If you’re like me, you’ve labored all your life, watched the markets go up and down, and fought for customers, and now—at age 67 — you’re at a turning point. I sell real estate and make $150,000 to $180,000 or thereabouts, depending on the year. I’m also on Medicare. The question of the century? Do I start taking Social Security now… or wait some more?
I look at my Social Security statement, and this is what it says:
- 68: $2,500/month
- 69: $2,704/month
- 70: $2,971/month
It’s enticing figures — but is it wise to collect it now?
My accountant’s opinion: “It’s questionable.”
When I asked my accountant this question last year, she informed me that with my income level, it might be foolish to take Social Security now. Why? Taxes.
With my earnings, 85% of my Social Security benefits would be subject to taxation. That translates to if I retire now, I’d be paying income tax just to come around and hand over more of it back in tax. And given that I am already prosperous without it, is there a real gain?
What other people are saying
I wasn’t alone in being perplexed about this. I Googled to find out what others were doing. The forum overflowed with sage advice:
Top Commenter “NWCbusGuy” summarized it best:
“Why take $30k now when you’re already making more than that? If your job’s still a good one, and you like it — wait.”
“leomaddox”, a sales buddy, wrote this:
Your Social Security is calculated on your top 35 years of earnings. If you’re still making good money, your benefit could increase even further.”
And “love_that_fishing” provided a reminder:
“Taking it now not only means more taxes, but can also restrict how much you can do with Roth conversions.”
The spousal factor
Another consideration I hadn’t even thought of was the impact on my spouse. As “yankinwaoz” noted:
Are you married? Survivor benefits are based on when you claim it. Wait, and your spouse can get more in the future.
That made sense. If I wait until age 70, I get more myself, but my spouse could get a higher survivor benefit if I pass away first. That makes waiting sound like an insurance of a kind too.
What I’m leaning toward
Honestly? I’m okay. I enjoy working. And I don’t need the money at this point. The idea of locking in a higher benefit, possibly for the rest of my years (and even possibly my wife in the future), makes sense to me. I may just wait until 70.
Comments from the Post
What did other people say?
@PrizFinder:
“Do you need the money? That’s your answer. Wait if not.”
@TomVa:
“What is your general vision of retirement like? If Social Security is a large part, wait.”
@TrackEfficient1613:
“You’re doing great. Let your benefit build up. You’ll be grateful later.”
@BoomerSooner-SEC:
“Your income level, the taxes consume too much of it. Wait.”
@Ifarm3:
“I waited until 70. No regrets. My check is almost $4,000. My wife will receive that when I die.”
The bottom line
It’s a personal choice to take Social Security, but for someone making a lot of money who’s still working and enjoying themselves, waiting might be a smarter choice, particularly when every year that passes is an 8% boost and can add up to a whole lot more down the line.
Read this later:
The reason why there is no Social Security check in June
Big change at social security: what to know about the September 30, 2025 deadline
Good news for retirees: COLA predictions trend upwards for 2026
Goodbye to Medicare and Social Security: new go-broke dates released for key social programs
