Cheesehead
Recycles dryer sheets
Since my wife is a union teacher who will have a pension in a couple of years upon retirement she will receive ZERO of my SS upon my death. Zilch, nada, nuthin.
I'm 61, she's 57, we plan to retire in a year or so. If I take my SS at 62 it will represent about 25-28% of our post retirement revenue. Presently I have a lot of term life insurance but that will expire when I am around 70 and there's no hope of renewal.
My question is: Shouldn't I grab as much SS as soon as possible because if I croak early there's no more SS income? If I wait until 66 then I would be getting an additional $7700 per year. If I wait until 70 I'd get an additional $7500 per year over taking it at 66.
Anyone in the same boat? Is life expectancy a factor when there is no survivorship benefit? Although I know about the pitfalls of an annuity I am wondering if that may be a good bridge in the event of my demise. We're considering a MassMutual RetireEase Choice Defered Income Annuity from Fidelity.
Thanks
I'm 61, she's 57, we plan to retire in a year or so. If I take my SS at 62 it will represent about 25-28% of our post retirement revenue. Presently I have a lot of term life insurance but that will expire when I am around 70 and there's no hope of renewal.
My question is: Shouldn't I grab as much SS as soon as possible because if I croak early there's no more SS income? If I wait until 66 then I would be getting an additional $7700 per year. If I wait until 70 I'd get an additional $7500 per year over taking it at 66.
Anyone in the same boat? Is life expectancy a factor when there is no survivorship benefit? Although I know about the pitfalls of an annuity I am wondering if that may be a good bridge in the event of my demise. We're considering a MassMutual RetireEase Choice Defered Income Annuity from Fidelity.
Thanks
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