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In 3 month I’ll be full retirement age.
This is 66 and 2 maths.
Just making sure I understand the protocol correct:
If I wait until 70, I’ll have max benefit
If I apply for my benefit now, I’ll have lesser benefit that will NOT be influenced by my current paycheck? As I make low end 6 figure. So I can have both paycheck and SS?
But, that will reduce my benefit after I stop working. Difference will be about a thousand.
I read SS explanations on this but make sure I understand them correct.
Last edited by VTsnowbird; 06-19-2021 at 07:18 AM..
Reason: SSI is different from regular SS
As I understand it, yeah, if you reach FRA, you can start drawing SS while still working, but the SS will still be taxable income. But the penalty you would get for drawing SS before FRA while still earning an income goes away. From FRA up to age 70, your payment goes up by 8% every year you don't take the draw.
If you have for example significant out of pocket medical expenses like long term care, taking SS while still working at FRA may make some sense.
Offhand, and I am in the same income class as you, low 6-figure, I don't see much sense in taking SS while still working unless you have significant tax-deductible expenses.
But there may be other circumstances that I am not thinking about.
Thank you. I was just entertaining the idea. My SSI is rather low, me being a late starter in the country. We don’t really need money, both of us working and both having six figure.
Didn’t know it goes up 8%. Thank you.
If you take SS at your full-retirement age, perhaps 65, or you wait until age 70, you will have collected roughly the same amount of money by age 80.
The increased overall payout improves after you pass age 80, if you also waited to start.
Of course, it's a gamble since we don't all make it to age 80 or beyond.
Another consideration is whether or not your state taxes Social Security. You can Google to find out.
Other factor weigh in though like assets you are spending down to live on , or money that could be invested if you took ss , while you delay to 70 …if spousal benefits are due , one does not get those either delaying …
Sadly, so many confuse SS, SSI and SSDI - SS: Social Security, SSI: Supplemental Security Income (basically, people that have not or at least not enough creditable income), SSDI: Social Security Disability Income.
first ,stop using the term SSI,it just makes it confusing for some one to help you.
type in full words Social security,offiicial retirement age may not be 65 anymore,Medicare etc.
you can go to Social security website and find out more
if you have not been in this country long,how long have you been working in this country,have you accumulated enough credit to qualify for SS?
all you want to know is on SS website
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