Should I delay Social Security until 70 while still working past FRA or take benefits now?

Smart question. This is all about your personal break-even analysis and tax situation. First, regarding taxes: Social Security benefits can be taxable regardless of when you start them. With your income level ($85K plus SS benefits), up to 85% of your benefits would likely be subject to income tax whether you start at FRA or age 70. For the break-even calculation: Taking $2,950 monthly at FRA versus $3,670 at 70 means you'd collect about $106,200 during those three years. After age 70, you'd be collecting about $720 more per month with the delayed strategy. So you'd need about 148 months (12.3 years) after age 70 to break even - meaning you'd need to live until about 82.3 to make waiting financially worthwhile. The advantage of taking it now is guaranteed income and more total dollars if you don't reach that break-even age. The advantage of waiting is insurance against longevity - if you live into your 90s, you'll collect significantly more over your lifetime.

take it NOW!!! i waited til 68 to get mine thinking id get more but then had health problems at 73 so what was the point? bird in hand better than waiting. plus government keeps changing rules who knows what theyll do in 3 years

I was in almost the exact same situation last year! Reached FRA but still working and trying to decide. I opted to take my benefits at FRA even though I'm still working. My reasoning: I'm healthy now and can enjoy the money, plus I wanted to invest some of it while the market is doing well. On taxes - yes, with your income, you'll likely have up to 85% of your SS benefits subject to taxation regardless of when you start them. If you earn more than $25k individually or $32k filing jointly, some portion gets taxed. One thing I didn't fully understand until talking with an SSA agent: the delayed retirement credits (8% per year) only apply to your PRIMARY insurance amount, not any additional benefits like spousal or survivors. Do you have a spouse who might claim on your record? That could change the equation.

The real question nobody's asking: Why are you planning to work until 72 or 73? Life is short! I took my SS at 62, retired, and never looked back. Sure, I get less per month, but I've been enjoying life for years while others are still working. No amount of money can buy back time.

I spent 30+ years as a financial advisor, and this question comes up constantly. Here's what I tell clients: 1. The 8% per year delayed credits are a GUARANTEED return that's hard to beat elsewhere 2. If you're still working and don't need the income, waiting is usually advantageous 3. Tax consideration: Yes, at your income level ($85K plus benefits), up to 85% of your SS will be subject to income tax EITHER WAY 4. Health/longevity is crucial - family history matters 5. Consider your overall asset situation - if you have minimal savings, taking earlier might reduce stress One strategy some of my clients used: Take SS at FRA but save/invest 100% of those payments until age 70. This gives you the security of receiving benefits while potentially growing those funds, and you'll have a nice lump sum at 70 plus the higher monthly payment going forward if you decide to stop working then.

I've been trying to get through to Social Security for WEEKS to ask almost this exact same question! Every time I call, I wait forever and then get disconnected. So frustrating. Has anyone found a way to actually talk to a real person at SSA without wasting an entire day???

my husband took ss at FRA and I waited till 70. we both still working part time. the math works different for everyone but just remember once u choose u mostly stuck with it except the first 12 months u can pay back everything and start over but thats hard for most people after spending the money! imo if u dont need money now and think ull live long time waiting makes sense

One other important factor no one has mentioned: survivor benefits. If you're married, the higher of the two benefit amounts becomes the survivor benefit when one spouse passes away. By maximizing your benefit by waiting until 70, you're potentially securing a higher survivor benefit for your spouse if you pass away first. This is especially important if your benefit is significantly higher than your spouse's.

SSA system is completely broken anyway. Friend of mine tried to do what ur talking about, waited till 70, then the govt changed how they calculate COLA and he barely got more than if hed taken it at normal time. Just take the money now!!!!

Thank you all for the thoughtful responses! After considering everything, I think I'm going to wait until 70 to start my benefits since I'm still earning good income and don't need the SS money right now. The guaranteed 8% annual increase is appealing, and given my family history, I'm likely to live past the break-even point. I appreciate everyone sharing their experiences and knowledge!