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I am turning 62 next year on 1/31. I am thinking about

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I am turning 62 next...
I am turning 62 next year on 1/31. I am thinking about applying for SS and continue to work. I make over the yearly limit. From my calculations, I would get a check next year (I plan to have it taxed at 25%) but would be penalized the next year by $1798. I plan to work the next year until the end of March. My family say I'm wrong to do this. What is your advice
Submitted: 2 years ago.Category: Social Security
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9/27/2015
Social Security Expert: PDtax, CPA firm owner replied 2 years ago
PDtax
PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4,712
Experience: 35 years tax and professional advice in all matters money
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Hi from just answer. I'm PDtax. I'll advise.

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Social Security Expert: PDtax, CPA firm owner replied 2 years ago

I normally tell people not to draw the early benefit unless you need the money. Delaying will add 7% per year, and save that penalty.

You didn't add the other facts, like your income, need for $, health, and other assets for retirement. And your future benefit will be increased by the repaid social security, but I like the higher benefit for life.

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Social Security Expert: PDtax, CPA firm owner replied 2 years ago

Unless you can invest all the social security to replace the future income of 7% of your benefit, every month for life, the penalty and tax cost reducing your checks, this is not a good idea for most folks.

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Social Security Expert: PDtax, CPA firm owner replied 2 years ago

Some people just want the money. But your decision must have pluses to overcome the financial loss.

Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.

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PDtax
PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4,712
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Experience: 35 years tax and professional advice in all matters money

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