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In the Meantime
Here are some things to consider as you put a pause on turning on Medicare:
01
If I'm Still Working, How Will that Affect My Social Security Benefit and Taxes?
85% of your Social Security income may be taxed if you are over a certain threshold.
However, sometimes if you have credit card debt, the benefits of not using your savings may outweigh the tax.
02
What is the Benefit of Waiting to Turn On My Social Security Benefits?
For each year you delay taking Social Security benefits beyond your full retirement age (FRA), your benefit increases by 8% each year, known as delayed retirement credits.
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By waiting until age 70, you can receive significantly higher monthly benefits compared to taking them earlier.
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