Early social security instead of 401k withdrawal in down market
My spouse (age 64.5) and I (age 65) are both retired and had planned to wait until age 70 to collect social security, drawing down our IRAs/401K as a bridge. In light of the current bear market, I am wondering if it would be better to have the lower earning spouse collect social security now so we can avoid withdrawals from our retirement accounts.
Terry Says
Neither of you is at full retirement age — so you CANT collect SS now without incurring a penalty. And every year you wait over FRA gets you another 8% in your base check, plus COLA. So don’t start SS now!
How about you each get a part time job!! I’m serious. You’re going to really need your retirement funds down the road when you can’t possibly work. Look around. It doesn’t have to be full time — or what you used to do. Earn something!!!
