I plan to collect at about 64 1/2. that works with my budget so I would only have about a 20% dependence on my IRA Savings.
Now, Remember every year you delay or wait to collect, you are leaving
a LOT of money on the table.
Just me waiting two years, I leave about 50,000.00 on the table.
How long does it take just to make that back?
Waiting for full retirement would net me approximately another $500 a month.
But look at the money I left on the table just waiting 2 years.
that equals 100 months worth of that $500 bucks left behind. That is 8 years just to make back what I left waiting only 2 years to age 64 1/2!
I will estimate my life span at about 78 years at best. So I'm not waiting long.
Now you have to look at expenses and what you have in retirement savings and WHERE you have that money invested.
Remember you will have to take a
required minimum distribution from your 401k in your 70 +1/2
This is not required of a ROTH, SO in tax beneficial years you can roll SOME money form a 401K to a ROTH.
You could end up
cash flush and on the hook for capital gains taxes.
I just found out my "tax free" state
taxes dividend and interest income from brokerage accounts at 5%
I have some money THERE too. SO I have to change and modify my stratagem.
GO to the
government SSA site and look at their estimates for you income and do a couple quick calculations.
You have to go paperless anyhow so you have to set up a password and security questions.
You may want to wait a couple years to make some extra cash if you have some savings to live on.
https://secure.ssa.gov/RIL/SiView.action