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Social Security question
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John Burns
Posted 7/16/2021 07:44 (#9112783 - in reply to #9112354)
Subject: RE: Social Security question



Pittsburg, Kansas

That is something I wish my wife and I would have done. Just drawn on hers a few years before starting mine. Because ours combined is not more than mine alone would be. So drawing on hers for a few years is kind of a freebee while mine would have been growing in value.

There used to be a provision to suspend drawing but they did away with that. Would have accomplished much the same thing as I understand it.

I did a lot of reading and studying before we decided to draw just before 65 but did not think it through quite enough.

Everyone's situation is different. In our case, our income is actually going up during retirement than when we were actively farming because we had three corporations to distribute income to. Our idea was to draw early and enjoy our retirement while we still had health and time to travel and do stuff we did not have time to do while still being involved in the farm. And I still think that is a good decision for us. We have enough retirement savings to not worry about "later" (or even if we had no social security payments at all). For those who have not saved much for retirement, waiting to draw later and getting the additional compounding and larger payments later is probably a very sound decision. For us spending the additional (found) income now is working well for us.



Edited by John Burns 7/16/2021 07:47
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