SS and retirement question

[Travelover]

..........Took the lump sum and retired Remember the Fed. Taxes They take the cream off the milk first.
.........ken

You can roll over a lump sum into an IRA to avoid paying taxes on the whole amount. Then if you are over age 59 1/2 you can take it out a little at a time and pay taxes on the amount taken out. If you are under age 59 1/2, you can do a 72(t) to avoid the 10% penalty for early withdrawal. If your employer will let you leave the 401(k) with them, you can withdraw without penalty from the 401(k) starting at age 55.

 

[Travelover]

sod, that refers back to my original question: if ye wife takes early (SSDI, her own, etc.) can she later claim the 50% of husband's at her full age, aka 66. It seems she can, according to what someone answered here. But before we do it, we'll check at SS office.

I think that your answer is here: Social Security Spousal Benefits - Early Retirement & Financial Independence Community

 

[MacLawn]

Thanks for the link travel, but, that still doesn't answer the question. I've actually read all that before.

 

[Travelover]

Thanks for the link travel, but, that still doesn't answer the question. I've actually read all that before.

OK, I thought it answered it, but let us know what you find out. My plan is to have wife take her SS at 62, I take spousal benefit at 66, then my own, unreduced benefit, at age 70. When I kick off, she gets my benefit.

 

[MacLawn]

OK, I thought it answered it, but let us know what you find out. My plan is to have wife take her SS at 62, I take spousal benefit at 66, then my own, unreduced benefit, at age 70. When I kick off, she gets my benefit.

I sure will let everyone know. Get this - me local SS office is closed now because it was damaged by recent tornado! Your plan sounds exactly like ours, except I plan to begin taking mine in about 6-7 months, when I'll be eligible for my full 66 age amount. My reason is I don't want SS to cut me money because I won't retire from my work then. I'll keep working taking SS full 66 amount with no work related penalty.