they take half - beentheredonethat Posted: May 29th, 2016 - 9:48 pm In Reply to: I have to seriously check into retiring early and continuing to work. - This is way too difficult to make it. SM
My "legal" retirement age was 66 and I took it about 18 months early. The hard thing is that they keep $1 out of every $2 that you earn until your "legal" age. After your "legal" retirement age, you can keep everything you earn but still of course have to pay taxes on all of it. Their method of figuring things is so complicated, and they're not "legally" supposed to give you advice, but they did for me. When I went to my local office, the lady did the calculations and told me to go ahead and take it then, that I would have to work for six forevers just to make an extra $14 a month. There is a point, I think around age 80, where it is a wash, where you would make the same amount (over your lifetime) either taking it early or waiting until your "legal" retirement age. It is definitely worthwhile to make an appointment at your local office and at least get their input about your specific situation. Since I have passed my "legal" age and am still working, there has been an increase in my benefits, even though there has been no national cost of living increase. So, interestingly, the amount I lost from taking it early has been pretty much made up because I have continued to work. The bad news, of course, is that I will never get to retire, I will have to work until I drop. Get as many facts as you can, so that you can make the most informed decision possible. We all have our own scenarios, and not everyone has the same mindset or the same needs.
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