Solutions 4 Financial Independence: 8/24/17

By  | 

BRIDGEPORT, W.Va (WDTV)- Question: I am 66, single, and started taking Social Security retirement benefits when I was 63, due to a layoff. I am now gainfully employed. Am I really stuck with the reduced benefits I am receiving for life?

Answer (John Halterman, Beacon Wealth Management): "You're actually not stuck. Now that you're back to work, you can actually delay your Social Security. And by delaying it, what that means is now you're going to start earning credits again. If you wait until age 70, what's going to happen is you're going to get an increase in your pay outs at that time. So that increase will probably be a little over 30%, but definitely what it's going to allow you to do is be in a position where you can go back to work, not have to take this continued Social Security like you are, and have an increase in your Social Security payouts at age 70."