Amen. I like the idea of waiting to take SS for a few reasons, mainly the markedly higher benefit occurring in one’s 70’s and beyond, which doesn’t require any decision making regarding investments. I observed much greater vulnerability and difficulty in decision making in older clients…75? 80? And beyond….if things are going ok with investments at 62 and beyond, spending down some of one’s own $ to afford being able to defer taking SS makes sense to me. My wife worked P/T a bit, but she’ll get 1/2 my benefit while I’m living, then my benefit if I predecease her. I like that knowledge. My goal isn’t to necessarily recover every $ I paid in to SS…lots of people seem to be concerned about that…to each his own. Break even is around 80? 81? If one waits to take. My dad died at 95.5 4 months ago, my mom died at 94 3 weeks ago, FIL is alive and is 92. I’m adopted, birth dad died at 80, birth mom 75, she was a smoker most her life. Building wealth pretty easy…fund your 401k and IRA before anything else…100% equities for a few decades, pray for down markets in your 20’s, 30’s, 40’s…buy low! Target date funds are good route…simple. Started working at 23, retired at 57, put my 3 kids through college, blah, blah, blah…still in first house we bot in 1993, live fairly simply. Current health premium is $2600/month, then deductibles/copayments kick in, same with a few meds. Sold my book of biz, still get a monthly pmt for 2.33 more years. Intend to pass my inheritance on to my kids…gradually, starting about now. Not too gripped by $, never have been, some people are terrified to spend…very sad. I keep my equity $ in low-cost funds, some active, some passive…all fixed $ in individual Treasuries or CD’s, laddered…par value gets returned eventually. 1-2 years spending $/emergency $ in T-bills or Treasury mmkt funds through Vanguard. Money spent hunting never crosses my mind as far as “Should I”? All these years of visiting divorced parents in their respective nursing homes, or just seeing them later in life, pretty much home locked, motivated me to stay active with my dogs. Luckily my wife encourages it…I need to buy her boyfriend(s) a beer! No, a keg!
Oh, the $255 death benefit pmt isn’t a given, there are conditions required in order to receive it. Wasn’t paid when my dad died 4 months ago, nor will it be paid in this case with my mom’s passing. They were divorced, never remarried, had no children entitled to survivors benefits. It’s $255…that’s all I’ll say about that..
