gfor me to take it early.
Its just a false belief that everyone who takes SS at their first chance is needy for money. If anything I am needy for control of my money....and SS id MY money. If I could take a lump sum...I would. I could do more with it
Yes I agree. I’m just trying to understand the taxation part of the benefit. Apparently IRA and 401k income do not count towards a reduction in benefit like wage income can. But, once one goes over a very modest total income threshold the SS benefit gets taxed up to 85% from 50%.
Also, they don’t withhold automatically, you have to ask them to.
"More importantly, mickey thought 8-4 was two games over .500. Argued about it. C'mon, man. Nothing can top that for math expertise. If GWAE ever has you on again, you can be sure I'll be calling in with that gem.'Nuff said." REDIETZ
And we know that thing is yours exactly how?
Actually, this would be right up your two-bit alley either way.
That's quite a tent mickey. I had the same one when I was 16.
You're not getting it. No financial planner would agree that what you're doing is smart. And you're right--this stuff isn't my bag so I pay a professional to give me advice and invest for us. When I turned 61 I went over my options with him, and he immediately told me how there's a lot of do-it-your-selfers out there and that basically all of them get it wrong and start SS too early. There's a boatload of reasons also.
Not something you'll ever want to agree with because it's got to do with you cutting yourself short in the long run. And do you really believe the words "I can handle my money better than the govt can" haven't been spoken by a lot of people who live by banging their heads against the wall?
"More importantly, mickey thought 8-4 was two games over .500. Argued about it. C'mon, man. Nothing can top that for math expertise. If GWAE ever has you on again, you can be sure I'll be calling in with that gem.'Nuff said." REDIETZ
Suze Orman says take the money as soon as you can, including your pension. There's one financial planner, Rob.
Your posting from the library, right? Prove that computer you are typing on is yours, idiot. My car is a hell of a lot newer than Alan's. Why don't you rag HIS ass about it, fuckface.
With tents I'm all about easy setup and tear down. I'll be sleeping inside it while you are still setting up a big ass sloppy tent, dumazzz. Fuck, what a stupid ass.
"More importantly, mickey thought 8-4 was two games over .500. Argued about it. C'mon, man. Nothing can top that for math expertise. If GWAE ever has you on again, you can be sure I'll be calling in with that gem.'Nuff said." REDIETZ
Yes, while I used three distinct age levels, the social security payment goes up each month you wait to file. I know that between 66 1/2 and 70 it goes up roughly .7% per month or roughly 28 percent by the age of 70.
While I still stand by the breakeven point of 17 or 18 years for accepting social security payments (between 62, 66 1/2, and 70 years of age) LarryS threw in the curveball (appropriately so) about generating income on taking early payments. Yes, I have looked at this and if an individual believes that they are savvy enough to return 5% per year on taking the money at age 62, the breakeven is age 85 for 62 versus 66 1/2 and age 90 for 62 versus 70.
As Regnis stated, you also have to consider taxes. Taxes slightly favors taking the money early (when reviewing the breakeven number) as the difference between monthly payments will be smaller (more taxes on a bigger payout).
Being old fashioned, I was going to wait until 70 years old to collect, but these numbers are interesting. Especially, when you consider the stock market has averaged 7.75% gain per year since 1921. But, most of us are older and can't afford the risk of a 38 percent drop like what occurred in 2008.
The beauty of this conversation is that there is no absolute correct answer. Some individuals want the best payout from age 70 years old. Others want the money at age 62 to invest (or have the belief that the system may go broke, I personally do not believe this) or need the money now.
I have 2 1/2 years before I have to defer withdrawals. I honestly do not know what I will do. For me, the math, at that time, will be the driving force.
I'll start collecting when I retire or reach 70, whichever occurs first.
What, Me Worry?
Alot of people dread the thought of their death,or that the average life expectancy of men in the USA is 76. I would love to think I will live to past 85 which would make my decision to take early SS to just start to be a financial mis-step. But I will take that chance. If I hear people tell me that I made a bad decision to take SS at 62...that would mean I am 85 ..I will take that chance of saying singer was right. I will save the money for about 8 years because I have other money to have fun with. And as i get closer to my death...in about 8 years i will have a quarter mil from SS that i can play with....for a few years.
I have been in healthcare for all mylife....and I have seen perfectly healthy people get that first chink in their armor ...diabetes, hypertension, mini stroke, broken hip, parkinsonism, cancer. organ failure, .....and an old body doesnt recover like it used to...and it becomes a slipery slope of deterioration, a cascade of other diseases and conditions ensue in a relatively short period.
I dont know how many people I have treated who said//"i am not used to this...i never needed a doctor for the first 65 years of my life....now I have 4 different doctors"
Seeingthis first hand, and being able to calculate the break even point.....which Deech did with more exacting skill.....for me....it was a no brainer to take the money and run.......while I am still well enough to "run".
At 85 the decision to take early SS just starts to be a bad decision.
Since men usually go before the woman....I would rather have my wife have an extra lump sum in the bank at the time of my death. I would rather enjoy the money myself as well before I kick the bucket. Maybe go on a cruise at the expense of the early withrawl investment profit as the money sat working for me.
"If I hear people tell me that I made a bad decision to take SS at 62...that would mean I am 85...I will take that chance of saying singer was right."
Either this is a win/win and/or the beginning of the apocalypse.
Last edited by Bill Yung; 04-27-2018 at 06:36 AM.
78255585899=317*13723*17989=(310+7)*[(13730-7)*(100*100+7979+10)]-->LOVE avatar@137_371_179_791, or 137_371_17[3^2]_7[3^2]1, 1=V-->Ace, low. 78255585899-->99858555287=(99858555288-1)=[-1+(72*2227)*(722777-100000)]={-1+(72*2227)*[(2000+700777+20000)-100000]}-->1_722_227_277_772_1. 7×8×2×5×5×5×8×5×8×9×9=362880000=(1000000000-6√97020000-100000)-->169_721. (7/8×2/5×5/5×8/5×8/9×9)={[(-.1+.9)]^2×(6+1)}-->1961=√4*2.24; (1/7×8/2×5/5×5/8×5/8×9/9)={1/[7×(-.2+1)^2]}-->1721=[(10*10/4)/(√4+110)].
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