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<blockquote data-quote="1982vett" data-source="post: 1600375" data-attributes="member: 7795"><p>Drawing at 62, waiting till 65/66 or 70 is dependent on ones needs and their certain situations. Drawing early coupled with excess income is going to cost you, not only is the SS income taxed, its likely going to put you in a higher bracket so that your other income tax bite will be higher. Can't say waiting is all that great of an idea either. You may avoid the higher brackets early on in trade for a roughly 8% a year increase in benefits, but if you can manage to wait your still most likely well off enough and will be paying taxes on the benefit at 70. </p><p></p><p>I'll be 62 later this year and applied for benefits a couple weeks ago. What drawing will do for me is reduce my need to draw from our IRA's to make living expenses. ie...taxes and healthcare. If I were lucky enough to not need to draw from our IRA's or SS to pay the bills I'd still draw. Bird in the hand. I'd take the SS or whatever excess income and invest it. My own personal investment data gives me greater returns than the 8% growth SS calculates for waiting till I'm older. On top of that, it's in my account and not a future promise of payment.</p></blockquote><p></p>
[QUOTE="1982vett, post: 1600375, member: 7795"] Drawing at 62, waiting till 65/66 or 70 is dependent on ones needs and their certain situations. Drawing early coupled with excess income is going to cost you, not only is the SS income taxed, its likely going to put you in a higher bracket so that your other income tax bite will be higher. Can’t say waiting is all that great of an idea either. You may avoid the higher brackets early on in trade for a roughly 8% a year increase in benefits, but if you can manage to wait your still most likely well off enough and will be paying taxes on the benefit at 70. I’ll be 62 later this year and applied for benefits a couple weeks ago. What drawing will do for me is reduce my need to draw from our IRA’s to make living expenses. ie...taxes and healthcare. If I were lucky enough to not need to draw from our IRA’s or SS to pay the bills I’d still draw. Bird in the hand. I’d take the SS or whatever excess income and invest it. My own personal investment data gives me greater returns than the 8% growth SS calculates for waiting till I’m older. On top of that, it’s in my account and not a future promise of payment. [/QUOTE]
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