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QUESTION:
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What's Best When it Comes to Social Secuirty? | I am a minister who makes $40K a year and parsonage that I pay Social Security on at $500 a month.
I will be 65 in April 2012. I know I can earn $14,100 for the one year and not be penalized if I take social security at 65 rather than 66.The church will work with me within moral and legal guidelines to bring my taxable income to $14K for the year. Since my social security will only increase $125 a month if I wait to age 66 to turn on SS, would I better off to start SS now, and earn my entire salary plus SS for the one year. Thanks |  | asked by Erin, 11/21/2011 |
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Categories:
Government and Union Retirement Benefits, Financial Planning for Retirement
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| ANSWERS: | | Answered by: New Retirement Editor, 11/21/11
Overall Rating:  Be the first to rate it. | Thank you for asking. There is a great advantage for you to delay the start of SS as many years as you can until you reach 70 or otherwise have reduced your savings in doing so to the point where you have reduced your savings to such a low level that you have only enough for emergency needs. There is no other "investment" that will give you lifetime income with inflation adjustments and an income tax break for such a low price as the amount you forego by delaying the start of SS.
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