Is military retirement pay considered alimony?

Is military retirement pay considered alimony?

Your share of your ex-husband’s military retirement is considered alimony, deductible by him and reportable by you. If he pays you directly, report it under Alimony Received interview, under Less Common Income.

What is the penalty for retiring at 62?

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A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent. Starting to receive benefits after normal retirement age may result in larger benefits. With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70.

What are the disadvantages of taking Social Security at 62?

Three disadvantages of taking Social Security early

  • Your payout could be permanently reduced by up to 30%
  • The SSA may be able to withhold some or all of your benefits.
  • You may be financially sabotaging your loved ones.

Is it better to take SS at 62 or 67?

Age matters. Claiming Social Security early at 62 will result in a reduced monthly benefit compared to how much you’re eligible to receive at full retirement age (66 or 67 for most people). Put off drawing benefits until age 70 and your monthly take will increase by as much as 8% a year.

How much do you lose if you retire at 65 instead of 66?

Age 63: 25 percent. Age 64: 20 percent. Age 65: 13.3 percent. Age 66: 6.7 percent.

How much Social Security will I get if I retire at 63?

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How Your Social Security Benefit Is Reduced

If you start getting benefits at age* And you are the: Wage Earner, the benefit amount you will receive is reduced to And you are the: Spouse, the benefit amount you will receive is reduced to
62 + 11 months 79.6 37.3
63 80.0 37.5
63 + 1 month 80.6 37.8
63 + 2 months 81.1 38.2