62.6 Worked at DISD..Glad I'm done.

It doesn't seem right that your Social Security Income would be taxable by the Feds.

Age 66 then continued working part time with no limits. Incidentally Medicare is one of the few things beside Social Security that makes getting older not so bad. I have not had a copay in my 7 years on Medicare although I do have a good supplement. And as response to the previous reply the Income Tax on Social Security is not like ordinary income. My tax for 2019 was a fairly low percentage. But I no longer work so that keeps the tax rate down.

I thought it was 65. I think if you are still working and under full retirement age it is a no brainer to put if off. Now you can work part time and not get penalized. Like a previous poster stated the amount is around $18k. Next year it goes to a litlle over $19k.

Here are a few points to be aware of when getting into the the "retirement zone":
1) When you hit 65 years of age, regardless of your official full retirement age (per SS table), you MUST sign up for Medicare, with one exception. If you work past age 65, and you elect to enroll in health insurance coverage offered by your employer, you can continue that without penalty. If you reach age 65, aren't working, and don't sign up for Medicare, you will be penalized for not doing so - by an increase in your monthly premium for LIFE when you do sign up (late). The longer you delay past your specific mandatory enrollment date, the larger the monthly penalty will be.
2) Someone mentioned putting extra $ in their savings/401. If they meant 401k, there's a catch. You must have qualified income (wages) in order to make tax deferred deposits to an IRA or 401k. If you are still working part-time, you can do that. But if you are fully retired, there are no funds that qualify to be deposited into the tax-deferred account, so you can only put extra $ into a taxable account.

My Medicare kicked in the first day of the month of my 65th birthday.....not my full SS retirement age which is 66 and 2 months.....

dang, you're right! .....I have been reading too many publications and got that screwed up! I'll go edit it.

yep, my medicare was automatic, got my card and some forms for the supplements.

62

I did Part A, the signup is 3 months before or after your 65th birthday. Part A is hospital costs and is free.
Part B is doctor costs and it has a premium. If you are still working you can wait and join it 30 days after your healthcare insurance ends. Part B costs per month. Both A and B will cost you more if you don't enroll on time.

I started taking my SS at 66 when they could not deduct for me working. It will go down when I retire because Congress passed a law in 2003 that said all postal workers, maybe all CSRS workers, could not get full benefits.

Started drawing mine at 66 .

Retiring this month, but I don't plan on taking SS until I hit the full age (4 years from now). we'll need to live off of savings until then. I'll still need to live off savings even after I start getting SS - just not as much.

JR

You can put off signing up for part B & D, but when you finally apply you must prove you had qualifying health and pharmacy coverage and as said if you can’t you pay a higher premium for life.

I started drawing at 70, two years ago. This year I will draw $37,848. I can easily live on that and my minimum required distributions from 401K make it very easy. I am still working so I get to pay taxes on 85% of the SS.
On my 2019 return, I would have had a $120 refund if not for the SS. After putting in SS, I owed $5,460. so I paid $5,580 tax on the $37,223 that I drew in 2019. Of the $37,223, I got taxed on $31,640 of the SS.

It will take 6.5 years to draw out all that I and my employers paid in. After that, it comes out of your pockets.

Yep, the mandatory is only for Part A. I didn't think to mention that B & D aren't mandatory.