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lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29975
Experience:  Taxes, Immigration, Labor Relations
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I'm 67 (birthday was 4-14) and still working full-time, but

Customer Question

I'm 67 (birthday was 4-14) and still working full-time, but thinking about opening my Social Security now rather than waiting until 70 when it would be $500/month more, according to your calculator. Is there any benefit to waiting until the end of the month to apply, or would my current monthly payment be based on my 2016 earnings, not the cumulative months since my birthday or the end of 2016. WIll it benefit me to wait until say, 10-14-17, when I'm officially 67-1/2, or don't the extra months factor in at all?
JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the Retirement Accountant should be aware of?
Customer: I probably won't be retiring until close to 70, unless my job is discontinued or we have a lay-off before then, so I will be collecting a pension less than 100K then - will this be considered a "windfall" and affect my monthly benefit?
Submitted: 1 month ago.
Category: Social Security
Expert:  lev-tax replied 1 month ago.

Your social security benefits are based on the date when you reach your FRA - full retirement age.

After that - benefits are recalculated every year starting from January.

Thus - your FRA is 66 - you turned that age on 4-14-2016

If you apply now - your benefits will be as they were calculated on 1-1-2017

and will be recalculated again on 1-1-2018.

So your benefits NOW will be adjusted by delay up to 1-1-2017 and additional adjustment will be made again starting 1-1-2018.

You may work and receive social security benefits at the same time.

The main advantage to delay till 70 is that your future benefits will grow,

but advantage of starting now - you will receive benefits for additional period.

Expert:  lev-tax replied 1 month ago.

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