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Social Security-----When should you start drawing? (On Topic Only)
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<blockquote data-quote="Ms.PacMan" data-source="post: 3157301" data-attributes="member: 4656"><p><a href="https://www.ssa.gov/planners/retire/delayret.html" target="_blank">Delayed Retirement Credits</a></p><p></p><p>8% only after FRA (full retirement age) </p><p></p><p></p><p></p><p>These estimates we receive assume that the person worked, making a similar salary, until 62 or 67 in your case. </p><p></p><p>My estimated numbers are almost exactly the same but if I retire at 52 the amount I can collect at 62 drops to ~$1400/mo. There is a Social Security calculator on their website.</p><p></p><p></p><p></p><p>You never have to take Social Security (Warren Buffet chooses not to collect). You're thinking of required minimum distributions or RMD's which is an amount required by law that you have to take out of your 401k or traditional IRA starting at 70 1/2 - so the gov't can collect the taxes it allowed everyone to defer.</p><p></p><p></p><p></p><p>Were you planning on having your wife collect half your SS benefits until she starts hers? I think they changed this law last year and switching benefits is no longer allowed - she can still start SS early or delay but she has to pick either collecting spousal or her own and can never switch to the other. I think.....</p></blockquote><p></p>
[QUOTE="Ms.PacMan, post: 3157301, member: 4656"] [URL="https://www.ssa.gov/planners/retire/delayret.html"]Delayed Retirement Credits[/URL] 8% only after FRA (full retirement age) These estimates we receive assume that the person worked, making a similar salary, until 62 or 67 in your case. My estimated numbers are almost exactly the same but if I retire at 52 the amount I can collect at 62 drops to ~$1400/mo. There is a Social Security calculator on their website. You never have to take Social Security (Warren Buffet chooses not to collect). You're thinking of required minimum distributions or RMD's which is an amount required by law that you have to take out of your 401k or traditional IRA starting at 70 1/2 - so the gov't can collect the taxes it allowed everyone to defer. Were you planning on having your wife collect half your SS benefits until she starts hers? I think they changed this law last year and switching benefits is no longer allowed - she can still start SS early or delay but she has to pick either collecting spousal or her own and can never switch to the other. I think..... [/QUOTE]
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Social Security-----When should you start drawing? (On Topic Only)
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