It is wise for many to wait until age 70 before taking their benefit. Patience will end up paying you back in many ways over the years. The numbers reflected below identify my benefits. They are low due to the fact I have not worked 35 years. Your top 35 years go into making up your benefit. Let’s take a look.
- Age 62: $1,005 (go to socialsecurity.gov and see what your number is)
- Age 67: $1,427 (go to socialsecurity.gov and see what your number is)
- Age 70: $1,770 (go to socialsecurity.gov and see what your number is)
Taxes kick in after your AGI goes over: $25,000 (Singles), $32,000 (Joint)
- 50%: $25,000 – $34,000 (Singles), $32,000 – $44,000 (Joint)
- 85%: Above $34,000 (Singles), Above $44,000 (Joint)
The number you should be aware of when looking at this issue is your adjusted gross income (line 37 on your 1040 tax form). That number will include all of your income (including half of your social security check) and other income, like passive income (dividends and capital gains).