Ask Larry

Do You Have Any Advice For Me?

I am 66 my husband has 56. He is working full-time, and I am thinking of picking up some part-time work. The amount he is earning has put us in a bracket where I will be taxed heavily on the Social Security I have just applied for, as well, my Medicare including the drug supplement part is much higher. We are seriously thinking that divorcing will enable us to keep more of our money out of the hands of the government. I would like to return to work part time but at our current tax rate, it's not even worth it. My Social Security is $2300 per month my husbands annual salary is $230,000 per year. Well that's decent of course, but that is only very recent - past three years and for many years I was the major breadwinner. We are trying to optimize our savings and would like for him to continue to run his maximum, me collect my Social Security, and perhaps or an additional $50,000 per year working part time. Advice?

Hi,

If your concern is taxes, you may want to think about delaying the receipt of your benefits until age 70. Your monthly benefit rate could increase by as much as 32% if you defer collecting your Social Security retirement benefits until age 70.

Beyond that, it sounds like you and your husband may benefit from using our Maxifi software to help you with your retirement planning. For more information, refer to this link: https://maxifiplanner.com/retirement-planning-maxifi.

Best, Jerry

Category: 
Posted: 
Jan 10 2018 - 6:11am
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.