Hi Larry,

I just finished reading the updated 'Get What's Yours'. This is a must-read book for anyone 60 years and older. I expect I will also purchase your software program in the near future.

Here are the financial specifics pertaining to my wife and I.

I am 61 and my wife will be 59 in October. I am retired and my non-govt pension is $39K/yr. My wife has been a home-maker most of her life but has earned enough credits to qualify for SS. At FRA, I am estimated to receive $2730/month and my wife $232/month. Our home is mortgage-free. We have approx. $1.3 million in IRA and Roth IRA assets. Based on our calculated monthly expenses, we will need an additional $2K/month to supplement my monthly pension check. We will be meeting with our financial planner at the end of August to discuss our options for this additional $2K/month. Work is our last option as we prefer to stay retired.

Even though I think I can predict your response (based on reading your book), a second opinion would be most appreciated. Would you recommend that we start drawing down on our retirement assets until I at least reach FRA or start my SS early when I turn 62 next year? Thank you.

Hi,

As you've no doubt guessed, Larry would advise you to wait until age 70 to start drawing benefits. The higher rate you'd receive by waiting until then continues not only for your lifetime, but would also carry over to potential widow's benefits for your wife if you die first. So, for as long as one of you are living, you will reap the benefits of having waited to start your benefits.

Your wife, on the other hand, will not benefit by waiting until age 70 to apply for her benefits. The likely best strategy for her is to file on her own account at her full retirement age (FRA), then file for excess spousal benefits when you start drawing at age 70. Of course, if you end up starting your benefits before age 70, she should start taking the excess spousal benefits at FRA, or at the time you apply if it's after she reaches FRA.

Best, Jerry