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dylatess, Attorney
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I am a trial attorney age 64 who has been suffering from severe

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I am a trial attorney age 64 who has been suffering from severe rheumatoid arthritis diagnosed approximately 4 years ago which has gotten progressively worse despite use of methotrexate which has some rather nasty side effects for about 48 hours in my case. In addition I have been treated for depression, anxiety and sleep problems which seem to be aggravated by stress at work.

I am shareholder in firm but feel I should retire 12/31/2012. I have SEP/IRA and my spouse has her own business earning between 88-100k.

I am uncertain whether I should claim SS benefits at age 64 and 4 months or wait. I have approx 150,000 in bank and stock assets subject to capital gains should I elect to defer SS. Also have approx $940,000 in SEP/IRA.

What would you suggest as best options?

Joe
Submitted: 2 years ago.
Category: Legal
Expert:  dylatess replied 2 years ago.
Hello and thank you for your question. For over 34 years I have answered questions just like yours. And I look forward to assisting you.

Thanks for yuour question. Note, the real decision whether to take early SS is whether you have other assets to supplement what you will lose from not having income from wages if you decide to stop working. Accordingly, if you take SS now, your benefit will be reduced by about 20% than if you waited until age 66 as this is the early SS retirement penalty. And with your other assets, the 20% reduction may not make much of a difference than if you waited until age 66. Likewise, income from interest and dividends is passive income and is not reported as wages and therefore will not result in a reduction of your SS benefits. But if you draw from your IRA, as that is deferred income, and your annual withdrawal exceeds $14000, it will reduce your monthly SS benefit as for every two dollars you earn in excess of $14000 your SS check is reduced by one dollar. So you have many options. But the most important consideration is the toll of your body if you keep working. And only you can best answer that question. I wish you well.
dylatess, Attorney
Category: Legal
Satisfied Customers: 4903
Experience: 36 plus years representing clients with their legal issues
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