Delaying Social Security by withdrawing from your retirement (IRA/401k/403) to pay the bills.

All good points in this video. However, one thing most fail to mention is the QUALITY of life diminishes as we age. AND ....the probability of something happening healthwise increases. Money is no good unless you have TIME to use it.

Anyone who was in the US Military learned their SSN by heart as that was you ID number and was also on your military ID and dog tags when I was in.

There's a lot to say about planning way way ahead on this stuff. For example, contributing to your Roth's and maybe even doing Roth conversions way before you reach age 62 I would say could help a whole lot in the bigger picture

This is exactly the strategy my wife and I are planning. We are both retired professionals age 61 and have 2 million in investments, We plan to spend down the IRA portion of investments and take social security at 70. Hopefully this strategy will reduce the RMD Amounts that we will be forced to take at 75.

Or take SS to delay spending down your retirement account? The upside of waiting to increase your SS checks is that your monthly SS checks don’t fall when the market makes its frequent negative “adjustments”.

This was a bit sloooow for me. Couldn't make it through. Remember, it's not really the total you get back, it's whether you can pay your monthly bills.

The 2 young guys at the end look like a great way to fund their ROTH by working. Wish I had known more about that when my kids were growing up.

By the way, it makes no sense to delay if you might pass away at 80

When I hear people talk about rake Soc Sec at 62 and invest it? They never talk about taxes? If they don't need it they pro. Have enough to make it taxable? Then they need to Net 8% to just break even? If they make 10% u risk alot to get maybe 2%? All your COLA wud be based on smaller monthly payments?

It's an easy decision for me and my wife. We don't have enough retirement savings to last very long so we will be dependent on social security. Might as well maximize what we will get by waiting till we are 70 to claim.

Take it as fast as you can and protect your own investments

Hi Dan, I left work at the Orange County Gov at the age of 65 to take care of my wife with cancer. I have a small pension of $1500 mth and my wife took her SS at 62 in the amount for $760 mth. Our 457B was only $300000+ and I have been withdrawing $2000 mth since 8/2023 in order to increase SS. I plan to take it at full retirement age of 66.8. My question is should I worry about taxes or delay my SS a couple more years? Thanks, love the videos.

Please run more scenarios for us folks who are single with no children.

What a dorky question, “ do you know your Social Security number by heart” oh my goodness if someone doesn’t I think that would be pretty scary!

This is enough to make a pig sick. I don’t even think the financial professionals agree on this stuff.

that is what i have been doing. i retired at 60 with a ira. i get obamacre since my ira is taxable. i was going to ride my 401k till 67. then my brother dropped dead at 63 and he only got 1 ss check before he died. so i signed up for ss and now i am banking the ira money.

What about continuing to work full time (til age 70) to delay SS AND not spend down my 401k/IRA? Is that advised? Thats my plan...

Frankly I was a bit disappointed with this vid. It was merely raising all of the issues to to consider. I already know these questions and considerations. I found and started watching this vid with hopes of finding a few math examples for weighing some of these issues. I’m sure them listening all questions will be useful to someone who is just beginning the when-to-begin inquiry. I’ve been retired 6 years and so far it looks like I’m stick with my plan to start SS at 65 later this year.

At 62, I have many years of work, and many years as SAHM with no income, or part time jobs. Husband is 64 with no plan to retire soon. I was told I can collect SS at his rate until he retired and then when he retires I would be reduced to SS based on my own earnings. It this true?

Only about $450/month between the wife and I when looking at Social Security. We're only six months apart, so we're thinking of her claiming at FRA, while I wait until 70. It's still about 3 years for us to reach FRA, so we'll decide then if waiting to 70 makes sense based on my health. Now assuming that people have more conservative portfolios as they approach retirement, why not switch from reinvesting dividends and capital gains, to taking them as a cash payment. You might get enough to cover a good portion of your living expenses without seeing your IRA portfolio shrink too much, if at all.