Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Social Security & Medicare

Pluvious

(4,405 posts)

11. This is a very "situational" question...

Reply to exboyfil (Original post)

Wed May 15, 2024, 12:45 PM

May 15

As we say in poker, "it depends"

Two important factors to consider are inflation and debt

If taking your SS early helps you reduce or eliminate your debt, it could be a net benefit
If your SS goes into wealth preserving assets or high yield equities, you could be realizing a a net win

Hopefully you can review your circumstances with a competent financial advisor to determine your optimal decision

GL friend

Edit history

Please sign in to view edit histories.

22 replies

= new reply since forum marked as read

Highlight:

If still working should you take Social Security Benefits at 62 [View all] exboyfil May 15 OP

I am sure it will be fixed. I'm holding out for 70. NewHendoLib May 15 #1

Just increase the SS tax on higher incomes.. In 2024, up to $168,600 in earnings are subject to Social Security payroll mitch96 May 15 #8

I waited until 70 dflprincess May 17 #20

yes - it is very significant. But I also feel lucky that we can wait. NewHendoLib May 17 #21

Agreed dflprincess May 17 #22

Keep in mind, you can only JenniferJuniper May 15 #2

To be clear, that only applies to those who are collecting under full retirement age dflprincess May 17 #19

It depends on many things. flying_wahini May 15 #3

If you continue working while collecting SS, your benefits will be reduced Fiendish Thingy May 15 #4

I am no expert, but I do not think there is a reduction in benefits. John1956PA May 15 #10

Here is the info from the experts: Fiendish Thingy May 15 #12

Thank you for the links. If a recipient has not reached full retirement age, there is indeed a reduction. John1956PA May 15 #14

The cap is $22320. nitpicked May 15 #15

That only applies to the $ over the limit, not the entire year's income. CoopersDad May 16 #18

It depends jimfields33 May 15 #5

Different reasons for different folks CCExile May 15 #6

My goal is to wait until age 70 Auggie May 15 #7

I'm also holding out until 70 and have 2 more years kimbutgar May 15 #13

Hey, we're nearly the same Auggie May 15 #17

no, not unless you plan to die young(ish). Voltaire2 May 15 #9

This is a very "situational" question... Pluvious May 15 #11

Other factors to consider nitpicked May 15 #16