Social security retirement questions

[Incogneeto]

Anybody got answers?

So I filed today.

But I'm still working.

when should I retire or tell work?

I know I can work part time but how is it figured out ?

Anything as far as info is appreciated. I really have no clue what I am getting in to.

Any other options?

I paid for this (40 years) so I want to get all I can from it.

Help me  ,Help me , Help me.

[JParis]

When I finally decide to do it, I'll give my place 90 days..being in a management position, they'll have time to figure something out....of course the discussion won't be just out of the blue...

Current age plays into your options...

Earnings...

If you reach full retirement age in
2023, we must deduct $1 from your
benefits for each $3 you earn above
$56,520 until the month you reach full
retirement age

https://www.ssa.gov/pubs/EN-05-10069.pdf

[Incogneeto]

When I finally decide to do it, I'll give my place 90 days..being in a management position, they'll have time to figure something out....of course the discussion won't be just out of the blue...

What if they just say "See Ya"!!

[JParis]

What if they just say "See Ya"!!

We had a guy here some years back now...the reality is he did "not" have to work, he was VERY well setup financially by his parents. He mostly worked to "do something"....

Quite literally came in one day and, "I'm done"

[Del.]

If you continue to work while drawing SS you can only make about $20000 a year or they will subtract anything over that from your check. Basically it's a wash but you would work more for same amount of money. When you reach your full retirement age you can make as much as you want.

[Del.]

I think the limit for 2023 is $21,340

[neurosis]

Quite literally came in one day and, "I'm done"

There are days that I wish I could do that.   

I was getting drunk with the boss one day and we were talking about being able to take vacations. I couldn't afford to take the vacation I wanted that year so his response was - "It's not how hard you work, It's what last name you're born with".  He inherited his retirement so technically, he was right.

[mowens]

If you reach full retirement age there is no restriction on how much you can work. They will treat 85% of your social security as taxable income.

Since I was continuing to work I didn't tell my employer I was drawing my ss. It's really none of their business.

[gcode]

I've given my employer 3 years notice and they said no 

[JParis]

  is the only proper response

[mkd]

in 2021 I cash-out refi'd my house running it right up to retirement age when rates were real low. i didn't max it out or anything to keep the payment manageable. With any luck the cash invested will outpace to original payoff trajectory, if the makes sense. 2022 didn't see any gains to say the least.
 anyhow, i'd like to pull out by 62, if i make it.


i've been researching the retirement subject. Watched a bunch of big brain analysis on youtube. The answer always ends up 'it depends'.
 depends on nest egg to longevity to lifestyle. Pick any two. Snicker.

anyhow, we can do a montecarlo analysis here, for a wider breadth of possible outcomes.
https://www.portfoliovisualizer.com/

[BrianP.]

Health insurance is the biggest thing. If not for that I probably could have gone out this year at 62. The one good thing being so sick this year has taught me is that when I take retirement savings out of the equation I can live on 24-30 hours a week no problem. Hopefully in the near future I can work out something with the owners for a reduced schedule.

[Tim Johnson]

If you reach full retirement age there is no restriction on how much you can work. They will treat 85% of your social security as taxable income.

Since I was continuing to work I didn't tell my employer I was drawing my ss. It's really none of their business.

We have a guy here that's 75 years old and he's collecting full Social Security and some kind of Vietnam money.

[Elmer Fudd]

Blind decision. SMH. Should have at least got a dinner from a financial advisor.

[Incogneeto]

Blind decision. SMH. Should have at least got a dinner from a financial advisor.

A Time share salesman is NOT a Financial Advisor.

But at Least you got The Dinner.