• Question
  • Credit card debt going into retirement

    Asked by a 65 year old man from Spokane, WA on 3/6/2019

    I have about $30,000 in consumer debt to pay off before I can retire. I'm 64 and plan to retire at 70. This was the result of some bad rental purchases and I lost money at the bottom of the market. What would happen if I retire at let's say 69 and work for two more years to 71, drawing both my Social security, retirement and a paycheck. Big tax problems?

  • Categories: Paying Off Debt, Retirement Planning


  • Steve 


    San Francisco, CA

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  • Hi,

    Once you reach your full retirement age - there isn't a "work penalty" from claiming Social Security, but in general the best practice is for the higher earning spouse (if married) to delay claiming as long as possible. https://www.newretirement.com/retirement/smartest-social-security-decision-if-married/

    You can also model this in detail including a tax forecast using PlannerPlus - which you can try for 14 days with no risk: https://www.newretirement.com/retirement-calculator/plus-signup.aspx



  • Login to rate this answer:   Answered on 5/13/2019
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.