|
Off Topic Off Topic - General non-Corvette related discussion. |
|
Share | Thread Tools | Search this Thread |
04-28-2024, 5:10pm | #41 | ||||||
Barn Stall Owner #421
Join Date: Sep 2021
Location: Those satisfactions are permanent
Posts: 15,321
Thanks: 6,434
Thanked 8,044 Times in 3,975 Posts
Gameroom Barn Bucks: $500
|
That's my understanding as well. If I were still working, I would not have taken it, as the penalty is 50% if you make over 20k per year.
|
||||||
The Following User Says Thank You to GTOguy For This Useful Post: |
04-28-2024, 5:23pm | #42 | |||||||
A Real Barner
Join Date: Sep 2021
Location: NYS Finger Lakes
Posts: 15,766
Thanks: 8,096
Thanked 10,181 Times in 4,277 Posts
Gameroom Barn Bucks: $500
|
Quote:
Even to the low-level, non-ideological grunts, the more people sucking off the system means job security for them. And to the higher-ups, it's about building their fiefdoms. |
|||||||
The Following User Says Thank You to Bruze For This Useful Post: |
04-28-2024, 5:24pm | #43 | ||||||
Barn Stall Owner #112
Join Date: Apr 2022
Location: The Blue Ridge Mountains
Posts: 17,440
Thanks: 6,904
Thanked 4,788 Times in 2,827 Posts
Gameroom Barn Bucks: $500
|
|
||||||
04-28-2024, 6:10pm | #44 | ||||||
A Real Barner
Join Date: Jan 2011
Location: Green Acres is the place to be...
Posts: 38,252
Thanks: 6,494
Thanked 24,172 Times in 10,965 Posts
Gameroom Barn Bucks: $8122190
|
|
||||||
The Following User Says Thank You to LATB For This Useful Post: |
04-28-2024, 6:14pm | #45 | ||||||
A Real Barner
Join Date: Sep 2022
Posts: 6,465
Thanks: 2,633
Thanked 1,773 Times in 1,061 Posts
Gameroom Barn Bucks: $500
|
|
||||||
04-28-2024, 6:23pm | #46 | ||||||
Sparkles Flambeaux
Barn Stall Owner #4 Barn Raising I,II NCM Supporter '13,'14,'15,'16,'17,'21 Bantayan Kids '13,'14,'15,'17
Join Date: Jan 2011
Location: Santa Fe, NM
Posts: 61,537
Thanks: 11,805
Thanked 33,129 Times in 14,194 Posts
Gameroom Barn Bucks: $17500122
|
i can assure you, your SS check will be taxed if you have any other decent income, including dividends and cap gains. your FRA has nothing to do with it. |
||||||
04-28-2024, 6:31pm | #47 | ||||||
A Real Barner
Join Date: Sep 2022
Posts: 6,465
Thanks: 2,633
Thanked 1,773 Times in 1,061 Posts
Gameroom Barn Bucks: $500
|
|
||||||
The Following User Says Thank You to Big bob For This Useful Post: |
04-28-2024, 6:36pm | #48 | |||||||
A Real Barner
Join Date: Jan 2011
Location: Green Acres is the place to be...
Posts: 38,252
Thanks: 6,494
Thanked 24,172 Times in 10,965 Posts
Gameroom Barn Bucks: $8122190
|
Quote:
A quick search looks like only those with income under 25K (single) 35K (married/jointly) will not pay tax on their SS. |
|||||||
The Following User Says Thank You to LATB For This Useful Post: |
04-28-2024, 6:40pm | #49 | ||||||
Barn Stall Owner #421
Join Date: Sep 2021
Location: Those satisfactions are permanent
Posts: 15,321
Thanks: 6,434
Thanked 8,044 Times in 3,975 Posts
Gameroom Barn Bucks: $500
|
|
||||||
04-28-2024, 6:49pm | #50 | ||||||
Sparkles Flambeaux
Barn Stall Owner #4 Barn Raising I,II NCM Supporter '13,'14,'15,'16,'17,'21 Bantayan Kids '13,'14,'15,'17
Join Date: Jan 2011
Location: Santa Fe, NM
Posts: 61,537
Thanks: 11,805
Thanked 33,129 Times in 14,194 Posts
Gameroom Barn Bucks: $17500122
|
|
||||||
04-28-2024, 7:02pm | #51 | ||||||
A Real Barner
Join Date: Sep 2022
Posts: 6,465
Thanks: 2,633
Thanked 1,773 Times in 1,061 Posts
Gameroom Barn Bucks: $500
|
|
||||||
The Following User Says Thank You to Big bob For This Useful Post: |
04-28-2024, 8:06pm | #52 | ||||||
A Real Barner
Join Date: Jun 2018
Posts: 7,717
Thanks: 2,001
Thanked 7,221 Times in 3,199 Posts
Gameroom Barn Bucks: $12721
|
There is some seriously BAD financial advice in this thread.
