My husband and I used a social security maximizer program that indicated I should start taking my SS at 62 and my husband should start at 70 in order to maximize our benefit. We had to plug in our numbers to determine the optimal time for both of us to draw SS. I would like to determine the tax ramifications before we follow that plan as I am already 62 and still working and the SS maximizer said I should start taking benefits in June, 2024. In 2023 our combined taxable income was $222,150 which should continue to be our approximate income. My benefits if taken would be $1665 per month. We live in CA. My husband is 64 now so we would not draw his benefit for 6 more years.
Can you advise what the tax ramifications would be? We don't necessarily need the money and we would plop it in savings if we drew it.
