Don't need SS right now and am planning to wait until 70 (DW will take hers at 66 at the same time). This will increase our income by almost 30%.
So I'm thinking, why not increase our WR from savings, IRA's, etc to 5% for the next 7 years to enjoy life a bit more, and then after taking SS, drop it to 4%?
I have a military pension and the 2 SS payouts would keep us under a roof and food in the pantry in case of a total market meltdown, so I'm not sure how much the risk would be in this.
I just don't want to pass up opportunities to travel while able and then have way more money than we need in old age.
So I'm thinking, why not increase our WR from savings, IRA's, etc to 5% for the next 7 years to enjoy life a bit more, and then after taking SS, drop it to 4%?
I have a military pension and the 2 SS payouts would keep us under a roof and food in the pantry in case of a total market meltdown, so I'm not sure how much the risk would be in this.
I just don't want to pass up opportunities to travel while able and then have way more money than we need in old age.