I’m 65 years 4 months old. I am self-employed and still have a going business; I’ve been really lucky to largely work from my house and I don’t have any employees.
As I understand the social security law, once I reach 66 years 2 months, which will be in March, 2021, I can start taking the full SS benefit and still earn as much as I can from my business. Therefore, I am going to wait another 10 months.
.... Sounds like we are the same age and in the same position. However, Lord willing, I plan to keep going at least until I am 67 before I pull my SS. My wife is 2-1/2 years younger than me and wants to go until she is 70 before she pulls hers. Probably will need some counseling to determine our best strategy for Social Security Benefits.
You’re never going to have this opportunity again. If you start collecting now, you can put much of it in the bank. Or you can live off your SS and put the maximum of your pay into your own private 401K. Yes, by waiting 10 months you’ll add maybe $50/month more to your SS. Maybe less, maybe more. But let’s say you’d make $2000/month on SS right now. In one year’s time you’d have collected $24,000. Of course, you’d have to pay taxes but perhaps no state taxes depending on your state. It’s something to think about. You’re in a very unique situation.