Should I Delay Drawing on Social Security?

Q: I am age 66 and plan to work until at least 70 or longer if in good health. My income is a little over 90,000. Through the years I have not been able to start saving until the last 5 years, so I don't have a big nest egg.

Should I start Social Security now and pay higher taxes until I quit working and invest the money, or should I wait and get more per month at age 70.

A: If you don’t need the money for income now, it may make sense to delay starting Social Security. If you look at the annual increase delaying versus starting now and having to lose a lot of it in taxes, it makes a lot of sense. Good thinking!

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