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.

As someone who took SS at 68 while still working, I'd suggest looking at this from a cash flow perspective too. At your income level, you're already in a high tax bracket, so the additional taxation on SS benefits might not be as painful as it would be for someone with lower income. One thing that helped me decide was calculating the actual net monthly difference after taxes. In my case, the "guaranteed" extra $250/month from waiting turned out to be closer to $150 after taxes and higher Medicare premiums. When I factored in what I could do with that money for 12 months (invest it, use it for experiences, etc.), the decision became clearer. Also consider that you're still working - you have the luxury of not NEEDING the SS money for basic expenses, which means you can treat it as bonus income rather than survival money. This changes the risk/reward calculation significantly compared to someone who needs every dollar for living expenses. Have you considered doing a trial run with your tax software to see exactly how much the SS benefits would be taxed at your income level? That might give you the concrete numbers you need to make this decision.

I'm in a very similar boat - turning 68 next year and still working as a nurse practitioner. Reading through all these responses has been incredibly helpful! What really strikes me is how personal this decision is beyond just the math. I've been leaning toward waiting until 70 like my financial advisor suggests, but seeing the real experiences here - especially about health uncertainties and the value of having money now to enjoy - is making me reconsider. The point about IRMAA calculations is something I definitely need to look into since I'm probably close to those thresholds too. One question for those who started collecting while working: did you find it changed your motivation to keep working at all? I love my job but I'm wondering if having that SS cushion might make me more inclined to cut back hours sooner than planned. Not necessarily a bad thing, but curious about the psychological impact of having that steady income stream start. Thanks to everyone sharing their experiences - this is exactly the kind of community wisdom you can't get from calculators and advisors!

Reading through everyone's experiences here has been incredibly valuable! I'm 66 and facing a similar decision in a couple years. What strikes me most is how different everyone's situations are despite the similar core question. For those who mentioned the tax implications and IRMAA calculations - this seems like such a crucial but often overlooked factor. @Ravi Sharma's point about running trial tax calculations beforehand is brilliant. I'm definitely going to do that when my time comes. The stories about family members who waited and died early really hit home. My grandmother always said "you can't take it with you," and while I understand the mathematical argument for waiting, there's something to be said for enjoying the money while you're healthy enough to do so. One thing I'm curious about - for those who started collecting while working, did you find that having that extra income stream gave you more confidence at work? Like feeling less dependent on your employer because you had another source of income? I imagine that psychological benefit alone might be worth something beyond just the dollars and cents. Thanks to @Javier Torres for starting this discussion - it's exactly the kind of real-world perspective that's so much more helpful than just reading SSA pamphlets!

This thread has been incredibly enlightening! I'm 67 and in a similar position - still working part-time as a librarian and wrestling with the same decision. What really resonates with me from everyone's stories is that this isn't just a mathematical equation, despite what all the online calculators would have you believe. The point about family longevity really strikes home. My family tends to live into their 90s, which would suggest waiting until 70 makes sense mathematically. But reading about @Freya Thomsen's experience with her wife getting sick at 73, and @CosmicCaptain's brother passing at 71, really drives home that we just don't know what the future holds. I've been particularly interested in the discussion about the psychological aspects of starting benefits while working. The idea that it could provide more confidence and freedom in work decisions is something I hadn't considered but makes total sense. At our age, having that financial cushion might allow us to be more selective about the work we take on or give us the courage to speak up about workplace issues. One thing I'm curious about - for those who started collecting while still working, did you notice any change in how coworkers or employers treated you? I worry sometimes about age discrimination, and I wonder if there's any risk in essentially announcing your retirement eligibility by starting SS benefits. Thanks @Javier Torres for such a thoughtful question and everyone for sharing such personal insights!

As someone who's been following this discussion closely, I'm really struck by how much this decision varies from person to person despite seeming like it should have a clear mathematical answer. I'm currently 64 and still have a few years before I need to make this choice, but reading through everyone's experiences has been incredibly valuable. What really stands out to me is the tension between the "guaranteed 8% return" argument and all the real-life factors that don't show up in the calculators - health uncertainties, quality of life considerations, the psychological benefits of having income security, and even workplace dynamics. The stories about family members who waited and passed away early are sobering reminders that we're all making decisions with incomplete information about our own futures. At the same time, the detailed tax and IRMAA discussions show how complex the actual financial picture can be beyond just the benefit amount. I think what I'm taking away from this thread is that while running the numbers is crucial (especially the after-tax calculations several people mentioned), there's real value in considering the non-financial aspects too. The peace of mind, the ability to enjoy money while healthy, and even the workplace confidence that comes with having another income stream - these seem like legitimate factors in the decision. Thanks to everyone for sharing such personal insights. This kind of real-world wisdom is exactly what those of us approaching these decisions need to hear alongside the official guidance and calculators.