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I just received a note from one of my financial advisers. He…

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I just received a note...
I just received a note from one of my financial advisers. He stated that since 2000, people who have reached their full retirement age are entitled to receive their full social security benefit regardless of how much they earn through employment. I am
66 (almost 67), have not applied for social security since I am still full time employed and earn over $160,000 per year. Can I apply for social security and receive my full entitlement? Obviously, I'd have to pay tax on the full amount of SS I received. Thanks.
Submitted: 3 years ago.Category: Social Security
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Answered in 41 minutes by:
6/7/2015
Social Security Expert: PDtax, CPA firm owner replied 3 years ago
PDtax
PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 5,123
Experience: 35 years tax and professional advice in all matters money
Verified
Hi from Just Answer. I'mCustomer and can assist.
You can claim your social security benefit now and receive your full entitlement. It might be a better idea to wait a few more years if you can.
Social Security increases your benefit 8% each year from FRA (full retirement age) to age 70. A $2,500 benefit at FRA could grow to $3,300 or so at age 70. I typically tell me retirement-minded clients to wait if they are in good health, because an 8% guaranteed return over the next 4 years looks pretty good.
Yes, it is taxable income when you start receiving it.
Thanks for asking at Just Answer. Positive feedback is appreciated. I'mCustomer
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Category: Social Security
Satisfied Customers: 5,123
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