[Hillary]

So my husband is turning 69 in February. He loves his job (earns 70k). No interest in stopping working. The question is: Can he start taking his social security payments now without penalty?

If so – it seems like it is a good idea to start taking the benefits now.

Then we can invest the money, or just enjoy life a bit more…

Thoughts?

[Lynne]

Yes,he’s well past full retirement age so no problem working and collecting SS..

If he waits till 70 though he will receive the highest possible SS amount.

[Carrie]

He can start it now with no penalty. I would as you never know how long you are going to be around. Might as well get it and invest it/ give it away if you don’t need it.

I unfortunately have had family die quickly and never got a penny from SS so I might be biased.

[Kay]

There’s no penalty after you reach full retirements age. If he’s healthy & happy, why not wait until 70 to max out?

[Dawn]

No penalties if he’s at full retirement age. My husband started collecting in 2020 after lockdowns and business closed. Then went back to work and numbers continued to go up on SS because he was still paying in.

Retired at the beginning of 2024.

It was nice collecting that extra income for three years and really didn’t impact terribly the retirement amount at age 70.

Just my experience.

[Lisa]

Now or 70, if he wants until 70 it’ll be 8% more than now. Go to SSA page and do the calculator to see what it is now compared to 1 year from now.

[Lisa]

You may be taxed out the wazoo. It depends on your total income. Up to 85% of your SS could be taxed.

[Karen]

I thought the amount diminishes for income over a certain level, and it’s pretty low, like 24k. You may want to look into that.

[Juliett]

Wait until 70.
And does he have the ability to go part time?

[Author]

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