tax laws have change what I though I was going to be able to do this year changed. I sold my van at a loss, and though I would be able to write it off tax's last as I sold it in July 2017. should have sold it in 2016 and I would have been able to take the loss. so when you are going to buy that last unit, think about when do I want to retired or I'm getting out of business, you have to think about the end of the game. thought I would pass this on. plus being retired I'm still making to much money and looks like might have to pay this year. you pay taxes and work hard follow the rules and they still want you to pay.
when you are retiring
- Thread starter geo
- Start date
10-15 years till retirement*
8-10 months to potentially leave the business*
*Results may vary. figures subject to change after a good nights sleep. Past statements are not indicative of future results
8-10 months to potentially leave the business*
*Results may vary. figures subject to change after a good nights sleep. Past statements are not indicative of future results
Hate to hear that - but many have done it in due time.10-15 years till retirement*
8-10 months to potentially leave the business*
*Results may vary. figures subject to change after a good nights sleep. Past statements are not indicative of future results
I will retire at the same time and in the same manner as my great grandfather: when I drop dead at the wheel 
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I now work part time, since I took early social security at 63. Now after expenses I can make 17,040 before they take1 for evey 2 I make over the 17,040.
Now if I still doing this after I turn 66 then I can make as much as I like.
Now if I still doing this after I turn 66 then I can make as much as I like.
Isn’t that a funny rule... I learned about that when I turned 66...
The bigger rule, if I understand it right, is you lose 8% for each year you retire prior to your full retirement age.
For you youngins that full retirement age keeps getting older.
Born in 53, my FRA is 66.
For you youngins that full retirement age keeps getting older.
Born in 53, my FRA is 66.
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if your spouse has no or expecting minimum social, your spouse can claim 50% of YOUR 100% when he/she turns 66....
Another look at it.
17,040 / 12 = 1,420 monthly (retired early).
Full retirement 1,420 X 50 months from 62 years is
$71,000 you are letting go by. It would take years for you to make that up at full retirement. Since most of us are not dependent on SS alone, so save your IRA, 401k etc until full retirement.
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Correct, atleast by the it was explained to me .. you would have to live to the age of 78 to make up the difference... 2 years & 4 months till age 62 for me .. 4 years for my Wife , but technically she is retired now...
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It’s a gamble.
I’m looking at $2200 per month at 66.
$1496 per month if I go 4 years early.
The $71808 I’d get in those 4 years is offset by a $706 month lower payment.
If I don’t last 8.5 years I’m ahead.
I should last longer if the liver holds out.
Every month for the rest of my life I’m short the $706 dollars.
Also, I didn’t want to deal with that income penalty prior to full retirement age.
I’m looking at $2200 per month at 66.
$1496 per month if I go 4 years early.
The $71808 I’d get in those 4 years is offset by a $706 month lower payment.
If I don’t last 8.5 years I’m ahead.
I should last longer if the liver holds out.
Every month for the rest of my life I’m short the $706 dollars.
Also, I didn’t want to deal with that income penalty prior to full retirement age.
It's a gamble worth taking in this old farts not so humble opinion.
That's not true anymore. My 71 year old girlfriend who still works just found that out this week when she went to do her taxes. The tax law on that has changed. I suggest you look into it.
Did she wait until full retirement age ?
My brother makes $100,000 plus and just took his at 66 expecting no penalty.
My brother makes $100,000 plus and just took his at 66 expecting no penalty.
Nope... still true...
Limits on Earned Income If Claiming Early Benefits
Until you reach full retirement age, Social Security will subtract money from your retirement check if you exceed a certain amount of earned income for the year. For the year 2017, this limit on earned income is $16,920 ($1,410 per month). The amount goes up each year. If you are collecting Social Security retirement benefits before full retirement age, your benefits are reduced by $1 for every $2 you earn over the limit. Once you reach full retirement age, there is no limit on the amount of money you may earn and still receive your full Social Security retirement benefit.
Will I Get Penalized for Working While Collecting Social Security Retirement?
If it does, it’ll be of interest to plenty of us short timers.
Seems to be quite a fewer old farts here trying to game plan the next chapters.
I don’t have the people skills to work at Speedway or FD.
Seems to be quite a fewer old farts here trying to game plan the next chapters.
I don’t have the people skills to work at Speedway or FD.
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If there was that big of change, AARP would have been posting that change, they haven’t that I’ve seen. Neither has any other group, that I’ve seen. Heck the SSA hasn’t even put that on their website.
Also all groups representing older people would have been up in arms before the bill would have been voted on by Congress.
I should add that any changes to social security under the new tax law wouldn’t be for 2017 taxes but 2018 taxes you file in 2019