Retirement Information and Tips
Hi, Bud, thanks for the opportunity to ask a question: My husband is 61 in Nov. & I will be 68 in Nov. He wants to retire at 62 and take SS. He’s the big earner. I started at FRA taking $220 in benefits. We both are in good health & have $550,000 invested VERY conservatively in IRAs & Roths & own a $300,000 home, & have no debt of any kind. Is 62 too early for us to take SS? Oh, our monthly expenses run about $3,600. I am concerned that if I die first, he will be left with a smaller check since he won’t have my spousal SS. Thanks, Jan
Asked by a 60 year old man from Idaho Falls, ID on 6/7/2017
Yes, 62 is too young for your husband to take social security. Each year that he delays till about 66, the social security check will increase by 6% and 8% each year after that till 70. He will get 76% more social security if you use some of those savings to support the delay. It's a much better investment not just because the income will be more, but should you outlive him, your survivor benefit will be much larger. Inflation is a killer of retirement income, and the social security checks will also increase with inflation. Even if the government would cut the benefit by say, 25%, it would take some extraordinary luck for the investments to do better than social security plus those increases in lifetime benefits.
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