I could try to explain all of the wrong shit here regarding taxation of SS payments, but it would be better for anyone thinking about when to take their benefit to go to ssa.gov. There is a FAQ section that will cover all of the ****ed up things above. |
||||||
The Following User Says Thank You to Mick For This Useful Post: |
04-28-2024, 8:17pm | #53 | |||||||
A Real Barner
Join Date: Sep 2021
Location: NYS Finger Lakes
Posts: 15,766
Thanks: 8,096
Thanked 10,181 Times in 4,277 Posts
Gameroom Barn Bucks: $500
|
Quote:
My tax babe explained several times what was going on with SS and how it was taxed, because it would change as I aged, but it never sunk in. I didn't even try to memorize it. |
|||||||
The Following User Says Thank You to Bruze For This Useful Post: |
04-28-2024, 8:50pm | #54 | |||||||
A Real Barner
Join Date: Jun 2018
Posts: 7,717
Thanks: 2,001
Thanked 7,221 Times in 3,199 Posts
Gameroom Barn Bucks: $12721
|
Quote:
1. The SSA has simplified the program significantly over the last decade or so. 2. The SSA has (believe it or not) improved their FAQ section so much that I can't write a more clear explanation off the top of my head than they have out there for public view. The one thing that I will say is that all of the discussion above about "state dependent taxation" of SS benefits applies ONLY to taxation by the state you live in. Whether your SS benefit is taxed at the Federal level is completely independent of where in the US you live. |
|||||||
04-28-2024, 9:12pm | #55 | ||||||
A Real Barner
Join Date: Jan 2011
Posts: 10,307
Thanks: 2,915
Thanked 5,852 Times in 2,770 Posts
Gameroom Barn Bucks: $3895593
|
Remember, only 50% of your SS income is taxable so in my case I can take approx. $25,000 in pre tax dollars along with my SS and not pay taxes.
|
||||||
04-30-2024, 7:39pm | #56 | ||||||
Barn Stall Owner #112
Join Date: Apr 2022
Location: The Blue Ridge Mountains
Posts: 17,440
Thanks: 6,904
Thanked 4,788 Times in 2,827 Posts
Gameroom Barn Bucks: $500
|
Well, my financial advisor was useless here. I asked him when the best age to start collecting, assuming that the system screws me in 2033 and cuts my benefit by 25%. He couldn't come up with an answer. All he can do is plug numbers into an online calculator.
Before I spend the time making a spreadsheet to answer this question myself, is there anyone here who has already made such a spreadsheet? Or has a link where I can download a template? |
||||||
04-30-2024, 7:41pm | #57 | ||||||
Barn Stall Owner #123
Join Date: Jul 2011
Location: I live my life by 2 rules. 1) Never share everything you know. 2)
Posts: 1,950
Thanks: 133
Thanked 2,060 Times in 931 Posts
Gameroom Barn Bucks: $525
|
|
||||||
04-30-2024, 7:43pm | #58 | ||||||
Barn Stall Owner #112
Join Date: Apr 2022
Location: The Blue Ridge Mountains
Posts: 17,440
Thanks: 6,904
Thanked 4,788 Times in 2,827 Posts
Gameroom Barn Bucks: $500
|
Full Retirement Age.
|
||||||
04-30-2024, 7:45pm | #59 | ||||||
Barn Stall Owner #123
Join Date: Jul 2011
Location: I live my life by 2 rules. 1) Never share everything you know. 2)
Posts: 1,950
Thanks: 133
Thanked 2,060 Times in 931 Posts
Gameroom Barn Bucks: $525
|
|
||||||
The Following User Says Thank You to KenHorse For This Useful Post: |
04-30-2024, 8:21pm | #60 | |||||||
A Real Barner
Join Date: Sep 2022
Posts: 6,465
Thanks: 2,633
Thanked 1,773 Times in 1,061 Posts
Gameroom Barn Bucks: $500
|
Quote:
|
|||||||
The Following User Says Thank You to Big bob For This Useful Post: |
|
|
Support the Barn: |
Download the Mobile App; |
Follow us on Facebook: |
||