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How to Take Social Security Income at 70
I know that you recommend we all wait to take Social Security income at the max rate at age 70. However, now I'm reading that you have to pay taxes on income over 25,000. Can you explain why or how it's still beneficial to wait till 70 to get the extra benefits? Is that a quiz? No. All right. So listen to me, Vicki. Go back in time in terms of one of the podcasts that I did about Social Security and taxation. The maximum percentage that you will ever owe taxes on is usually 85%. Therefore, it doesn't matter. You would get almost 76% more if you took it at 70 than if you did at 62.
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