Cariboujack,
I waited until age 66 because I was still working (not by choice) and it increased my montly SS payment quite a bit over what I would have gotten at age 62. I'm still working (not by choice) and what bothers me is that they're still taking SS and Medicare out of my check. The first year I worked after age 66 they raised my SS check by $9.00 per month the following year because I had paid into SS. It will take me 48 years to get back what I paid into SS that year at $9.00 per month(and that's not counting what I paid into Medicare). I called SS and told them that I was happy with my original SS check based on my original work history and would rather not contribute any more. They didn't care whether I was happy or not.

After you reach full retirement age. Most are 66 now. There is no limit on how much you can make by wages.

That's true, but you always have to pay social security and Medicare taxes on wages. It doesn't matter how old you are only that you are breathing and working.

I waited until I was old enough to get the full amount. That was April 1st 2007. If I had earned more that some set amount in the rest of that year there would have been penalties.
Starting Jan 1 2008, I could have worked as much as I liked with no problems from then on.
I just don't to work anymore.

I believe one of you could retire and the other could receive a partial spousal check while still working. The longer the working spouse gets to 70 yrs the more they can earn.

Here's one article but please do your own research or ask a financial planner to see if this scenario would be good for you.

Collecting Spouse's SS while still working

Dan

You are money ahead to take it the very first day you can.
Let's assume you'd get $1,000/month at 62 and $1,600/month at 66.

If you start taking the $1000, you'd receive $48,000 from then until you turned 66. Now divide that $48k by 600 and you see that it would take 80 months, or almost seven years, to make up the $48k you wouldn't have gotten if you had waited to start accepting the cash. So you wouldn't actually come out "ahead" until you turned 73.

I have a bit more than a year before I reach 62, so I will be investigating this more thoroughly in 2013. Just got an estimated SS statement in August.

Using those numbers - If I start drawing at 62 I will bring in more money than if I wait to start drawing at age 66 UNLESS I live beyond age 77. The monthly amount depends on how much you have made and contributed over your work-lifetime - I think . . .

Kinda depends how long you think you'll live. And THAT is a guess . . .

That does concern me. I've got 4 friends that have died in the last two years, none made it to 66. The guy whose celebration of life I went to last night was 64. Makes a guy think.

ooh ooh take the money and run!


I've got 8 more years before I turn 62, I fully expect it to be "means determined" by then.

I also hope to have the means that they say I don't get any SS if it is indeed means tested.

but I plan to get as much back ASAP whenever I'm eligible. Great thread for us geezers and geezer wannabes.

good luck Marlin

That's why the money you pay into SS should go into your own private account and what you don't draw should go to your estate. That's the real reason Tards don't like ROTH IRA's. SS is nothing short of a ponzi scam.