HELLLLLLLOOOOO, Retirement !

[Hannahbanana, BSN, MSN]

If there is any possible way you can delay taking Social Security, do that. The longer you wait, the higher your monthly benefit will be. Your local SS office will be very happy to help you figure this out. You can (must) go open your SS account at MySocialSecurity.gov, where you can see your contributions over the years and calculate your benefits at 62, 65, and beyond. If you are 62 now you can't start taking it at 62 anyway (unless you have a qualifying disability) because the ages have been gradually increasing. My sister born 1955 can't get hers until 66 1/2, if memory serves— she's putting it off too. 

Although it was pretty tight I put off taking mine until I was 70 (born 1951, qualified at 65). My age 65 monthly benefit would have been around $2200 (before taxes [yep] and mandatory Medicare deductions at 65) Waiting until until I was 70 increased it by better than 30%, now with COLAs more than $3800/month. Yes, it really makes a big difference.

I was able to keep working from home with reduced hours as a legal nurse consultant and life care planner, which was helpful. If you can think of any side gigs, go for it. There are also no deduction penalties for making outside income so no worries there. 
Go see the SS folks for your own specifics to make a definitive plan. They really are helpful. Good luck!

[londonflo]

Hannahbanana said:

. The longer you wait, the higher your monthly benefit will be.

The quicker you die the less months you will receive. I am married to a CPA that showed me the benefits of taking Social Security at 62. I was born in 1955. Any how we are enjoying are retirement years as long as we can.....Finding new ways to pleasantly enjoy life, working on our antiques business, traveling to England.

Hannahbanana said:

My sister born 1955 can't get hers until 66 1/2, if memory serves— she's putting it off too. 

It depends on the month she was born. She needs to check that out. . But I am sad there are people who have to keep paying into the system to ensure benefits are there for younger enrollees. 

I am truly enjoying retirement, please look up the benefits and what counts in retirement years to earn SS. I started working at 15 but there is a threshold of money earned to have those jobs count. 

Hannahbanana said:

There are also no deduction penalties for making outside income so no worries there.

The inequity in the system never stops for you earning income above a certain level after achieving SS benefits.  This is a good question though, to ask. 

[HangInThere, BSN, RN]

Wow, the thread is alive again! Thank you hannahbanana and londonflo for good points about  Social Security benefits. I love exchanging info in real $ figures from real people. I will hit up the local SocSec office and also see how other CPAs look at the options. It's one decision that I want to become fully informed about, especially when considering where my salary range could be if I work in the next 6 years.

I like MySocialSecurity.gov! Cool diagrams to scrutinize options for claiming at different ages. This is one decision that will not be impulsive. No way. Taking it day-by-day. You know, one day I'll wake up and have no energy to even THINK about continue nursing in any form. Burn-out blues. But then, the next day I'll wake up and say to myself, "Yeah! Go get 'em and get creative and find that fantastic remote RN gig." On that day, I'll search and get an application out or learn about different options, and the time feels well-spent.

Not sure if this cycle of exhaustion/optimism is normal following years of short-staffing and unsafe working conditions, but I am keeping track and am starting to see improvements in my sleep, nutrition, and exercise. Taking a break was a good decision, but I have a ways to go before I reach that elusive state of homeostasis.

Cheers and thx to you good people.

[HangInThere, BSN, RN]

I'm researching Social Security and found this in a few articles in early April:

"Recently, the Social Security Administration announced that its cash reserves will run out in 2034, a year earlier than earlier projected. When this happens, the agency will continue to pay benefits based on its ongoing tax revenue. This will require cutting benefits to about three-quarters of their current levels."

Ouch.

[HangInThere, BSN, RN]

I'm looking at the numbers, and I'm leaning toward claiming at 62 (at the lower benefit). It could work for me, and I can pick up part-time work and keep that income below the annual earnings limit of $21,240.

I have a union pension that will kick in $10K/year at 65 and I can start 403b distributions any time at a conservative 4% (if needed).

My full retirement age is 67 (born in 1961). Playing with these options lightens my spirits a bit, and I feel a door open when I think of working only part-time.

[londonflo]

Hannahbanana said:

There are also no deduction penalties for making outside income so no worries there. 

Yes there are BIG taxes if your earn above a certain $$ level. It may help to get a booklet from the Social Security office before stated untrue facts. 

Everyone, be aware that the SS office is not always accurate. I retired with an early retirement that included a financial reimbursement (non taxable) in 1917. On Christmas Eve I received a bill from the SS office that in 2018 I was liable for a substantial payment from 2018. Of course I had all my documents stated  which it was not to taxed. Sent them 2022 December.

They replied that my SS payments were stopped until the SS collected the $6,000. Never heard anything about my mailed rebuttal from SS office; called my federal congressman (who said our office is just getting set up, no governmental phones, etc )

Went to the SS office in my capital city.  The office was locked up, sign on the door said "closed for water main break." No repair trucks or other needed restoration services there.

I kept calling my US congressman, after 3 months I got the answer that the amount was not taxable. 

[Hannahbanana, BSN, MSN]

londonflo said:

Yes there are BIG taxes if your earn above a certain $$ level. It may help to get a booklet from the Social Security office before stated untrue facts. 

There is a difference between paying taxes on earned income and a benefit penalty. I believe it used to be that if you were collecting Social Security and had side gigs paying you money, there was a cap on how much you could earn outside of SS without having your SS benefit decreased. That is not the case now. 
You still pay taxes on *any* income. If all you have is SS, that's taxed. If you have additional income, you are taxed on SS + whatever else you took in, as your total income; if you bring in enough, you may find yourself in a higher tax bracket based on that total. But your SS benefit itself is not decreased. 
If you are delinquent in your taxes they can withhold your SS, of course. The money you must pay INTO SS as withholding from your paycheck is a tax; if for some reason that wasn't credited to your account by whoever paid you, that would have to be cleared up before SS could resume. It's not clear by your description what your situation was and I'm not a taxation attorney, but you ought to have eventually rec'd correspondence clearing it all up after resolution.
As a self-employed person I had to make quarterly payments for SS withholding; once I had a bookkeeper who told me she was making them ... but she wasn't. It took me a damn long time to clear that up plus I had to pay a humongous penalty on top of taxes owed. I got another bookkeeper, natch, and never had another problem. But that wasn't SS's error. 
You're welcome. MySocialSecurity.gov. 

[londonflo]

londonflo said:

I retired with an early retirement that included a financial reimbursement (non taxable) in 1917

 

Hannahbanana said:

t's not clear by your description what your situation was

Very clear,,,,

 

Hannahbanana said:

If you are delinquent in your taxes they can withhold your SS, of course.

With crystal  clear paperwork, I was made whole. I am just reminding those who fight the good fight.   ,,,I spent many hours on the phone with my State Representative,  letters to the responsible agencies do not help.

[HangInThere, BSN, RN]

I learned that after full retirement age (FRA), which is 67 for me, there is no penalty on earned income. But, if at age 62-67 I earned over $21,240 annually, there is a penalty.

[HangInThere, BSN, RN]

For anyone who is following this thread and likes the fine print, this is a report, The Social Security Retirement Age :

https://crsreports.congress.gov/product/pdf/R/R44670/14

[DreamingCRNA]

Congratulations. I can't wait!