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I am 68 and make over $200K per year. My wife thinks i

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I am 68 and...

I am 68 and make over $200K per year. My wife thinks i should be claiming my SS benefits. I planned to wait until I was 70. Don't want to lose 1/2 or more of the benefits since i am fully employed and likely will be for the next 3-4 years. How much will i be taxed if i claim my benefits now. Calculations say that i would get about $3200/mo.

Accountant's Assistant: 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 important you think the Retirement Accountant should know?

That earlier statement is y question

Accountant's Assistant: What else should I tell the Retirement Accountant?

Tha that's it

Submitted: 7 months ago.Category: Social Security
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Answered in 10 minutes by:
1/16/2018
Social Security Expert: lev-tax, Tax Advisor replied 7 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,388
Experience: Taxes, Immigration, Labor Relations
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In your income level - 85% of your social security benefits will be taxable - and added to your other taxable income.

2018 tax rates - see here

https://taxfoundation.org/2018-tax-brackets/

Assuming you are filing a joint tax return with your spouse - you are likely in 24% tax bracket - that means

every $100 of your social security benefits will be taxed at federal level as

$100 * 85% * 24% = $20.40 or 20.4%

With total amount $3200/mo * 12 = $38400 - your expected federal income tax liability is $7834.

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Social Security Expert: lev-tax, Tax Advisor replied 7 months ago

If you continue to delay your social security benefits - up till age 70 - they will grow by 8% of your PIA - primary insurance amount,

but whether that will be actual financial benefits for further delay depends on how long you will live.

So when you choose to delay your benefits - you are betting that you will live long enough.

When you delay benefits for ONE year - you will get 8% growth in benefits amount.
So you might want to know if that is a wise decision from financial prospective.
Let's disrecard COLA adjustments for simplicity.
If you giveup $100 - with additional $8 - you may expect that amount to be paid back in $100 / $8 = 12.5 years.
Thus if you choose not to start social security benefits when you turn 66 - and start at 67 - that decision will pay back when you turn 79.5 - and after that you will get actual gain based on that choice.
You actually take a financial risk that you might not live by that age.

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