I turn 63 next April, but expect to continue working until I am 65 in April of 2010 (I expect because of the laws I will have to actually work until the end of 2010. I am toying with the idea of filing for my social security benefits when I turn 63, and then just putting the money away. I have a friend who did this and I believe he said he puts his money into an ING acct. I don't know know what that is, and wondered what advantages there might be in doing this. In addition, since I will still be working, how much more will I be taxed since this will be considered income. Any help will be appreciated.

Rocky Motto

ING is an investment firm. It is like Vanguard or other investment companies. I think you really need to do the numbers. If you take your SS at age 63 it will be less each month than if you wait until you are 65. You will pay tax on up to 80% of the benifits that you receive. If you look at how much more money you will receive each month at 65 also take into account that you did not pay income tax on the money if taken now it may be worth just waiting. The other question is how much are you going to earn on the SS income you receive early. You invest it, and assuming you are doing so to make money, guess what you have to pay income tax on that earning also. Just do the numbers, probably not worth the hassle.

promotor1k

To Whom Ever Can!