I'm Retired!

[Long John]

Mazel mazel, Horns. Maybe go find Bruce and the rest of the Range. And if not, I guess that's just the way it is.

Hey, just my bad jokes.

[Don Quixote]

Congratulations, Horns!

I'm a tax accountant, and I've done a lot of work on this sort of question--not least because I'm not much younger than you.

Social Security--You can file for it at any time. You lose some of your "normal retirement benefit" if you start drawing it before 66 years 2 months. You gain more if you wait past 66-2, until you max out at age 70. There's no point in anyone waiting past 70.

What the people who say "wait until 70, you gain x% per year!" never tell you is that you also lose the benefits you'd collect from whatever age to age 70. I ran the numbers for myself about a month ago, and the break-even point, where I'd collect more cumulatively by waiting until age 70 vs. age 66-2, came at 82 years, 6 months. The way to figure it, if you're so inclined, is to take those 46 months of collecting from 66-2 and divide by the difference in monthly benefit at 70 vs. 66-2. I realize this may all be gobbledygook to you.

My plan is to start drawing at 66-2, taking the sure thing over the possible. Both my grandfathers died before age 65, one uncle passed at about 48, my father died at age 73, and his brother at about 78, so while it's not a sure thing that I won't make it to age 82, I'm not betting on it.

If you have some questions, or need some help with computations, let me know. And again, congratulations!

[Don Quixote]

Wait, you don't know when you're going to kick the bucket? Here's a website that can help you find out.

https://www.death-clock.org/

Oh, I just HAD to try that link, didn't I? It has me passing away at 66 years, 10 months, which is less than two and a half years away.

Maybe I'd better call the Social Security Administration and start collecting NOW.

[Hornsby]

Congratulations, Horns!

I'm a tax accountant, and I've done a lot of work on this sort of question--not least because I'm not much younger than you.

Social Security--You can file for it at any time. You lose some of your "normal retirement benefit" if you start drawing it before 66 years 2 months. You gain more if you wait past 66-2, until you max out at age 70. There's no point in anyone waiting past 70.

What the people who say "wait until 70, you gain x% per year!" never tell you is that you also lose the benefits you'd collect from whatever age to age 70. I ran the numbers for myself about a month ago, and the break-even point, where I'd collect more cumulatively by waiting until age 70 vs. age 66-2, came at 82 years, 6 months. The way to figure it, if you're so inclined, is to take those 46 months of collecting from 66-2 and divide by the difference in monthly benefit at 70 vs. 66-2. I realize this may all be gobbledygook to you.

My plan is to start drawing at 66-2, taking the sure thing over the possible. Both my grandfathers died before age 65, one uncle passed at about 48, my father died at age 73, and his brother at about 78, so while it's not a sure thing that I won't make it to age 82, I'm not betting on it.

If you have some questions, or need some help with computations, let me know. And again, congratulations!

Thanks DQ, and all of you for the kind wishes. I think that I'll be alright in retirement, I just have to find something to eat up a few hours a day that involves some income, and DOESN"T involve yardwork. I'l hire Jesse for that, but thunder Bay is a little too far away.

The only good advise I have is to make sure that you ramp up your retirement plans a good 3 months in advance. It takes time for your Social Security to get going, as does Medicare. Still checking out the drug plans too... gotta cover that donut hole.

[Mithrandir]

Congratulations, Horns!

I'm a tax accountant, and I've done a lot of work on this sort of question--not least because I'm not much younger than you.

Social Security--You can file for it at any time. You lose some of your "normal retirement benefit" if you start drawing it before 66 years 2 months. You gain more if you wait past 66-2, until you max out at age 70. There's no point in anyone waiting past 70.

What the people who say "wait until 70, you gain x% per year!" never tell you is that you also lose the benefits you'd collect from whatever age to age 70. I ran the numbers for myself about a month ago, and the break-even point, where I'd collect more cumulatively by waiting until age 70 vs. age 66-2, came at 82 years, 6 months. The way to figure it, if you're so inclined, is to take those 46 months of collecting from 66-2 and divide by the difference in monthly benefit at 70 vs. 66-2. I realize this may all be gobbledygook to you.

My plan is to start drawing at 66-2, taking the sure thing over the possible. Both my grandfathers died before age 65, one uncle passed at about 48, my father died at age 73, and his brother at about 78, so while it's not a sure thing that I won't make it to age 82, I'm not betting on it.

If you have some questions, or need some help with computations, let me know. And again, congratulations!

Also, if you wait until age 70, you might be dead before then!

[Gregg]

Congratulations, Horns!

I'm a tax accountant, and I've done a lot of work on this sort of question--not least because I'm not much younger than you.

Social Security--You can file for it at any time. You lose some of your "normal retirement benefit" if you start drawing it before 66 years 2 months. You gain more if you wait past 66-2, until you max out at age 70. There's no point in anyone waiting past 70.

What the people who say "wait until 70, you gain x% per year!" never tell you is that you also lose the benefits you'd collect from whatever age to age 70. I ran the numbers for myself about a month ago, and the break-even point, where I'd collect more cumulatively by waiting until age 70 vs. age 66-2, came at 82 years, 6 months. The way to figure it, if you're so inclined, is to take those 46 months of collecting from 66-2 and divide by the difference in monthly benefit at 70 vs. 66-2. I realize this may all be gobbledygook to you.

My plan is to start drawing at 66-2, taking the sure thing over the possible. Both my grandfathers died before age 65, one uncle passed at about 48, my father died at age 73, and his brother at about 78, so while it's not a sure thing that I won't make it to age 82, I'm not betting on it.

If you have some questions, or need some help with computations, let me know. And again, congratulations!

I plan to work until at least age 70. Hopefully longer.

If I start taking my SS at 70 I assume this will affect my tax bracket negatively?

[Don Quixote]

I plan to work until at least age 70. Hopefully longer.

If I start taking my SS at 70 I assume this will affect my tax bracket negatively?

Depending on the rest of your income, up to 85% of your Social Security may be subject to federal tax, regardless of when you retire, so it could put you in a higher tax bracket on some of the income. Most but not all states do NOT tax Social Security benefits.

If you intend to keep working until age 70 or beyond, if you don't really need the money for ordinary expenses, if you expect your income to decrease only after age 70, if you think you'll make it to age 80 or so, and if you think tax brackets as they are now will hold steady, then maybe waiting until age 70 makes sense. To my thinking that's a lot of "ifs", but as I say far too often, your mileage may vary.

[fuhrdog]

Wow, I missed this thread. Congrats and enjoy...too bad with all this free time that sports is awol.