Is it better to take social security benefit at 65 or 70 even if I continue to work until 70?

Answer 1

It depends on a few factors:

#1 - How much would you earn working? SS benefits decrease the more you earn. If you take the benefits at 65, but them lose some of them due to your income, that would not be good.

#2 - How is your health? How long do you think you will live? If you defer benefits until 70, the monthly benefit is higher. If you live long enough (and I think the cut over point is around 78, but you shoyuld figure it out for your own situation), you will end up collecting more from SS than if you start at 65 with a lower benefit.

#3 - Related to #2, how badly do you need the money at 65? If you don't need it right now, and your health is good, that would be another reason to defer.

Finally, you can elect to start SS at any age after 62 or 63. It's not a choice of 65 OR 70. If you decide to defer, and then at age 67, say, you decide you need to start taking the money, you can do that. Your benefit will be higher than if you started at 65 but lower than if you start at 70

Answer 2

Ti is better to take social security at 70 because the more you work the better it will be. If you take it at 65 you will not get as much as you are making as you working. and if you are not able to work take it at 65

Answer 3

Well, only you can answer that question. Look at the offset your wages will cost and how the benefits will affect your taxes. You have to take Medicare at 65, so how will you pay for that. Me, I'd take whatever I could get. Why don't you get a benefit estimate and go see a financial advisor.

Answer 4

depends on your situation, but i believe you end up getting a higher benefit if you wait. but you still register for medicare at 65.