Social Security Retirement Age: Making The Right Choice

With prices ever increasing in the public market, and Social Security become more and more of a concern, it isn’t a surprise that many are choosing to opt for benefits at the youngest possible retirement age. But choosing to receive your checks at age 62 could be an extremely bad idea, especially if you are currently employed, and so some are deciding instead to defer their payment for the official retirement age.

Whether your official retirement age is 65 or 66, which will depend on when you were born, it is better to wait for that time rather then request your payments at a younger age. The reason is simple: if you decide not to defer your payments, you may end up paying the money back.

This is because anyone who is still earning a wage that is not directly related to an investment income from a healthy portfolio may not qualify for full Social Security as an untaxed income. This is also dependent upon the limitations placed annually on income levels. For example, this year the limit is $14,160. Every time you go over that amount by $2, you will lose $1 off of your checks. This adds up quickly, especially since most who are still working will receive much more then that.

This rule only applies for those who are not yet at their retirement age. Once you hit that point, you will be able to earn any level of income, and still receive full benefits from your Social Security fund. So don’t worry about losing the funds in the meantime, they will still be there. Deferring your checks is a positive move, not a negative one, and as long as you don’t wait too far past your retirement age, you should be just fine.

Consider saving benefits for age 65 – 70. You might be glad that you did.

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