Budget and SS cuts

[Lsbcal]

A lot of what I was going to say has been well said above.

When doing retirement planning we should be careful not to worse case the situation to death. It's OK to defer taking SS if it doesn't impact your enjoyment of active years, say 62 through 70. That is a big if.

Some (not everyone certainly) will defer SS unnecessarily and then emotionally be unable to spend for enjoyable activities, house fixes and just plain fun "things". I know this because I was one of those types. Took SS at 64 at urging of DW. I believe I'm having a better time and less concerned about over spending now.

Plus the hit to our portfolio is dampened. Don't have to ruminate about having higher then 4% withdrawals now because we can stay below that pretty easily now. For some (me) all the FIRECalc runs in the world will not truly convince them to put aside the money worries unless the stuff is in the bank and available.

P.S. I agree with what was said that SS is not going to be cut much if at all. Maybe a few percent in the coming decade or two.

 

[HappyOutsourced]

Lsbcal, you're a wise man. If there were a 'LIKE' button on this forum I'd hit it.

 

[foxfirev5]

I'm taking it at 62 just because I like to control as many variables as I can. Maybe it will work maybe not but I'm not betting on the come, to put it gambling terms.

 

[haha]

When to take SS discussions are the surest sign that people would way rather guess and make up what they want to think than to accept what is there. There are few reasons for not delaying other than you need the money now for survival, or you have been diagnosed with a rapidly lethal illness, or you do not understand how to interpret survival tables. And for completeness a few arcane situation like children under 18, etc.

Deferring to Firecalc is about like asking a Ouija board.

Ha