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Valued Social Butterfly

Re: should I start to draw benefits

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Message 1 of 4

OP is a little fuzzy-headed here.  

 

If he/she is "approaching 65th birthday"  -   So What?  

 

FRA  for this person is not age 65,  it is age 66! 

 

So,  if he/she is presently employed and drawing $90K a year in salary,  why would starting social security early be even considered?

 

retired traveler is 100% correct  -  If you can delay social security until age 70 (and it certainly sounds like anyone drawing $90K in annual salary can easily do so) it is considered by all reputable financial sources to be the smart thing to do. 

 

FRA age is actually kind of misleading -  the "full" part,  anyway.  Waiting that extra four (4) years means your montly check at 70 will be 32% higher than the check at age 66.  

 

In the real world,  FRA should be regarded as 70,  not 66 (or 67 for the younger folks here)

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Trusted Social Butterfly

Re: should I start to draw benefits

880 Views
Message 2 of 4

Do you realize that every year you wait, your SS benefit will go up by 8%, even if nothing is paid into it (until age 70). Plus, that is accrued on a monthly basis, so you don't have to wait a year to get a benefit increase.


Just think. The world was built by the lowest bidder.
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Valued Social Butterfly

Re: should I start to draw benefits

907 Views
Message 3 of 4

I say, that is something you need to figure out. Do you really need the extra money now? Have you visited the Social Security web site, created an account, and figured out if you will lose any part of that because of your income from working? At what age do you reach full retirement age? Do you still enjoy your job and working?

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Info Seeker

should I start to draw benefits

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Message 4 of 4

I am approaching 65th birthday and want to continue working.  90K per year.  Should I start to draw my 2400 monthly benefit or wait?

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