Ask Terry Questions Social Security — reader wants to argue with me!

Social Security — reader wants to argue with me!

By Terry Savage on February 21, 2024 | Financial Planning / Retirement

Terry, I will be retiring this year. I am 62. I have determined I need about $9000 a month to maintain my current lifestyle. I will be getting a $2100 per month pension. My wife and I will be taking Social Security and that amount will be about $3000 per month. The other $4000 will come from my 401(k) I have heard you say that people should wait to take Social Security. But that makes no sense to me. My 401(k) is a finite resource. My social security and pension will go on for ever. And with Social Security, I get a cost-of-living increase each year. If I don’t take Social Security that is $2100 more that I need to take from my nest egg, not to mention the fact that if I wait to 65 or 67 years old to start taking Social Security, it will take me at least 10 years just to break even from the money that I didn’t take starting at 62 years old. Your thoughts?

Terry Says

I think you are about to make EVERY MISTAKE possible in your retirement planning! You are definitely in the process of outsmarting yourself. And since your wife will probably live longer than you, you are guaranteeing that her final years will be impoverished.
#1. Read this:

#2. Go to — and let Larry Kotlikoff’s software guide you through the decision-making process.

#3. Find a financial planner you can trust at

And if you’re unwilling to listen to all that advice, please share this with your wife — so perhaps she can take action on her own to escape your foolish ego.

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