What should be my strategy with IRA withdrawal and SS.
I will be 64 this May. I have about 180k in savings ( should have been in the market) earning low interest. I will look into corporate bonds or something safe as the market is high and I've missed the boat with many others). I was treated for prostate cancer a few months ago....things are ok for now but I won't know its gone for a few years. I am currently unemployed. My SS would be about 900 now and like 1270 at the max. I am married and my wife will be 60. She is still working and earns around 25-30K a year. That alone makes the food stamps not easy to get and the amount would be small. She has income and more savings than I do..while she can help she won't support me and I have to pay my share. Right now expenses are low. I want to pay my share. I need funds now. I have half my money in an regular ira and half in savings...should start living off my IRA before I take SS. That way the taxes won't be an issue on the ira withdrawals. Or do the new tax deductions make say a 9k withdrawal to live on for the year not much in taxes. Since I am married and my wife has income foodstamps is complicated along with my decision to take SS now or wait. I can live off my savings till 66....would filing taxes separately be better or would it be better for her to use me as a deduction. We are a team but I have to protect myself and pay my share. Also should I consider starting SS now because it may not be solvent or they may cut benefits in a few years. Do you get "grandfathered in" to a certain rate if you are already on it. I'm sure a lot of people ask about the solvency issue...of course if it goes bust we are all in trouble. Any advice would be very helpful!

Hi,

I answer the questions on this forum, and my only expertise is Social Security. Therefore, I can't really provide much advice. Regarding your question on whether you should start Social Security early or withdraw money from your IRA/savings for living expenses, you may want to read the following column for Larry's thoughts on the subject: https://www.forbes.com/sites/kotlikoff/2014/03/26/economic-magic-pulling....

I certainly wouldn't take benefits early out of concern for Social Security's solvency. I don't have any inside knowledge on the subject, but Social Security has survived for 80+ years now and I would expect it to do so for the foreseeable future. It may be best to wait until age 70 to start drawing your Social Security, which is when your retirement benefit rate will be at it's highest point. However, the state of your health may play a role in your decision on how long you should wait.

We offer many software options, including our Maxifi software. The Maxifi program is a comprehensive financial planning tool, which should provide answers for all of your financial and tax questions including Social Security.

Best, Jerry