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Beware of the tax man when taking Social Security while earning other income
While the benefits of delaying Social Security benefits until full retirement age or even age 70 are well documented (you get a guaranteed raise each year delay), a lesser know reason to delay is to avoid a tax bite. As Lorie Konish of CNBC notes, up to 85 percent of benefits are taxable. So one needs to be careful when claiming early (between 62 and one’s full retirement age of 66 or 67). Dividends, interest, and wages all count in the calculation. Full article here.
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