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Q. I am 63 years old and employed full time. I am eligible to collect Social Security but I do not need it at this time. Should I start or wait?

Posted by: Herb A.
A. If you feel your employment is secure and do not need the money, it may be wise to wait. You'll receive a permanently lower monthly benefit by starting to collect prior to normal retirement age. If you continue to work and start your benefits, you could decrease your benefits by $1 for every $2 you earn above $13,560 in 2008. Waiting to start your benefits on or after your normal retirement age will not subject you to this penalty. In addition by continuing to work and collecting your benefits, your increased income may result in you paying higher income-taxes.

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