Quote:
Originally Posted by rydogg58
It varies based on your earnings history. Generally, you shouldn't think about drawing SS if you are still working or planning on working past 62 as there's an earnings limit. Last year it was a little over 17k. It's been a few years since I've worked there, but trust me...I can't tell you HOW many people ****ed it alllll up. Overpayments are a total bitch to pay back if you are living on a fixed income. If you are working, it WILL get found out, and if you are over the limit, you WILL be paying that money back.
I'm taking it as early as I can. Simply because I"m not sure how long past 70 I'm going to live. Another reason is when you factor in how long it will take you to make up the lost money from age 62-70, it's just not worth it to me to break even at 77.
You can go to the Social Security website and review your earnings history and you can even get an estimate as to how much you can draw at what age. It's really good information to have, especially if you are within a few years of retirement.
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You worked at the Social Security Administration? Let me ask you a question I haven't figured out yet.
There's a maximum social security payment that a person can get. But does that maximum go up if you take a delayed payout? In other words, if I'm eligible for the maximum amount at age 67, is the amount still going to be higher if I wait until 70? Or is the cap always the cap?