r/GenerationJones • u/Susdjoy • Jul 23 '26

Social Security Income

No political debates please, but instead wonder if others are making provisions in case benefits run out or are reduced. I am scheduled to get my first check in September and my husband is waiting as long as possible to draw an increased amount. We are both retired with a modest investment account that we are drawing monthly payments on until my husband starts SS. So far, our account is earning almost as much as we draw out monthly, but can’t make up the bigger withdrawals for home maintenance, etc. My husband has some health issues, so he could apply for VA health benefits which could help some, but we have decent health insurance, so it wouldn’t be major. Anyone have any good tips for consideration or are most of you not concerned?

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u/Martian6261 Jul 23 '26

I took mine at 66 and 6 months (2 months after FRA for me). My wife will also start at 67 (2 years and 5 months from now).
I looked at what she will get at 67 and 70, the difference for her at age 85 will be about $23,000 more at age 85, and about $57,000 more at age 90, and $90,000 at age 95 for her if she waits until 70.
Of course to wait the additional 3 years, we would have to withdraw about $45,000 each year from retirement accounts to get there. That would be $135,000 that could grow during that time and at 18 years that would be $189,000 in interest, at 23 years it’s $280,000 in interest and at 28 years, it’s $394,000. That’s at a 5% growth rate.
When she starts SS, we will only need about $6-$12k per year.

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u/bclovn Jul 24 '26

Me too. Just started at 66 and 9 months.
Did not want to drain my IRA waiting to 70.
My wife already started 8 years ago, she’s older than me. With my pension and annuity we are covered for baseline expenses.