Social Security-When Should I Take It?

Since my 62nd birthday is FAST approaching-I have been wondering what I should do. Now I know that I will not take early retirement – because I know I will HAVE to continue working in order to pay my bills and will only be allowed to make $14,640.00 (1). Any more then that and $1.00 for every $2.00 I make will be deducted from my Social Security check until I reach the full retirement age of 66. (1). Click into the link #1 below for more detailed information.

Now I certainly do not want to have my social security checks reduced-heck I will still be working until my full retirement age of 66 (for those born before 1954-age 67 for those born after 1954) (2) if not until the day I die. Click into link #2 below for more detailed information

To add insult to injury-once I start receiving Social Security checks-and since I will still be working-I may end up being taxed twice!! The first time being all the years I’ve “paid in” The second—if I make more then a certain amount, which in my case being single is 25,000—part or all my social security income will be taxed again by the Federal government (3). And you have to include in this any pension monies, interest income or dividends you receive. (3) Click into link #3 below for more detailed information

And to top it all off----this can all change in a nano second with a change in administration—I am still pondering what each side is saying and as of right now, in my opinion, I am siding with the current administration. As crazy as all that sounds above-what the other party wants to do—well lets just say I would rather have SS & Medicare under the auspices of the Federal government and NOT public or state jurisdiction!


(1) http://www.ssa.gov/retire2/whileworking3.htm
(2) http://www.ssa.gov/pubs/ageincrease.htm
(3) http://moneyover55.about.com/od/preretirementplanning
/a/taxessocialsecurity1.htm


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