1 Reply Latest reply on May 24, 2011 7:11 PM by MKD

    collect social security while still working yes or no

    rose3
      I have been advised to start collecting social security while I am still working--is this a good idea?  He says that I will pay tax but that I can invest it and at least I will have the money for if I wait until I am 70 when I plan on retiring I will loose all of the payments, what is best?  Thank you
        • Re: collect social security while still working yes or no
          MKD
          I'd suggest hunting down a S.S. calculator which will show how many years beyond age 70 you would need to live to yield a positive payback on waiting until you were 70.
          The additional income from age 65-66 thru to age 70 often puts that payback into the 10-15 year range. Of course I'm assume you are already near or at your retirement age-- otherwise you'll bump up against the income limitations that will require that you trade $1 if SS for every 2$ that you earn above approx. 14k per year.
          Hope this helps,
          MKD