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How Social Security calculations quickly get complicated
Almost all financial planners advise to wait until you are 70 to begin your Social Security benefits. Why? Your benefits at age 70 will be 32 percent higher in inflation-adjusted terms than if you claimed at age of 66. But is that larger benefit dependent on continuing to work and pay Social Security payroll taxes until you are 70? No, the increased benefits you receive by waiting until age 70 are not dependent on you continuing to work. In Mark Hulbert’s article appearing on www.marketwatch.com , he explains if you nevertheless continue to work and pay Social Security payroll taxes between age 66 and 70, your monthly benefit at age 70 will be even greater than 32 percent more. Read Mr. Hulbert’s article here…
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