Deferring SS to 70 is not a trick and is a good idea if you really believe you will live into your 80s (not that unusual these days). Of course estimating one’s longevity is a crap shoot. I plan to start collecting mine somewhere between 64 and 66.
plain talk wrote: “Deferring SS to 70 is not a trick and is a good idea if you really believe you will live into your 80s (not that unusual these days). Of course estimating one’s longevity is a crap shoot. I plan to start collecting mine somewhere between 64 and 66.”
Actually, you will lose if you don’t live to at least 84. The other problem is how does one provide income until one takes their SS at age 70. Do you continue to work? Some advisers suggest raiding your 401k. Is that the best course if you think SS is going away? Wouldn’t you want to preserve your 401k?
The most difficult retirement and financial decisions are much simpler if you know how long will you live? If you knew that, then optimal strategies are fairly obvious.