Social Security Explained Simply

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[hereisapictureofabroom]

So I wanna see if I got this right:

If you start your retirement early, you'll receive less on your overall net income, but less taxes. But if you retire no later than 70 years of age, then you'll receive a higher net income, but you'll factor in other taxes, including IRA distributions.

[briansauer]

My wife and I are now mortgage free and have an investment strategy is to max out Roth IRAs (backdoor conversion), Max out HSA, and put as much as we can into Roth 401K while paying the tax to convert the company match each year. We think it would be a good idea to retire showing as little income as possible, at least on paper. We’re still young enough to change course if it’s a bad idea and would love to get your thoughts. Thanks for the great content, I’m hooked!

[MrSean]

If you are a married man you should wait to take SS as long as you can. Your wife will inherit your SS and the cola's are percent based off of your total. So you don't just earn more per month, you also get larger cola's each passing year which will pass to your wife.

[pnkrckmom]

My question is this: when someone takes social security early, there's a cap on how much money they can make if they still want to work. How can we know how much we can make without having to pay social security back?

[wrb]

Do Roth distributions add to MAGI which determines if social security is taxed?

[benzo]

if you retire at 62 and they reduce your check because you made to much, they pay it back after 67. how long do they take to pay it back?

[adamwalczak]

Yep, simple. Look across the chart, find your number and Bob's your uncle! 😁

[markhosbrough]

What if you didn’t start earning until you were 45 because you moved from another country so won’t have 35 years of earnings in the USA