Posted by Geo-TH,In on April 29, 2015 at 04:19:56 from (184.16.145.245):
In Reply to: Social Security posted by True Son on April 28, 2015 at 18:02:01:
There are many things you should know about SS. Best thing to do is go to the SS office or call and find out what works for you. For me, I have 4 sources of retirement income, rental, 401, pension, and now SS. All these incomes I pay 28% fed tax, 3.4% state and 1% local. The good news is my state and local doesn't tax SS.
I waited to my full retirement age before drawing SS. However, what I get in my pocket is about what I would have gotten at age 62, because Fed takes 28%. SS told me, because I waited to get my full SS, I could go back to work and make as much money as I wanted without paying a penalty. I laughed, I retired at age 55. Told them I have no intentions of ever going back to work.
My older brother has just SS and a pension and is living in the poor house. As some said, SS isn't enough.
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