RedZone Posted June 8, 2023 Report Share Posted June 8, 2023 When will you retire and is anyone currently getting Social Security benefits? The maximum Social Security benefit in 2023 is $3,627 at full retirement age. It's $4,555 per month if retiring at age 70 and $2,572 if retiring at age 62. A person's benefit amount depends on earnings, full retirement age and when they take benefits. Quote Link to comment Share on other sites More sharing options...
golfaddict1 Posted June 8, 2023 Report Share Posted June 8, 2023 29 minutes ago, RedZone said: When will you retire and is anyone currently getting Social Security benefits? The maximum Social Security benefit in 2023 is $3,627 at full retirement age. It's $4,555 per month if retiring at age 70 and $2,572 if retiring at age 62. A person's benefit amount depends on earnings, full retirement age and when they take benefits. I used to receive mailings periodically updating the totals on “what if” retire age. You and others likely also as that’s federal. I haven’t seen one in the mailbox for a few years, but considering Covid and all, no surprise. I confirmed with a rep about being vested (wife and I) some years back and as long as that’s on record, you’re good to go… … that is if there is funding for s.s at retirement age. Quote Link to comment Share on other sites More sharing options...
RedZone Posted June 8, 2023 Author Report Share Posted June 8, 2023 25 minutes ago, golfaddict1 said: I used to receive mailings periodically updating the totals on “what if” retire age. You and others likely also as that’s federal. I haven’t seen one in the mailbox for a few years, but considering Covid and all, no surprise. I confirmed with a rep about being vested (wife and I) some years back and as long as that’s on record, you’re good to go… … that is if there is funding for s.s at retirement age. Yeah, I opened an online account at Social Security. Just getting prepared. Once you open that account up you're set. It's got everything on there you need going back to when you got your first paycheck up to now. Breaks down the benefit amount after you reach the age 62 going forward>63, 64-70. Lots of other useful stuff on there as well. I'm thinking seriously about tapping out at 62. 1 Quote Link to comment Share on other sites More sharing options...
golfaddict1 Posted June 8, 2023 Report Share Posted June 8, 2023 37 minutes ago, RedZone said: Yeah, I opened an online account at Social Security. Just getting prepared. Once you open that account up you're set. It's got everything on there you need going back to when you got your first paycheck up to now. Breaks down the benefit amount after you reach the age 62 going forward>63, 64-70. Lots of other useful stuff on there as well. I'm thinking seriously about tapping out at 62. I’ll check that out online, good info. 👍🏻 As far as 62 vs 65, we’ll have to see if there will be another inflation increase adjustment, but as there was just a recent one, I seriously doubt we will see one before age 62. That’s 5 years and change away for me. Roth IRA at 59 1/2 is a ? for me with some years to decide whether to start withdrawing at that time or not. If you’re financially sound (as I think you are) and your mental state with work is F this, it can’t be a wrong decision. Peace of mind, investing wisely and taking more trips with your wife. vs 3 years of F this. But if you dig your job, forget above. That’s totally different. Quote Link to comment Share on other sites More sharing options...
Wildcat Will Posted June 8, 2023 Report Share Posted June 8, 2023 1 hour ago, golfaddict1 said: I’ll check that out online, good info. 👍🏻 As far as 62 vs 65, we’ll have to see if there will be another inflation increase adjustment, but as there was just a recent one, I seriously doubt we will see one before age 62. That’s 5 years and change away for me. Roth IRA at 59 1/2 is a ? for me with some years to decide whether to start withdrawing at that time or not. If you’re financially sound (as I think you are) and your mental state with work is F this, it can’t be a wrong decision. Peace of mind, investing wisely and taking more trips with your wife. vs 3 years of F this. But if you dig your job, forget above. That’s totally different. My wife just did the 59 1/2. Being financially stable is a must. I made sure we were ready so she could close it out at 59 & 1/2. You will love it. 1 Quote Link to comment Share on other sites More sharing options...
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