Current income limit is $17,400 per year before penalty kicks in.from 62-66 age after that the sky is the limit

Utah is a state that takes tax's, not a fan of that, also have to pay my Medi-Care out of my work wages until my SS next September when they will automatically come out of that check as well as the Medi-Care payment. They want to make sure they get theirs first as always !!

So right off the bat I lose with state tax, and Medi-Care, I'm glad I waited till FRA it won't be so noticeable, being so much higher than at 62, due to having an above average pay scale to raise the check through the years.

Some times it pay's to be able to wait, I'm very lucky to come from healthy genes !

As long as your genes aren't Levis!!

This is a very situational question....

A person who is going to keep working may not want to, where as a person who is going to stop working and actually retire may want to take it early.

SO my plan is to retire next JAN get a check in FEB. I will work till MAY or JUNE and cash in my shares to IRA cds . No 401k just profit sharing.So if the gov. see that in my bank dose that mean no check? I just turned 62.

If you sign up in Jan I think it takes about 3 month to go through the system , and if your birthday is in the 1st half of the month I think your check comes on the 1 Wednesday of the month , if its in the 2nd half of the month it comes on the 3rd Wednesday . not sure but I think if you planed on ss at 62 you sign up 3 months before you turn 62.Don't take this as a sure thing but that my understanding. If you wanted to get ss at 65 you sign up 3 month before you turn 65.

I did the same thing. I didn't want to be hampered by earned income. Now, I can earn whatever I want and not have it reduce my SS payments. I still work my regular job. I've never retired unless the fish are biting or it's hunting season. Had I retired, I might have looked at it differently like some of you seem to have.

I will file for SS to begin in Jan of next year (2019).
Because my 66th birthday is in June 2019 ,anything I earn after filing the first of the year is penalty free.
I will get the max amount allowed minus the six months early monthly deductions. ( $19 for every month early until june of 2019 ) .
If I read everything correctly.
I have been to the SS office twice to verify these findings and they have confirmed it.
So beginning Jan of 2019 I will be fully retired SS and pensions.
Negative = minus a (About $120 monthly reduction "$19 x 6") from SS .
Positive is a doubled income, until I decide not to go into work, Penalty free.

And as stated from above ( they recommend I start the paperwork about 90 days before it begins).

Yes i have been to SS office and have a call from them soon to verify it. The problem is 62 and to much money in the bank. My honey ,two sitters and i have a friend that if they have over 2000.00 in the bank the gov. will short the check.

I think your friend is probably on social security supplemental insurance, it is a separate program with different guidelines.

He certainly must be because if all those that had 2 grand in the bank when applying for SS most would get nothing or a huge reduction. Can't solve problems until one knows what the problem is. It is amazing that a program that has been around for nearly 80 years with several million citizens in the system is so poorly understood. Who knows much of that may be by design so there is something to complain about or something to blame.


Bryce

Yep....anybody waiting until they are 70?

Yep.

70 no way sounds like poor planning! A comedian once described social security as taking nuts away from a squirrel and giving them back after it loses all of it's teeth!

Yea no.

I have two friends who waited until 70 to maximize their monthly stipend. They both have very adequate income streams and both worked until 66. One of them had many years of reaching the maximum SS tax due to a very good income. His wife is just retired as a nursing supervisor so they have good revenue and good assets as well.

Bryce

The 37 states that do not tax Social Security benefits include Alabama, Alaska, Arizona, Arkansas California, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, Wisconsin, and Wyoming. Washington D.C. also exempts Social Security income from local income taxes .

Does anyone know if Military retirement counts as income toward SS? I would think it should since it is taxed. It is not listed on any thing I get from the SS office, but it is claimed and taxed.

MJM, I don't think so, I have income that is taxed but won't affect my SS.