Should I take Social Security at 69 while still working or wait until 70? Break-even confusion

I started taking SS at 68 while still working part-time as a consultant, and I don't regret it one bit. My thinking was similar to yours - the bird in hand theory. A few things to consider: 1. If you're still working full-time, a portion of your SS benefits will likely be taxable since your income is well above the threshold. 2. There's no earnings limit penalty once you're at FRA, so you won't lose any benefits regardless of how much you earn. 3. The break-even calculations are just mathematical models - they don't account for what you might do with that money if you take it now (invest, enjoy, etc.) In my case, I'm using some of the SS money to fund my grandkids' 529 plans, which gives me joy now rather than potentially more money later.

took mine at 67 still working dont regret it! who knows if we'll live to 82 right? the tax stuff isnt that bad just have to pay a bit more but i figure im getting the money now when i can enjoy it instead of maybe never

I'm in a similar situation (68, still working part-time) and have been on the fence about starting benefits. My biggest concern is whether taking SS while earning a decent income would push me into a higher tax bracket and effectively reduce the benefit. Has anyone dealt with the tax implications specifically? I'm earning about $65,000 annually and wondering if I should just wait until full retirement at 70.

I waited till 70 and wish I hadn't!! My wife got sick at 73 and we could have used that money for some memory-making trips in those years. No one can predict the future but if you're in good health now and want to enjoy life, I say take it. The break even age is just a mathematical game - life isn't just about maximizing dollars.

anyone else been totally UNABLE to even get through to SSA to ask these kinds of questions?? I've been trying for 3 weeks to speak with someone about my application and the wait times are insane!!! hung up on twice after waiting 2+ hours!!

I'm a retired financial planner who specialized in Social Security strategies. Mathematically speaking, delaying to 70 is the optimal choice in MOST cases, but not all. Here are some factors to consider: 1. Your longevity expectations based on family history and personal health 2. Your current cash flow needs 3. Tax implications (which can be significant at your income level) 4. Spousal benefits if you're married One point to consider: the 8% per year increase for delaying is hard to beat in terms of guaranteed return. But if you have a specific use for the money now that provides value beyond the numbers, that's valid too. One strategy some clients use: if you take benefits at 69 while working, you could invest those benefits until you actually need them. This provides some hedge against dying before break-even age.

One important factor nobody's mentioned yet: if you're still working, make sure you understand how your continued income might affect your IRMAA (Income-Related Monthly Adjustment Amount) for Medicare premiums. If your income is $125,000, you're likely already paying higher Medicare premiums, but taking SS could potentially push you into an even higher bracket depending on your total income situation. This is a common oversight in the claiming decision. The combination of potentially higher Medicare premiums plus taxation of up to 85% of SS benefits can significantly reduce the net benefit of claiming early while working at high income levels.

my brother waited til 70 and died at 71. got like 12 checks total after waiting years for that bigger amount. just sayin

Another consideration is what economists call the 'utility of money' - basically, money now might have more value to you than more money later. If you're healthy and have specific plans or dreams, having that extra SS income while you're still able to enjoy it fully (even while working) could be worth more than the mathematically optimal solution. I think the advice to run specific tax calculations is spot on. With your income level, you need to look at the net benefit after taxes, not just the gross benefit amount. The difference between taking it at 69 versus 70 might be less significant after accounting for taxes than it appears at first glance.