Someone is rediscovering Pensions. Know what you hold!

Coldworld

Marty Peters kid
I took SS at 62. Will not have to touch the 401K until they force me at 72. I figured I may as well suck as much SS as possible and leave the 401K to the kids.
Was there a reason you took SS early??? My financial guy is hell bent on both my wife and I waiting til 70, even though I think we should grab it at 62.
 

Over70irregs

Well-Known Member
Was there a reason you took SS early??? My financial guy is hell bent on both my wife and I waiting til 70, even though I think we should grab it at 62.
Different thoughts on that subject. Some lifespans fade out in later 70’s. You do get bigger payouts if you wait. Mobility and health are factors. Also add in financial situation.
 

Wally

BrownCafe Innovator & King of Puns
Was there a reason you took SS early??? My financial guy is hell bent on both my wife and I waiting til 70, even though I think we should grab it at 62.
His plan has you using SS as protection, the higher payout an insurance policy for wifey. You go and she collects the higher amount. Live long enough and you come out ahead.
 

oldngray

nowhere special
His plan has you using SS as protection, the higher payout an insurance policy for wifey. You go and she collects the higher amount. Live long enough and you come out ahead.
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bottomups

Bad Moon Risen'
Was there a reason you took SS early??? My financial guy is hell bent on both my wife and I waiting til 70, even though I think we should grab it at 62.
My grandfather died at 45 and my father at 58 years old. Neither got anything back for all the monies they paid in. Wasn't gonna let that happen with me. My financial advisor told me my break even point would be somewhere around 77 years old so I took the chance with the smaller payouts.
We also inherited well and live on two pensions and two SS checks so money is really not an issue. We don't spend what we have coming in every month the way it is.
 

Coldworld

Marty Peters kid
His plan has you using SS as protection, the higher payout an insurance policy for wifey. You go and she collects the higher amount. Live long enough and you come out ahead.
Yep...he pretty much said that he doesn't care if I die early...Mrs. Cold will more than likely die after me so we're maximizing things for her. Well, glad to hear that great financial news...thanks buddy for putting me in the grave already...lol
 
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