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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10869
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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I will turn 66 on May 26th, I have not begun taking any SS

Customer Question

I will turn 66 on May 26th, I have not begun taking any SS benefit. I am employed in a high paying job and will continue to at least 67 and one half. What is my best strategy regarding regarding maximizing my benefit?
Submitted: 10 months ago.
Category: Social Security
Expert:  Lane replied 10 months ago.
Hi,...Depending on your cash flow needs, delaying until 70 will maximize benefits the most....For every year one delays past FRA (Full Retirement Age) until age 70, the lifetime benefit increases by 8%....
Expert:  Lane replied 10 months ago.
Here's an excellent calculator for running the numbers:...https://www.ssa.gov/retire/estimator.html...Please let me know what questions you may have from here...Lane......I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.
Expert:  Lane replied 10 months ago.
In the event that you are hearing about the changes in the filing strategie for those turning 66 before April 29th, if you are single filer, this doesn't affect you....There is one primary difference between the old and the new rules: if you suspend under the new rules, your spouse will be ineligible to claim spousal benefits while your benefit is in suspense. If you suspend under the old rules, while your benefit is in suspense, spouses and other auxiliaries can still collect benefits based on your work record.
Expert:  Lane replied 10 months ago.
I hope this has helped....Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit I know it takes an extra step, but JustAnswer won’t credit us for the work until you rate....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986.