Wiregrass Seniors Magazine March 2018 APRIL ISSUE | Página 23

WiregrassSeniorsMagazine.com
SOCIAL SECURITY Q & A
Know the facts about Social Security benefits.
Navigating the ins and outs of Social Security can be
difficult . Use the answers to these common Social
Security questions to start planning how to make the
most of your benefits.
1. When Should I Start My Benefits?
It can be easy to apply for Social Security benefits,
but knowing when to do it is a different story. The right
time to take your SS benefits depends on many fac-
tors. The vast majority of recipients begin taking ben-
efits sometime between the ages of 62 and 70. Your
Social Security payments will increase the more you
delay, up until the age of 70.
Taking your benefits at age 62 means a permanent
30 percent reduction from your full retirement benefit,
according to the Social Security Administration.
Meanwhile, taking your benefits at age 70 would net
you about 32 percent more than taking them at age
66. Regardless of when you take them, however,
make sure you apply for Medicare when you turn 65.
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4. Does Social Security
Tax My Benefits?
The federal
government
might tax your
Social Security
benefits. If you file
as an individual
and your combined
income is between
$25,000 and $34,000, you might have to pay taxes
on up to 50 percent of your Social Security benefits.
Your combined income is your adjusted gross income
added to both nontaxable interest and one-half of your
Social Security benefits. If you make more than
$34,000, up to 85 percent of your benefits might be
taxed.
If you file