Ask Terry Questions Social Security at 70

Social Security at 70

By Terry Savage on August 05, 2023 | Financial Planning / Retirement

I have a successful business and I just turned 70. Should I take my Social Security even though it will be deducted from my pay?

Terry Says

You MUST claim Social Security when you turn 70 — and it’s great that you waited this long to get the maximum benefit.
If you continue to have wages, then they will continue to deduct FICA. It likely won’t increase your benefit much in future years, since the benefit is determined by your top 35 years of earnings. But your “contributions” keep the system solvent for the next generation.

Contact SS immediately to sign up.

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