From the 1970s

[2in1evtime]

Take every dime they will give you. We never know how long we have. If it is available take it as in the long run you will get more back. Why wait. Tomorrow is not a guarantee.

My wife already draws her social security she is older than i am, between her pension,SS and my pension that i draw it makes obumer care quite expensive, then ifs draw my SS next year even more expensive, she gets medicare and has for last 3 years, we both have a lot of dollars our 401k"s too if i start drawing next year we will both cash in our 401's also just to get all the tax expense out of the way in one year.

 

[KittySlayer]

My wife already draws her social security she is older than i am, between her pension,SS and my pension that i draw it makes obumer care quite expensive, then ifs draw my SS next year even more expensive, she gets medicare and has for last 3 years, we both have a lot of dollars our 401k"s too if i start drawing next year we will both cash in our 401's also just to get all the tax expense out of the way in one year.

You really need to sit down with someone(*) and do some financial planning. Discuss Roth conversions, tax brackets, and a number of other topics.

(*) try a couple of advisors and see if you get consistent answers or do some real heavy duty research.

 

[DeadeyeChrista'sdad]

You really need to sit down with someone(*) and do some financial planning. Discuss Roth conversions, tax brackets, and a number of other topics.

(*) try a couple of advisors and see if you get consistent answers or do some real heavy duty research.

I'm with Kitty on this. Too many moving parts not to at least consult a professional or two. As for me, the fellows at lodge advise to retire early and often, LOL. Of course, almost all of them do a little something or other for pinochle money.

 

[Keith_Indy]

But you could be checking out on the path to max earning. The moneys received in the 3 to 5 years waiting will more than offset any monthly increases you get from waiting.
My younger sister was of the same mind but when she did the math she stepped up.

Yeah, inflation is going to eat up a lot of any particular gain SS might provide, depending on how many COL increases they have.

Find a trusted financial advisor and do the math with realistic projections.

 

[churchmouse]

I'm with Kitty on this. Too many moving parts not to at least consult a professional or two. As for me, the fellows at lodge advise to retire early and often, LOL. Of course, almost all of them do a little something or other for pinochle money.

I retired early and got more work than I could do. But it was on my terms at that point not some douche nozzle in an office pushing me to make him more money. I have multiple skills and have used all of them as revenue streams. To retire and sit down and not move is a death nell.

 

[DeadeyeChrista'sdad]

I retired early and got more work than I could do. But it was on my terms at that point not some douche nozzle in an office pushing me to make him more money. I have multiple skills and have used all of them as revenue streams. To retire and sit down and not move is a death nell.

That's pretty much what I've been told.

 

[Magyars]

no mortgage, no vehicle loans, no loans, no outstanding debt, just usual bills as in insurance, water,heat,electricity, It let me retire early and it feels so good. I am unclear\decided whether to draw my social security next year at 62 or not?

I started SS at 62 and have never looked back. For me, it was a very good/smart move. YMMV

 

[churchmouse]

I started SS at 62 and have never looked back. For me, it was a very good/smart move. YMMV

It is. There is no math new or old to convince me otherwise. Get what you can as soon as you can

 

[Keith_Indy]

BTW for anyone that doesn't know, you can access your social security information at https://www.ssa.gov/myaccount/

Their calculations show I would make 44% more if I wait for full retirement @ 67 and 78% more if I take delayed retirement @ 70.

Risks:

1. I don't make it to that age.
2. They change the retirement age for full benefits.
3. The COL increases don't keep up with inflation.
4. I will not have enough other retirement income and will still need to work.
5. The world as we know it ends and the whole system collapses.

 

[manifest destiny]

Don't worry about #5. The .gov will print a trillion dollar coin. And everything will be A-OK again. As for #2... Just how far out can they push retirement past 70?