Lynne is considering using her 401(k) for the 8 years between retirement and the max payout age for Social Security. Delaying Social Security could maximize benefits. Withdrawing from savings is viable, but not always best. Waiting to claim Social Security can increase payments significantly. A low withdrawal rate from 401(k) can lower risk of running out of money.

Assessing risk and expenses in retirement is crucial. Choosing to delay Social Security can be a smart choice. Finding a financial advisor can help navigate important financial decisions. An emergency fund and high-interest account can provide security. SmartAsset offers tools to match with vetted financial advisors.

Consider multiple financial advisors before selecting one. Ensure trust and compatibility with your financial advisor. Keep an emergency fund for unexpected expenses. Brandon Renfro, CFP®, answers reader questions on financial planning and tax topics. Delaying Social Security and relying on a 401(k) for 8 years with a pension is a common strategy for retirees.

Read more at Yahoo Finance: Should I Delay Social Security and Live on My 401(k) and Pension for Eight Years?