Question

When to begin recieving SS benefits

Forum|Forum|3 years ago
November 17, 2022
1 reply
0 views

I hit my FRA in July and have not begun benefits. I am still a FTE and expect my earnings will continue to improve my 35 yrs of credit. I'm thinking of beginning my benefits and putting 1/3 into an IRA. Is this a good idea? Also, should I begin benefits this year or in 2023?

M

maureencpa

There are many things to consider which is why I assume you are asking this question.

The common advice is to wait since we are generally living longer and will need the most we can get from Social Security, the longer you wait, the more you collect. Some of the SS income may be taxable based upon the other circumstances of your tax return.

It is also true that you may increase what you will eventually collect by continuing to work and you will potentially replace the lower earning years with what you make today.

Here is some information from the Social Security Administration:

https://www.ssa.gov/pubs/EN-05-10147.pdf

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"