Social security??

[Wally]

may be wrong ...

it could cost you ...

No one size fits all answer for everyone

The first brain reaction is panic. Got to grab before it's gone. Maybe not the most logical.

 

[IVE GOTTA PACKAGE 4U]

I'll throw my 2 cents in ($2 million after inflation). I agree with Gumby. Take Social Security early (age 62) if you are already retired from UPS and put that money in your savings. Work part-time making at least what the annual ROTH contribution is every year and stick that money into a ROTH or if you are ambitious, you can earn up to $22,320 in 2024 without any of your Social Security being clawed back.

That Roth money is huge.

I may not have picked all the right investments but that was the best move I did was put money into a Roth IRA

 

[oldngray]

That Roth money is huge.

I may not have picked all the right investments but that was the best move I did was put money into a Roth IRA

I'm guessing it takes about 10 years for the advantages of a Roth to really kick in but after that it becomes a no brainer.

 

[IVE GOTTA PACKAGE 4U]

I'm guessing it takes about 10 years for the advantages of a Roth to really kick in but after that it becomes a no brainer.

I did that some years back.
I opened the Roth IRA for me and a spousal ira for my wife since she was a stay-at-home mom while the kids were growing up

I don't plan on converting any of my pre-tax money but I'm still adding money to the Roth

 

[CHEMA-DELMA]

I'll throw my 2 cents in ($2 million after inflation). I agree with Gumby. Take Social Security early (age 62) if you are already retired from UPS and put that money in your savings. Work part-time making at least what the annual ROTH contribution is every year and stick that money into a ROTH or if you are ambitious, you can earn up to $22,320 in 2024 without any of your Social Security being clawed back.

But your pension is income and you will make more than the $24K. Does that mean you will take a hit?

 

[Automaton]

But your pension is income and you will make more than the $24K. Does that mean you will take a hit?

It's only on income that you would have to pay social security on, so things like interest and pension income don't count toward the total. Also, if you do earn more than the limit and some of your SS is withheld, I believe that money is applied to higher SS payments in future years.

 

[Red Headed Stranger]

Crunch the numbers.

https://www.marketwatch.com/story/your-social-security-math-may-be-wrong-and-it-could-cost-you-a-lot-of-money-894c395b

If you are looking at statistics (remember the book "How To Lie With Statistics"), remember our elderly are/were in much better physical shape than the retirees are today. If you look at the obesity numbers of today compared with years ago, we are a nation of "fatties." The likelihood of living until the ripe old age of 85 - 90 is not too good. Both of my parents died early, as did my grandparents. I say, 1) look at the age of your parents/grandparents before making a decision AND 2) if you are going to NEED Social Security to live on due to lack of financial planning when you were young, this will help you decide whether to take it early at 62 or wait until full retirement age. The number of people I see daily in the obituaries who never even made it to 62 is staggering.

 

[Red Headed Stranger]

But your pension is income and you will make more than the $24K. Does that mean you will take a hit?

Your pension is not earned income. The $22,320 amount for 2024 only includes the money you are earning while working at a job. It has nothing to do with investment or pension income (rental income/savings/401k/IRA/pension, etc. are not included in earned income).

 

[oldngray]

Your pension is not earned income. The $22,320 amount for 2024 only includes the money you are earning while working at a job. It has nothing to do with investment or pension income (rental income/savings/401k/IRA/pension, etc. are not included in earned income).

But that money does count towards potential Medicare costs doesn't it?

 

[IVE GOTTA PACKAGE 4U]

But that money does count towards potential Medicare costs doesn't it?

Only if you go over a certain amount the Roth has nothing to do with that Medicare Income Limits: How Income Affects Your Costs in 2024.

 

[oldngray]

Only if you go over a certain amount the Roth has nothing to do with that Medicare Income Limits: How Income Affects Your Costs in 2024.

I wasn't talking about Roth

 

[Red Headed Stranger]

But your pension is income and you will make more than the $24K. Does that mean you will take

But that money does count towards potential Medicare costs doesn't it?

Yes, if you receive any income from any source, it will count towards the maximum you can make before paying more for your Medicare Part B coverage (Medicare Part A coverage is free for anyone who attains age 65 and has worked 40 quarters).

 

[Commercial Inside Release]

The number of people I see daily in the obituaries who never even made it to 62 is staggering.

Word!

 

[rod]

The first brain reaction is panic. Got to grab before it's gone. Maybe not the most logical.

SS has been "going out of business' sine the 60's when I first heard about it. Back then it was supposed to be broke by the 80's.

 

[oldngray]

SS has been "going out of business' sine the 60's when I first heard about it. Back then it was supposed to be broke by the 80's.

Its all your fault

 

[rod]

Its all your fault

I got mine---the hell with the rest of ya.