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Tax Trick – When to Start Social Security

Financial-Planning.com   August 5, 2014

“Most seniors claim Social Security at age 66 or earlier but they don’t have to do so. “I typically recommend that clients wait until age 70 to take benefits,” says Mark Lumia, CEO of TrueWealth Group in Lady Lake, Fla.

The obvious reason to wait is an 8% annual increase in benefits for up to four years, for those who wait past 66 to begin. Yet Lumia points to still another advantage of being patient: in his new book, Thinking Outside the Money Box, Lumia asserts that seniors can gain by employing a “reverse tax torpedo” tactic.”    READ MORE HERE

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