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Social Security: The longer you wait, the bigger the check | Lifestyle

Karin Price Mueller nj.com

NS. I am 57 years old and will collect social security at the age of 70. My monthly income is expected to be in the $ 600 deficit per month, so I need to continue working according to the advice of my financial planner. What happens to my tax if I get social security?

NS.. There are many moving parts when it comes to determining retirement income, so it’s nice to see you working with an expert.

Jody D’Agostini, Certified Financial Planner for Equitable Advisors / The Falcon Financial Group in Morristown, NJ, said the full retirement age (FRA) for social security will be 67 years old.

If you collect your profits anytime after reaching that age, there is no loss of profits while working, she said.

“Every year you keep working and don’t collect over the age of 67, your monthly profits increase by 8%,” she said. “Therefore, if you continue to work or don’t collect until age 70, start with a profit that is 24% higher than if you collected at age 67.”

The optimal age to start collecting depends on the situation, but if you delay it as much as possible, the starting point will be higher, Dagostini said. If you live long, this can make a big difference over time. After the age of 70, your profits don’t increase, so you should definitely start claiming, she said.

To start benefits at the age of 70, you can book at a social security office or apply online. ssa.gov Or call (800) 772-1213.

Your profits are based on the top 35 years of your income history.

“The more you earn and the more you delay your billing, the stronger your profits will be,” she said. “Social security may be taxed at retirement depending on your income. Individuals are not taxed if their income is less than $ 25,000. Up to 50 for incomes up to $ 34,000. %, And up to 85% tax on income above $ 34,000. “

Social Security: The longer you wait, the bigger the check | Lifestyle

Source link Social Security: The longer you wait, the bigger the check | Lifestyle

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