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My birthday is 7/9/1950 should I wait until my 68 birthday…

Customer Question
My birthday is *****...

My birthday is ***** should I wait until my 68 birthday to start my S.S.

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

I am retiring at the end the month but should I wait birthday to retire. will I make a lot more money to make it worth while to wait

Accountant's Assistant: Is there anything else important you think the Retirement Accountant should know?

Not that I know of

Submitted: 3 months ago.Category: Social Security
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Answered in 5 minutes by:
3/22/2018
Social Security Expert: Richard, Tax Attorney replied 3 months ago
Richard
Richard, Tax Attorney
Category: Social Security
Satisfied Customers: 56,893
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Social Security Expert: Richard, Tax Attorney replied 3 months ago

Good afternoon. You can retire and start take your SS now, but if you earn more than $44,000, 85% of your SS earnings will be subject to income tax at your marginal tax rate. If you don't need the money, it's beneficial to wait until you are 70 as your monthly benefit increases by 8%/per year until you reach the age of 70. So, mathematically, you're better waiting until your're 70 to begin taking SS. But, the flip side is that if you think that do to the government deficit, there may at some point be a means test imposed and that they could cut your benefits some time in the future, then it would be a good idea to start taking your SS benefits now, but really only if you also retire so that your SS income benefits aren't subject to tax.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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Customer reply replied 3 months ago
what I wanted to know should I start now or wait til my 78th birthday.
how much more do I get if I wait the 4 months
Social Security Expert: Richard, Tax Attorney replied 3 months ago

Your 70th birthday or your 78th birthday?

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Customer reply replied 3 months ago
should I do it now or wait til I am 68
Social Security Expert: Richard, Tax Attorney replied 3 months ago

If you wait 4 months, you will receive 2 2/3% less per month than you would six monthsl later. So, if you look up your benefit at 68 and multiply that times 97 1/3% (i.e., 100%-2 2/3%), that's what your benefit will be if you take it now.

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Social Security Expert: Richard, Tax Attorney replied 2 months ago

Just following up. My screen indicates that you have not reviewed my response. Please let me know if you did not receive it so I can re-send it if necessary. Thank you!

If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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