Lisa99
Thinks s/he gets paid by the post
- Joined
- Aug 5, 2010
- Messages
- 1,440
I found an online tool today that maximizes social security payouts based on assumptions you put in the tool. It basically answers the question "when should I take SS."
The tool showed that we should delay taking SS until age 70. (I'm 4 years older than DH so he will file for half of my SS at 67.)
Here's the rub though. 90% of our income will have to come from our investments since we have only one tiny pension. Doing the modeling, if we wait until 70 to take SS we completely run out of assets at age 73.
But it's not doom and gloom. By waiting until 70, SS will pay us $20k/year more than we need in expenses so our assets will start building again.
Would you take a risk like this?... running out of money is super scary but it does answer the question of longevity risk and if all of your income is coming from SS then the stock market vagaries are no longer an issue.
If you're interested, the link to the tool is When Should I Take Social Security to Maximize My Benefits? | Maximize My Social Security. The fee for use is $40/year. It was recommended by a book I'm reading called "Control Your Retirement Destiny" by Dana Aspach.
The tool showed that we should delay taking SS until age 70. (I'm 4 years older than DH so he will file for half of my SS at 67.)
Here's the rub though. 90% of our income will have to come from our investments since we have only one tiny pension. Doing the modeling, if we wait until 70 to take SS we completely run out of assets at age 73.
But it's not doom and gloom. By waiting until 70, SS will pay us $20k/year more than we need in expenses so our assets will start building again.
Would you take a risk like this?... running out of money is super scary but it does answer the question of longevity risk and if all of your income is coming from SS then the stock market vagaries are no longer an issue.
If you're interested, the link to the tool is When Should I Take Social Security to Maximize My Benefits? | Maximize My Social Security. The fee for use is $40/year. It was recommended by a book I'm reading called "Control Your Retirement Destiny" by Dana Aspach.