Author Topic: Need some help on retirement in 2 years !  (Read 532 times)

bobfnbw

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Need some help on retirement in 2 years !
« on: April 09, 2018, 08:37:08 PM »
Need some help in deciding whether to retire in 2 years and to take Social Security then or defer. My plan is to take SS at age 62 which should be roughly 1800 per month. My plan is to buy a sailboat and do some traveling with it. My wife will continue to work as a teacher and as she is 4 years younger will not be eligible for her teachers retirement for another 5-6 years. After buying the boat and refit costs, I should have roughly 200K in investments in a 403B assuming the market doesn't make some big crash in the next year. I put in 25% of my income presently.

Question is, if I defer SS till 66 and 8 months, I will get more per month, (2600 vs 1800) but not sure what I will lose in taxes since we file jointly. Wife makes ~75K or so. Take the SS at 62 and run with it, or defer and use savings to live on (figure I would need around 1500 per month, or 18000/year.) What would you do?
I expect, with luck to make 15 years past retirement, say 77 or so. Maybe more, but sure don't expect to make 85. But who knows...
 If I defer taking SS, with no income other than the 403b or 18,000 per year, how will that drop my SS payment when I take it at 66 years and 8 months? How could I find that out....
Thanks for fielding my question...
Bob