tangomonster
Full time employment: Posting here.
- Joined
- Mar 20, 2006
- Messages
- 757
You people are great at figuring out stuff like this, so please help.
DH and I are 54, retired a year ago, and are living off interest and dividends of our investments. We don't anticipate touching the principle, although our health insurance is already $1000 a month. So far we can live off 2% or less withdrawal rate.
I won't be getting any pension. DH can get a small one, beginning next year of $358 a month (with 100% survivor benefits---we could get more if we decreased the survivor benefits). Plugging this into a Social Security calculator, it looks like our break-even point between taking $358 beginning at 55 and $523 at 60 would be almost 71. Based on our current health and family longevity, it is likely that we will both live past 71.
The break even point between 55 at the $358 and 65 at $677 is 76 years. Again---it is likely we will live beyond this.
It would seem that we should just hold off, but I don't know if the calculator takes into account how the money would grow if it was invested or at what rate. And psychologically, it seems like it would be fun to get a monthly check (although chances are we would just save it).
Any advice?
DH and I are 54, retired a year ago, and are living off interest and dividends of our investments. We don't anticipate touching the principle, although our health insurance is already $1000 a month. So far we can live off 2% or less withdrawal rate.
I won't be getting any pension. DH can get a small one, beginning next year of $358 a month (with 100% survivor benefits---we could get more if we decreased the survivor benefits). Plugging this into a Social Security calculator, it looks like our break-even point between taking $358 beginning at 55 and $523 at 60 would be almost 71. Based on our current health and family longevity, it is likely that we will both live past 71.
The break even point between 55 at the $358 and 65 at $677 is 76 years. Again---it is likely we will live beyond this.
It would seem that we should just hold off, but I don't know if the calculator takes into account how the money would grow if it was invested or at what rate. And psychologically, it seems like it would be fun to get a monthly check (although chances are we would just save it).
Any advice?