What Will My Benefit Be at Age 70 If I Continue to Work?

Category: 
Jul 3 2016 - 8:15pm

Please no phone calls. Also, please let me know up front if you charge for this advise I am requesting. Thanks
I am 67 years old and earning approx 60k a year. My current SS will be 1,328 and at 70 1,728 based on earnings of 2,300 a year. How much will my SS be at age 70 if I continue to earn 60 k for the next 3 years. Also , if I collect now how much tax would I pay on my SS. The question is does it make sense to collect now or wait. I can live on my income presently. Maybe I should collect and bank my SS but dont want to get taxed on it. Suggestions.

Glenn,
There will be no calls. There is no charge.
In addition to delayed retirement credits, your benefit at age 70 depends both on how much you make per year in the future and your indexed past covered earnings, Lower indexed past covered earnings will only be replaced if future covered earnings are larger. So, there is no way to say what your future benefit will be without knowing your past earnings history. Our software, MaximizeMySocialSecurity, can calculate this for you. The amount of your Social Security benefit subject to income tax depends on your Modified Adjusted Gross Income, anywhere for 0% to 85% of will be taxable at your marginal tax rate.
Best,
Mike