i am 64 years old, and have an income of about $225,000/year. i am self employed and plan to work at least 5 more years at the same income. my social security payment at 66 years is $2510/month. at 70 years it is $3412/month. my wife and i have a lot of money in our retirement plans. more than enough if i were to retire in a few years.should i ask for my benefits when i am 66 or 70 years old? which is the best?
Hello and and thank you for your question. For over 34 years, I have answered questions just like yours. And I look forward to assisting you.It is up to you as once you are 66, thre is no longer an earnings cap. So your income does not affect your benefits. Likewise, if you can defer starting benefits, your benefit increases. But statistically one has to live until 82.5 years to break even for taking beneits earlier.
34 plus years of SSD practice