Social security

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Should I wait to collect SS? How will it affect my taxes? My husband is drawing SS now. Our other income includes Dividends and Interest and my husband's wages. I just started on Medicare and not working.

Ask the Experts - Retirement - July 2023

tulipan

Level 5

Hi @tx2024! Thanks for your great question. You didn't mention how old you are, but you can start receiving social security benefits as early as age 62; you will be entitled to full benefits when you reach your full retirement age (which depends on how old you are); and, if you delay taking your benefits after you full retirement age up to age 70, you benefit will be higher. Here is a great resource to make the decision on when to start receiving benefits.

As for how social security is taxed, it depends on what other income you have. Take a look at this article, which explains it in nice detail.

I hope this is helpful!