Ask Terry Questions Collecting my ss benefits

Collecting my ss benefits

By Terry Savage on December 01, 2019 | Financial Planning / Retirement

I turn 62 in may 2020. Would it it beniefit me to collect my ss benefits? Also will I be taxed on this money?

Terry Says

You should NOT collect SS benefits until you reach your Full Retirement Age, which is almost 67. If you collect early, your benefits will be permanently reduced. It’s like losing an 8 percent a year increase if you take benefits before full retirement age. And, YES, those benefits are not only taxed –but REDUCED — if you are still earning an income! I wrote extensively about this in a new chapter in my new edition of The Savage Truth on Money. You can buy it on for about $15. That will probably save you a small fortune over the rest of your lifetime if you read that chapter alone, and also Medicare is in that chapter!

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