Ask Bob: WEP and the benefit of delaying Social Security
Question: So many advisers say to delay taking Social Security beyond age 62. But no one mentions the Windfall Elimination Provision (WEP). I am subject to WEP so my Social Security is cut in half. At the time, and even now, I cannot see the sense in delaying Social Security. As long as I receive enough to cover Medicare part B coverage then what is the harm in taking it early?
Also, what is the amount of money a person can earn before they have to pay a higher amount on their Medicare part B coverage based on their two-year-old tax statement?