I'm a couple years older than my wife and have made the most money and have the larger social security benefit. I'm trying wait until 70 to maximize my benefit and hers in case I die before she does.
@julianugentarchitect
2 ай бұрын
Shouldn’t one consideration be the amount you expect from SS vs the size of your portfolio? SS will only grow at CoL rate whereas a portfolio is likely to grow at a higher rate over the 8 year spread of 62 to 70. The bigger your portfolio, the bigger the impact. Yes, there could be some down market years, but still likely to beat SS CoL increases over 8 years.
@masterlee4370
5 ай бұрын
65 still working at a job I love, not drawing social security yet and not touching my IRA Account yet. I almost started drawing social security at 62 and was going to keep working basically because I had that mind set it's my money and what if I die. But then I realized unless you are in bad health which I am not you have to plan like you will be here until age 90. So that is what I did and I am so glad I did that. Social Security would have been $1,900 at 62. Now at 66 it will be $2,900 (the C O L A S helped too). A $1,000 a month increase just by waiting. And the IRA continues to grow too.
@johnbeeck2540
5 ай бұрын
Nick great points! Planning to retire in next 12 months, then live on cash until next tax year. Will be FRA +1yr before I take SS which is a good balance for my families situation - thanks for the continued information!
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