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Good that you have a plan - It’s your choice

Posted: Jun 17th, 2022 - 3:17 pm In Reply to: I plan on it - MT2

I’m just mentioning that you will be forfeiting quite a bit of money by not working until your full retirement age. Also, if you go early, there are limits on how much you can earn without paying penalties, and I think it’s pretty substantial. Tripling your income will probably place you in a higher tax bracket, so you might need to have SS withhold income tax. If you collect a lot in benefits at early retirement, it will be even better if you wait a couple of years. Last but not least, Medicare won’t go into effect until age 65, so you will be paying your health insurance and medical expenses out of pocket. Those are things to consider before taking the plunge. I applied for Social Security at full retirement age and continued to work full time for about 6 months. I put a lot of money in savings, which helped until I got a handle on how much I needed to live in retirement, but I paid through the nose at tax time. Your the first person who has ever said that their income tripled when they retired, so good for you.

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Applying - Checking things out (Views: 881, 2022-06-17, 12:26 pm)
- It is your choice - Also retired (Views: 574, 2022-06-17, 12:49 pm)
- I plan on it - MT2 (Views: 578, 2022-06-17, 2:13 pm)
  - Good that you have a plan - It’s your choice