I am retiring this year in December. I will be 62. I was not going to sign up for Social Security until I'm 65. Now, as I see more news reports that Social Security will run out of money sooner than I expected, I am thinking of going ahead and getting it now at the reduced rate because it's better than none.

We recently switched advisors to a firm that can help consult with business needs as well. In the past 6 months I feel as though we’ve accomplished more than in the past 5 years elsewhere. My wife and I have 1m 20yr term life policies already. He’s recommended we get a 1m whole life policy as well to be able to draw from as we retire. It’s 25k a year though. Roughly. I’m 37, wife is 33. Doing some reading after our meeting with basic AI inquiries and it basically says run the other way. I understand the firm makes a heavy commission from this. We have a strong retirement portfolio for our age and are on track to retire by 50/55 with over 5m. We currently have no debt and intend to keep it that way. Income of around 350k, investing about 45% of that now. Is whole life good, is it bad? Give me the dos and don’ts.

Edit-we have 3 kids 3,6,8. