Delaying Social Security until age 70 can lead to higher monthly payments.

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When deciding on claiming Social Security, take into account all income sources to make the best choice.

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Starting to collect Social Security at 62 offers some benefits.

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In addition to Federal taxes, currently 10 states tax social security earnings in 2024 and 2 just stopped.

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Federal Taxation of Social Security Benefits

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Calculating taxes on Social Security benefits can be complex, so understanding the process can help you avoid overpaying.

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Plus, you’ll be earning an income, which can outweigh the impact on your Social Security benefits.

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For every month you postpone claiming Social Security beyond your FRA, your benefits grow by an additional 0.67%.

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For each dollar of provisional income between the first and second thresholds, 50 cents of Social Security benefits will be taxed, up to 50% of the benefits.

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While singles may have fewer Social Security filing options than married couples, smart planning around when to claim benefits can pay off for anyone, including those flying solo.

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You’ll receive your maximum Social Security payments—up to 132% of your primary insurance amount (PIA) if your full retirement age (FRA) is 66, or 124% of your PIA if your FRA is 67.

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Retirees who are single and have never been married or had children may face fewer options for claiming Social Security benefits compared to those who are married, widowed, or divorced.

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Waiting until age 70 to claim your Social Security retirement benefit can lead to a significant increase in your monthly payout, as long as you don’t have a major health condition that could shorten your life.

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Good news for West Virginia resident is the bill phasing out tax on Social Security benefits has been signed into law.

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However, if you expect to keep working and earning enough income to significantly reduce your Social Security benefits, it may be wise to delay claiming them until you stop working or reach FRA.

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If you begin collecting Social Security retirement benefits at your full retirement age (FRA), you’ll receive the full amount of your primary insurance amount (PIA).

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Anyone who has paid Social Security taxes for at least 10 years (has 40 credits) can begin receiving retirement benefits at age 62 based on their earnings record.

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As the investor in this scenario aged, they would shift their allotment, moving more towards safer investments and shifting within each asset class, moving stocks away from growth and more into income and dividend-generating stocks.

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Maximize Your Benefits: Essential Social Security Strategies for Singles
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Asset classes are income-producing investments that are of the same primary type.

Read the full article: Why Portfolio Diversification Is a Critical Component of Investing
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