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Sun 23 Oct, 2005 09:36 pm
The situation is thus. Sometime next year, I have the opportunity to take the earliest and smallest benefit, and I'm seriously thinking of taking it. The downside, of course, it that it doesn't pay enough to starve with dignity. Neither does the full retirement benefit four years later, and that full benefit would have to be collected for about two years to make up for lost income that I could have had in the four years at the lower rate.
The ultimate scheme is to increase 401k (tax defered) contributions almost to the max, and end up with pretty good savings at the actual retirement date. Naturally, I could do better planning if I only knew how long the body would hold up.
The few people I'm mentioned this to have been quite positive. Your feelings would be appreciated.
I wanted to take my SS money early, but my bills are too great to allow it. On the other hand, my friend Roy took early retirement and says it's the best choice he could have made. It's a personal thing. When I reach 66 I will take it.
Definately a personal thing, edgar. It won't cover my bills either, so I'll probably have to continue working till around 65 or so anyway. Like a lot of people, I'm very attached to the health insurance, if nothing else. Thanks for the thoughts.
My business partner and I tabulated the benefits of waiting...
both of us decided to do it early. I already did it, for better or worse.
Given the evapotranspiration of old programs in current schema, I'd act when you can.
Not to nudge you one way or the other.
Roger, my pearl, you may be or have been more well able to wait on the social security schema. As I said, it didn't seem to work out for either of us to put off getting income, but - maybe you and associates can improve on that.
Evapotranspiration. I think you just made that one up, but already, I know what it means, and it's a major consideration. I recall social security as something you could have at 60, or wait for 65 and get more. They've raised the bar once, which tells me the could darn well do it again.
Evapotranspiration is what plants do, and I have pages of charts on that, but basically, they breathe and need x amounts of water.
Was a throwaway word, I tend to do that.
where else am I going to throw it but here?
My finances are so tight I didn't have a choice, but it also happened that my smart business partner tabulated how stupid it is to wait. She may have been wrong of course.
Just found this on the SSA website.
Quote: 2004 2005
At full retirement age or older
No limit on earnings
No limit on earnings
Under full retirement age
$11,640 / For every $2 over the limit, $1 is withheld from benefits.
$12,000 / For every $2 over the limit, $1 is withheld from benefits.
This is kind of a problem.
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