I retired last Sept and have a modest pension. My wife still works and plans to continue another 3+ yrs.
I am 65 and my SS FRA is Feb 2022, in 1 yr. I haven't started SS yet.
While my pension helps, it doesn't help enough with cash flow to make up for my loss of salary. Unfortunately, the youngest two sons aren't quite financially independent yet.
Our IRA nestegg is substantial and I also have a taxable account of $180K.
In order to help with cash flow, I could either start pulling my SS or, instead, dip into the taxable account for monthly withdrawals.
Deferring SS seems the way to go, at the expense of drawing down my taxable account. I figure I will need to pull about $20K/yr. This will need to go on for maybe 3 yrs. Once my wife retires, and we both are puling SS, we will be golden.
Any thoughts or gotchas on this idea?
My one caveat is the uncertainty over the future of SS. IMO, there is no guarantee the SS trust fund will not be raided by politicians in the future.
It might make sense to start pulling it sooner, rather than later.
I am 65 and my SS FRA is Feb 2022, in 1 yr. I haven't started SS yet.
While my pension helps, it doesn't help enough with cash flow to make up for my loss of salary. Unfortunately, the youngest two sons aren't quite financially independent yet.
Our IRA nestegg is substantial and I also have a taxable account of $180K.
In order to help with cash flow, I could either start pulling my SS or, instead, dip into the taxable account for monthly withdrawals.
Deferring SS seems the way to go, at the expense of drawing down my taxable account. I figure I will need to pull about $20K/yr. This will need to go on for maybe 3 yrs. Once my wife retires, and we both are puling SS, we will be golden.
Any thoughts or gotchas on this idea?
My one caveat is the uncertainty over the future of SS. IMO, there is no guarantee the SS trust fund will not be raided by politicians in the future.
It might make sense to start pulling it sooner, rather than later.