revenger 473 Posted January 9, 2020 Do any members have suggestions on where to get accurate SS advise. over the holidays visiting the relatives each one has their own ideas and theories which may work for them but have me confused. I need a SS expert to advise me on collecting. I'm still a few years away but want to start preparing. Thanks Quote Share this post Link to post Share on other sites
M1152 713 Posted January 9, 2020 I don’t think there is a such thing as a "SS expert", why not just ping Maksim the forum’s proprietor? IIRC that is what he does, as a financial guy he could give you the big picture. Quote Share this post Link to post Share on other sites
siderman 1,137 Posted January 9, 2020 Some of the schools around me have adult night classes. Often there will be a one time class offering exactly this, ss planning and advice from some financial person/ group hoping to enlist you as a client with other offerings. Quote Share this post Link to post Share on other sites
JackDaWack 2,895 Posted January 9, 2020 I thought this was a rather basic topic. There are online SS calculators and what not.. the longer you wait to collect once you qualify the more money you get... https://www.investopedia.com/articles/retirement/081616/5-tips-increase-your-social-security-check.asp Quote Share this post Link to post Share on other sites
10X 3,296 Posted January 9, 2020 4 minutes ago, JackDaWack said: I thought this was a rather basic topic. There are online SS calculators and what not.. the longer you wait to collect once you qualify the more money you get... All you need to know is exactly when you are going to die, and perhaps exactly when your spouse is going to die, and you can quickly calculate exactly when to start collecting benefits in order to maximize your return. Easy-peasy. 1 Quote Share this post Link to post Share on other sites
revenger 473 Posted January 9, 2020 1 hour ago, 10X said: All you need to know is exactly when you are going to die, and perhaps exactly when your spouse is going to die, and you can quickly calculate exactly when to start collecting benefits in order to maximize your return. Easy-peasy. I have been utilizing the family tree and historical data available to me to try and calculate that date and come up with an average life expectancy for myself. I need to know when to start selling my guns and ammo so my family doesn't throw them in trash. My SS concern came up when a former co-worker said there is some kind of reduction in benefits since we will be collect state pensions. also if I continue to work once collecting what is my income limit. thanks Quote Share this post Link to post Share on other sites
PK90 3,570 Posted January 9, 2020 From what I have gathered, it will take me until age 80 before I reach the "break even" age (62 vs 70). Obviously, there is no guarantee that I will reach that age, so "show me the money" now. Quote Share this post Link to post Share on other sites
Sniper 6,372 Posted January 9, 2020 6 hours ago, revenger said: Do any members have suggestions on where to get accurate SS advise. You can call S.S. directly, and they will tell you your monthly amounts at different age levels. 1 hour ago, revenger said: My SS concern came up when a former co-worker said there is some kind of reduction in benefits since we will be collect state pensions. also if I continue to work once collecting what is my income limit. If the pension will be considered taxable wages, and you start collecting before age 66, S.S. will take back a dollar for every two dollars you earn, if you start collecting before 65. There is a maximum amount you can earn ($18,240 in 2020) where they won't take back any S.S. dollars. If you earn more than that and collect S.S. early, they will penalize you. Once you reach your FRA (full retirement age), you can make as much as you want, there is no penalty to the S.S. checks. Plus, depending on how much taxable wages you make, it will make a portion of your S.S. checks taxable too. It's a sliding scale, based on gross taxable income. You should find out if the pension has any special rules regarding the taxable base, as it relates to S.S. The state may have some special guidelines. 1 hour ago, PK90 said: From what I have gathered, it will take me until age 80 before I reach the "break even" age This is true, for most people, the cross over age is between 78 - 80, where you would end up make a few more monthly dollars by waiting. The problem is, by holding off on collecting S.S., you have to burn through your own retirement savings to live. Most people won't be able to do that. Plus, your S.S. isn't like a bank account, where the money just sits there until you pull it. Between 62 - 70, it's use it, or lose it. This is why most people collect as soon as possible, and don't wait. Quote Share this post Link to post Share on other sites
M1152 713 Posted January 9, 2020 19 minutes ago, Sniper said: You can call S.S. directly, and they will tell you your monthly amounts at different age levels. or don't even bother wasting your time calling, just go online and open an account to see the online calculator. the SSA reps are going to supply the same numbers as to what's posted on the account page. You could have an account regardless if you are ready to collect or not https://www.ssa.gov/onlineservices/ 1 2 Quote Share this post Link to post Share on other sites
eyeinstine 241 Posted January 9, 2020 1 hour ago, FXDX said: or don't even bother wasting your time calling, just go online and open an account to see the online calculator. the SSA reps are going to supply the same numbers as to what's posted on the account page. You could have an account regardless if you are ready to collect or not https://www.ssa.gov/onlineservices/ Thanks for the info and link!! I just created my login/account. Super easy and quick. Just as expected, being self employeed, ill have to work until i die... 1 1 Quote Share this post Link to post Share on other sites
rtquig 45 Posted January 9, 2020 5 hours ago, revenger said: I have been utilizing the family tree and historical data available to me to try and calculate that date and come up with an average life expectancy for myself. I need to know when to start selling my guns and ammo so my family doesn't throw them in trash. My SS concern came up when a former co-worker said there is some kind of reduction in benefits since we will be collect state pensions. also if I continue to work once collecting what is my income limit. thanks I am in the State pension and social security since age 62. The State pension does not affect social security benefits. Until you reach full retirement age social security does limit the income allowed and does take $1 out of every $2 earned. When you reach full retirement that no longer applies. If you retire and are separated from employment for 180 days, you can work another state pension job but not over 32 hours a week in most cases. 1 Quote Share this post Link to post Share on other sites