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NEW! Make The Most Of Social Security Benefits With NQDC Distributions

You have been paying Social Security taxes for your entire working life, including on the income you have deferred into your company’s nonqualified deferred compensation (NQDC) plan. As you near retirement age, there are planning ideas with NQDC distributions that you should know about as you make decisions on Social Security benefits. This article provides the core knowledge to inform those decisions.

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Key Points in This Article
The later you take Social Security benefits, the larger your benefit payments will be.
When you have good health, a sizeable portfolio, and other income sources (e.g. distributions from NQDC plans), one strategy is to delay the start of Social Security benefits until you are 70 if that income gives you enough cash to wait.
If you continue to have substantial earned income after you begin taking Social Security payments, or income from other sources (e.g. investments), you will probably have to pay income tax on most of these benefit payments under a complicated formula.