Find out more about taxes on Social Security in Viewpoints. Ways to address it Delay taking Social Security until age 70, if you can, and begin drawing from retirement accounts, which can reduce your adjusted gross income and your tax burden later. As with the IRMAA above, when and ho...
Social Security Planning: A Balancing Act For Social Security planning purposes, you reach full retirement age (FRA) between ages 66–67,depending on the year you were born. However, you can generally begin drawing Social Security benefits as early as age 62 (with the lowest available monthly ...
I started Social Security when I sold my business last year. Because I waited until 70, my benefit is some $50,000 a year. Chris’s amount is about $25,000 a year. With our home and cars paid off, and no consumer debt, we live well on our Social Security benefits alone....