Ask Larry

I am 68 Y/O and deferring my benefit until 70. I am nervous with all the changes, covid, economy, etc. if this is still the wise thing to do? Can they tax our benefit?

Hi,

I don't have enough information about your options to analyze your best filing strategy, but yes, at least part of your Social Security benefits can potentially be taxed as income. How much, if any, of your benefits will be taxable depends on your other income. For more information about the taxation of Social Security benefits, refer to Social Security's website: https://www.ssa.gov/benefits/retirement/planner/taxes.html.

You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of the options available to you in order to determine your best strategy for maximizing your benefits.

Best, Jerry