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HOW MUCH SOCIAL SECURITY WILL YOU BE PAID? STATEMENT REVIEW #retirementplanning #socialsecurity

Thatcher Taylor, CFP®, MBA 2 views

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Thank you for your reply So, my next big decision is whether to take my pension as a monthly fixed payment or as a lump sum The monthly should be $41900/month My CPA says to not have taxes withheld from the payment Unknown as of now what the lump sum will be They won't tell me until I apply in January 2025 I`m considering taking the lump sum only if its large enough and make sense to delay drawing my SS until my FRA in May of 2027 My SS online account says I`ll receive approx $200000/month at age 65 (5 months from now), If I were to delay til FRA by drawing on the lump sum pension would that be the smartest decision because by age 67 as shown on my SS account, the monthly amount is estimated to be only $2400/month Not sure it would be worth the wait to only see a SS bump up of only $40000/month Currently drawing on a Roth which will last about another year or so at current withdrawal rate, a small monthly pension plus rental income and a little cash as a side gig Don't know if I would be subject to Medicare IRMMA if I were to take the lump sum as I will be applying for Medicare 3 months before my 65th birthday in February of next year Thanks for your advice
Comment from : @jeffreyg201

Hello I receive my annual SS statement in the mail and also I have an online SS account as well I retired from my job about 10 years ago at about age 54 and have about 10 zeros on my record I am currently 64 1/2 Been living on a Roth, rental income and a pension since I retired My question is are the dollar amounts on both my statements accurate? Is that actually money I will receive at those various ages or are those dollar amounts reflective of what I will receive if I were to continue working to those particular ages? In other words, are they overestimated assuming I`m still working? SS must know that I am not working since there are 10 zeros I just hope that those statement record dollar amounts are not false and misleading Not sure if I have the full 35 years of work due to part time jobs in my youth but its close to 35 total Thanks for any information you can give me
Comment from : @jeffreyg201

Is the estimate based only on what I have earned so far? Or is it based on projected future earnings as well?
Comment from : @jallred350

Look this is the real shcorey Marcus Weston the whole world is wronging me now so much is owed to me not just though the people for being the tire over seer of the property panel or/ some call it the throne yet I was born with my own fucking money which I got reason to believe the government isn't giving any assistance I demand what's mine the government can use my empires without first and foremost consulting with 1headking of not the us but the world br the picture u see not me for I am exposed and was classified so the government is wronging me to so the truth is you expose me I expose you as the head and no#1 first6* general God headthe pentnalty for wronging a true King is let you be the answer to that I have nothing no money none of my money ok its death
Comment from : @knb8202