I’m 62 With a $5,100 Monthly Pension and $100k in Annual Expenses. Should I Collect Social Security Now or Delay?
From Yahoo Finance: 2025-06-02 08:00:00
At 62 with a $5,100 monthly pension, and $100k annual expenses, should you collect Social Security now or delay? With a pension and your wife’s income, you have options. Consider consulting a financial advisor to explore scenarios and make an informed decision that aligns with your retirement goals and financial plan.
If you start collecting Social Security now, your combined income would exceed expenses until your wife retires in 2026. Delaying Social Security until your full retirement age of 67 would result in higher benefits, providing a cushion above your annual expenses and ensuring long-term financial stability.
Claiming Social Security early can help preserve investment assets, while delaying can lead to higher monthly benefits in the long run. Consider your life expectancy, future expenses, and other income sources when deciding. Discuss your options with a financial advisor to make the most of your retirement planning.
Timing your Social Security claim is crucial for your financial plan. Consider factors like future expenses, legacy planning, and long-term care needs. Evaluate potential interim withdrawals and asset allocation to ensure a smooth transition into retirement. Consult with a financial advisor to align your Social Security decision with your broader financial goals.