johnrlawjr
Dryer sheet aficionado
Hello to all,
I am currently retired and collecting a teacher's state retirement pension with an unlimited cola. My current pension is adequate but I am tempted to dip into savings to finance travel and trips abroad. As I am rapidly approaching my sixty-second birthday, I am faced with the decision on when to start my social security benefits. I realize that most of the financial experts recommend waiting until 66 or 70, but the additional benefits would allow me the luxury to enjoy a fuller retirement without the need to work. The possibility of me doing full time work that would put me over the social security income penalty is remote. In addition, I could let my modest 403b savings accumulate without the temptation to draw them down if I apply at 62. Also, if I were to die early, more money would be available for my three children. Health Insurance is not an issue because I am covered until I reach Medicare eligibility age. Since this is such an important decision, any ideas would be greatly appreciated. Thank you.
I am currently retired and collecting a teacher's state retirement pension with an unlimited cola. My current pension is adequate but I am tempted to dip into savings to finance travel and trips abroad. As I am rapidly approaching my sixty-second birthday, I am faced with the decision on when to start my social security benefits. I realize that most of the financial experts recommend waiting until 66 or 70, but the additional benefits would allow me the luxury to enjoy a fuller retirement without the need to work. The possibility of me doing full time work that would put me over the social security income penalty is remote. In addition, I could let my modest 403b savings accumulate without the temptation to draw them down if I apply at 62. Also, if I were to die early, more money would be available for my three children. Health Insurance is not an issue because I am covered until I reach Medicare eligibility age. Since this is such an important decision, any ideas would be greatly appreciated. Thank you.
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