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Seahawk Seahawk is offline
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Join Date: Jul 2004
Location: Maryland
Posts: 21,725
Quote:
Originally Posted by Moses View Post
By not drawing at age 62 you’ve already left more than $100,000 on the table. If you start drawing st age 70 it will take you about 14 years to break even. . The 8% erodes pretty rapidly with inflation as well.
They made it a lot harder than it has to be:

https://www.ssa.gov/planners/retire/whileworking.html

https://www.ssa.gov/pubs/EN-05-10069.pdf

Here is the specific wording:

Will you receive higher monthly
benefits later if benefits are
withheld because of work?
Yes. If some of your retirement benefits
are withheld because of your earnings,
your monthly benefit will increase
starting at your full retirement age to
take into account those months in which
benefits were withheld.
As an example, let’s say you claim
retirement benefits upon turning 62 in
2018, and your payment is $953 per
month. Then, you return to work and
have 12 months of benefits withheld.

We would recalculate your benefit at
your full retirement age of 66 and 4
months and pay you $1018 per month
(in today’s dollars). Or, maybe you earn
so much between the ages of 62 and 66
and 4 months that all benefits in those
years are withheld. In that case, we
would pay you $1,300 a month starting
at age 66 and 4 months


But yes, even if you start early and exceed the amount of income and earn zero SS, they make it up later.

It is all so confusing...one more:

https://www.ssa.gov/pubs/EN-05-10147.pdf
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Last edited by Seahawk; 12-12-2018 at 11:52 AM..
Old 12-12-2018, 11:29 AM
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