And when SS is available claim it as early as you can so you can invest it (or reduce how much of your investments you live on so it can stay invested and grow enough to fight inflation).
The flip side is those who hate their jobs work longer and those who sacrifice to save miss out on living today.
And when SS is available claim it as early as you can so you can invest it (or reduce how much of your investments you live on so it can stay invested and grow enough to fight inflation).
Not one size fits all. My wife is 8 years younger and on average women live 3 years longer. I delayed SS for two reasons, to give her the highest benefit possible and give me peace of mind to maintain a higher investment in stocks to reduce the sequence of returns risk. Its a comfort knowing that our combined SS covers about 98% of our essential expenses and that I can maintain an aggressive stock allocation with my downside risk is less meals out, cut back on Xmas gifts and skip some nicer things on vacations. Also, at the time I delayed fixed income was often negative after inflation, while SS increases by inflation. It is the best annuity money can buy.
“Some of us on FR argue that it’s best to financially plan like SS doesn’t exist (retire using your own budgeting, saving, and investing).”
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Agree with that. And SS could well be subject to some type of means testing down the road, thereby limiting how much you can get.
My cousin took the SS benefit as soon as possible. Now, 3 years into the full retirement period, he complains that he did, as if he was forced into it!
I advised him to wait & continue working, he was eager for the early money and not to work. His common-law wife brings in a good check while he sits around doing not much of anything.