Social Security Questions for you smart people

[rosarugosa]

Thanks for the update, Catherine. I think it's probably the best way to go anyway. I believe you are in good health, and if I recall correctly, you don't have pensions or other sources of income coming in, so getting the max from SS is great.

[Teacher Terry]

I think you made a good decision waiting.

[San Onofre Guy]

For those doing the same calculations, if you continue to earn FICA wages, it generally is beneficial to delay SS benefits due to the tax implications.

but with any financial scheme, your mileage may vary

[catherine]

For those doing the same calculations, if you continue to earn FICA wages, it generally is beneficial to delay SS benefits due to the tax implications.

but with any financial scheme, your mileage may vary

True, but I'll be 70 in March, so there is no sense in delaying beyond that. I realize there are tax implications when I still have a decent self-employed income, but it's more important to me that I take the money and increase my solvency for retirement.

[jp1]

I would think another reason to delay benefits if one is still working would be the fact that the benefit amount t is calculated on your highest 35 years of earnings. If one is currently earning enough that’s that year would be included, bumping out a lower earning year, it would be better to wait and have the current year as part of the benefit calculation. In Catherine’s case that probably wouldn’t make sense but someone younger would want to consider that.