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It Might Be Better to Take Social Security at 66 Instead of 70. Here's Why

Discussion in 'TUG Lounge' started by MULTIZ321, Apr 29, 2019.

  1. bluehende

    bluehende TUG Review Crew: Veteran TUG Member

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    I would guess it sits in the need for current income to pay higher premiums side of the equation.
     
  2. Brett

    Brett Guest

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    If the poster is on ACA "obamacare" then social security income adds to their total income and could increase health care costs
     
  3. easyrider

    easyrider TUG Review Crew: Expert TUG Member

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    Medical insurance subsidy in Washington is based on AGI .

    Bill
     
  4. VacationForever

    VacationForever Tug Review Crew: Rookie TUG Member

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    Got it. ACA's premium subsidy is covers up to 400% of poverty line using AGI, not just Washington.
     
  5. Ralph Sir Edward

    Ralph Sir Edward TUG Member

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    This is a piece of the retirement puzzle not mentioned here. Healthcare.

    How much will the starting cost of Medicare increase, past 65, while you are waiting for the SS build-up? Once you start Social Security, it can't increase by more that the SS COLA. But it CAN increase greater than the SS COLA, in the gap between 65 and when you take SS. If it does, it eats away at the 8% a year SS boost for waiting.

    And this is not including the "high retirement" extra price for Medicare. (This can get <real> nasty with IRA/401K RMDs. You may have to take out so much that you get kicked into the "high retirement earning" extra Medicare cost.)

    There are multiple games to be played here, and they all interact with each other. . . .

    (Which is why I plan to work until 63 1/2, at a minimum . . :shrug:)
     
    klpca likes this.
  6. VacationForever

    VacationForever Tug Review Crew: Rookie TUG Member

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    It is really not that huge a difference on the cap on increase. I think a year ago, those on SS already were paying $109 in Medicare due to "hold no harm" while those who were not paid $134. It was a $25 difference per month, which comes up to $300 for the year.

    If one has to pay Medicare IRMAA premium penalty it also means that they have a healthy retirement income. Just like other taxes, the more you make the more you pay. This is definitely something that we don't sweat over. But having said that we had significant income from an investment that matured in 2018, we delayed first year of RMD into the second year so that we get relief from the IRMAA premium penalty in 2020 using 2018 income. Our financial advisor said that we were their only client that decided to have 2 RMDs in one year because we skipped taking it in the first year.
     
  7. Ralph Sir Edward

    Ralph Sir Edward TUG Member

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    Isn't this thread about optimaxing your Social Security benefits? (based upon the best guess personal assumptions?) It seems valid to me to consider the cost side, as well as the income side.

    As a life long bachelor, none of these "spousal games" apply to me. However, two things I can control are: 1. The starting date for benefits, and 2. Control of my variable income, with an eye on taxes.

    Under my circumstances, optimaxing becomes a multivariable game. One can't just look at the income side.
     

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