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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29800
Experience:  Taxes, Immigration, Labor Relations
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I am 66 and will be 67 in december and own my own business

Customer Question

I am 66 and will be 67 in december and own my own business and make 180K per year. When should I start taking my Social Security benefits. I also have prostate cancer although it is under control as we speak?
Submitted: 1 year ago.
Category: Social Security
Expert:  lev-tax replied 1 year ago.
I understand that you were not able to start social security benefits before you reach a full retirement age - because of earning limit.However - as you reach 66 - your full retirement age - that is a time to start your benefits.You may postpone your benefits till 70 and have them grow 8% per year - total 32% more compare to what you would have if you were staring at 66.If you do not have any concern about covering your living expenses - and looking at that choice purely as investment decision...- assuming zero inflation- delayed benefits for 48 month- assuming $2000 monthly benefits - total we give up after FRA - $96,000- monthly benefits at 70 will be $2000 +32% = $2640 -- so we need $96,000 / $640 = 150 months to recoup amount you would give up - or 12,5 year- with consideration of inflation - that strategy will pay off after ~15 years when you reach 85.Does that provide enough information to make a decision?
Expert:  lev-tax replied 1 year ago.
I understand that you were not able to start social security benefits before you reach a full retirement age - because of earning limit.However - as you reach 66 - your full retirement age - that is a time to start your benefits.You may postpone your benefits till 70 and have them grow 8% per year - total 32% more compare to what you would have if you were staring at 66.If you do not have any concern about covering your living expenses - and looking at that choice purely as investment decision...- assuming zero inflation- delayed benefits for 48 month- assuming $2000 monthly benefits - total we give up after FRA - $96,000- monthly benefits at 70 will be $2000 +32% = $2640 -- so we need $96,000 / $640 = 150 months to recoup amount you would give up - or 12,5 year- with consideration of inflation - that strategy will pay off after ~15 years when you reach 85...I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.