Taking Social Security at 62

[Anonymous]

Anonymous wrote:

Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

You’d also be more focused on repealing the ability for Congress to stop using the SS fund as a piggybank for other needs.

If I had been allowed 43+ years ago to NOT pay SS & put that $ in the market, I would have A LOT more than the SS benefits

AND I Paid for my college, my wife's and all of my children's...EVERYONE Should pay for their own education- I should not be paying for illegal immigrants healthcare either

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

You’d also be more focused on repealing the ability for Congress to stop using the SS fund as a piggybank for other needs.

If I had been allowed 43+ years ago to NOT pay SS & put that $ in the market, I would have A LOT more than the SS benefits

AND I Paid for my college, my wife's and all of my children's...EVERYONE Should pay for their own education- I should not be paying for illegal immigrants healthcare either

OP here.

Start your own thread.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

Dumb kid

Yeh keep saying that, we'll be pulling the plug on y'all and taxing you when we get in power. You are the worst generation ever.

Except for yours.

[Anonymous]

Anonymous wrote:Both of us plan to take it at 62 rather than touching TSP/401k. Between 2 pensions and 2 early SS, I think we will have enough.

Don't forget about RMD around age 72 and seeing this is DCUM and everyone has 2 million in their 401k at age 40, these can get quite high

[Anonymous]

Anonymous wrote:

Anonymous wrote:Both of us plan to take it at 62 rather than touching TSP/401k. Between 2 pensions and 2 early SS, I think we will have enough.

Don't forget about RMD around age 72 and seeing this is DCUM and everyone has 2 million in their 401k at age 40, these can get quite high

PP you were responding to. Yes, RMD is one of the reasons why we want to start taking sooner. Higher amount of SS plus when RMD kicks in will definitely cause tax headaches. As soon as we retire, we will convert to Roth aggressively, until RMD kicks in at 72 (or 75).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Both of us plan to take it at 62 rather than touching TSP/401k. Between 2 pensions and 2 early SS, I think we will have enough.

Don't forget about RMD around age 72 and seeing this is DCUM and everyone has 2 million in their 401k at age 40, these can get quite high

PP you were responding to. Yes, RMD is one of the reasons why we want to start taking sooner. Higher amount of SS plus when RMD kicks in will definitely cause tax headaches. As soon as we retire, we will convert to Roth aggressively, until RMD kicks in at 72 (or 75).

Depending on tax rates, it could pay to not take SS until later if you can forego the cash flow. You would have a lower income, making it possible to do the Roth conversions with less of a tax hit.

As I recall, the SS amount taxed is only 85% of the amount received, and in some states is not taxed at all, so that needs to be taken account of in your calculation.

Also, not to be morbid but realistic, if you or your spouse are in poor health, you need to think about those RMDs coming in when you might be subject to single tax rates. If you are used to married filing jointly rates, they are amazingly high.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Both of us plan to take it at 62 rather than touching TSP/401k. Between 2 pensions and 2 early SS, I think we will have enough.

Don't forget about RMD around age 72 and seeing this is DCUM and everyone has 2 million in their 401k at age 40, these can get quite high

PP you were responding to. Yes, RMD is one of the reasons why we want to start taking sooner. Higher amount of SS plus when RMD kicks in will definitely cause tax headaches. As soon as we retire, we will convert to Roth aggressively, until RMD kicks in at 72 (or 75).

Depending on tax rates, it could pay to not take SS until later if you can forego the cash flow. You would have a lower income, making it possible to do the Roth conversions with less of a tax hit.

As I recall, the SS amount taxed is only 85% of the amount received, and in some states is not taxed at all, so that needs to be taken account of in your calculation.

Also, not to be morbid but realistic, if you or your spouse are in poor health, you need to think about those RMDs coming in when you might be subject to single tax rates. If you are used to married filing jointly rates, they are amazingly high.

Good points. Thanks.

[Anonymous]

Anonymous wrote:Will your spouse (if you have one) be using your benefits after your death? If so, did you work that into your calculations of a break even point?

Np. My mom took SS at 64 and my dad at 70. They wanted hers to be play money and then his would be as large as possible. Moms’ parents are still alive in their late 90s so she wanted her half of dads to be as large as possible

[Anonymous]

My dad took SS at 62 and 13 years later, going strong. I think the key for my parents was having a paid off home to call their own. This allows them to travel, buy luxuries for their grandkids, and enjoy their retirement. My dad did not enjoy working although his services as a civil engineer was in high demand. I think they made the right decision.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

My dad was dead at 67. So he’d get zero return?

My mom died at 65 and worked as an elem teacher all her life. No SS for her?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

My dad was dead at 67. So he’d get zero return?

Correct , he's also hoarding stuff from millennials and genz, circle of life

You sound nuts. My Black mother who died at 65 after spending 40+ years as a teacher didn't hoard shit from your bottom feeder ass.

[Anonymous]

Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

Boomers have contributed more than the world than later generations. You're welcome.

[Anonymous]

Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

You are so clueless but that's okay... Life must be hard for you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

You are so clueless but that's okay... Life must be hard for you.

Does anyone listen to Millennial anti-boomer whining anymore? Totally played out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

You are so clueless but that's okay... Life must be hard for you.

Does anyone listen to Millennial anti-boomer whining anymore? Totally played out.

I don't but I never really understood why they are so upset with boomers. Other than, I assume, it's coming from sense of entitlement, maybe??