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Brown Cafe UPS Forum
UPS Discussions
Will you take SS immediately or delay like they want you to?
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<blockquote data-quote="Red Headed Stranger" data-source="post: 5532298" data-attributes="member: 90351"><p>For Federal, your Social Security is taxed in most cases. You will pay tax on up to 85% of your Social Security benefits. Depending on the state where you live, it may or may not be taxed at the state level as well. Based upon the numbers you gave in your previous post, you could lose up to $92,592 if you were waited to take SS at age 65 but died right before turning 65. When deciding when to take Social Security, I tell people that if that is all the income they will have in retirement, they are better off waiting until full-retirement age or beyond. If you have a good pension (UPS), I'd encourage someone to draw sooner and enjoy life. Also, look at the age your parents/grandparents lived to be. That would be another indicator.</p></blockquote><p></p>
[QUOTE="Red Headed Stranger, post: 5532298, member: 90351"] For Federal, your Social Security is taxed in most cases. You will pay tax on up to 85% of your Social Security benefits. Depending on the state where you live, it may or may not be taxed at the state level as well. Based upon the numbers you gave in your previous post, you could lose up to $92,592 if you were waited to take SS at age 65 but died right before turning 65. When deciding when to take Social Security, I tell people that if that is all the income they will have in retirement, they are better off waiting until full-retirement age or beyond. If you have a good pension (UPS), I'd encourage someone to draw sooner and enjoy life. Also, look at the age your parents/grandparents lived to be. That would be another indicator. [/QUOTE]
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Will you take SS immediately or delay like they want you to?
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