LeavingOhio
Recycles dryer sheets
Would like to get opinion on this.
I am of the age that I can get "full" Social Security benefits at age 67. Being that I post here, it should be clear that I do not want to work until that age. I've invested my money and plan to be completely debt free by the time I retire (sometime between age 55-60, but probably closer to 60). Unless my wife continues to work then (she hasn't decided yet), we will need to take money from our investments on which to live. BUT, when I turn 62 and then my wife does also not too long after, we can start taking early, diminished Social Security disbursements.
I've seen often that people recommend putting off taking that money as long as possible so that the amount is increased. Sounds fine, but then while I wait for that, I decrease my own investment pile.
I didn't invest my money so that I could leave money to my children, but given a chance, I wouldn't mind being able to leave them something. Wouldn't it then be better to take Social Security as soon as possible to minimize my own draw from my own money so that not only will it grow, but it's money I can pass down?
Is there something here I'm not considering?
Thanks!
I am of the age that I can get "full" Social Security benefits at age 67. Being that I post here, it should be clear that I do not want to work until that age. I've invested my money and plan to be completely debt free by the time I retire (sometime between age 55-60, but probably closer to 60). Unless my wife continues to work then (she hasn't decided yet), we will need to take money from our investments on which to live. BUT, when I turn 62 and then my wife does also not too long after, we can start taking early, diminished Social Security disbursements.
I've seen often that people recommend putting off taking that money as long as possible so that the amount is increased. Sounds fine, but then while I wait for that, I decrease my own investment pile.
I didn't invest my money so that I could leave money to my children, but given a chance, I wouldn't mind being able to leave them something. Wouldn't it then be better to take Social Security as soon as possible to minimize my own draw from my own money so that not only will it grow, but it's money I can pass down?
Is there something here I'm not considering?
Thanks!