Ask Larry

I'am entitled to social security but I'am subject to the WEP provision. Does it matter when to take your social security at 62 or full retirement at 66 if I'am subject to the WEP provision? I'am currently working, so does it matter if I take It now at 62 or wait until I'am 66?

Warren,
Yes, it matters both when you take your retirement benefit and also when you take your non-covered pension. The WEP affects your Social Security benefit starting in the first month of concurrent entitlement to both your Social Security benefit and your non-covered pension. For example, if you take your Social Security benefit at age 62 but delay your non-covered pension until age 66, you would not be subject to the WEP between 62 and 66. However, your retirement benefit will be both reduced and subject to the Earnings Test if you take it before your full retirement age (FRA). Alternatively, taking your non-covered pension early and delaying your Social Security retirement benefit until age 70, will delay the WEP's impact until age 70. MaximizeMySocialSecurity can help you determine what works best for you.
Best,
Mike