MSerfozo

You're a casino guy, right? Or is it your wife who always wants to stay at a casino on your epic trips? Anyway, think of it as a bet. But you're betting on how long you expect to live - and draw your SS benefit. If you run the benefit you get at different ages, you'll find that the total amount will be the same at your SS actuarial age. Based on your numbers, that's at about 77.33 years old in Aug 2036. ~$415,000. If you plan to die before then, you should take it ASAP. If you plan to die at around 77, then it doesn't matter. If you plan to live to 90, you should wait - $876,000 vs $928,000. And you should look up the benefit amount if you wait until 70 to receive benefits. It will still be about the same when you're 77, but a huge amount higher at 90. Obviously, you have to draw down your savings for your living expenses, but there are a few advantages to that. If you're not drawing, you can't be taxed on SS if a dream job drops in your lap and you continue to work. Drawing down an IRA or 401(k) will reduce the amount of RMD (Required Minimum Distribution) you'll have to take out at 73 yo. If your die and your wife gets your survivor benefit, she'll get the higher amount. Personally, I'm waiting until 70 to start receiving SS. I'm working part time, when I want to, and supplementing the income with IRA distributions. I plan to still be riding when I'm 90!

I don't know about you guys who have matured into Goldwings, but when I get on my bike, I become a 20 year old hooligan again.

I retired in Aug '22 as soon as I was eligible for Medicare. I'm holding off on collecting SS until I'm 70 and can get the max payment. I had planned to not work and bought an $800 project bike to keep me busy. Then I started getting offers for jobs... My last employer asked me to come back as a 1099 contractor doing my old job (machine controls software) but I wanted nothing to do with that - I left that place for good reasons! I landed at a small scale (<10 employees) automated machine builder and I've been having a blast working around 20 hrs/week on 1099. My advice for coping with retirement is to take a month or 2 and consciously work on detoxing from being employed. Learn to enjoy relaxing, drink your morning coffee in the back yard listening to birds, and avoid going to stores on weekends.

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My granddaughter got me these from my wish list for Christmas.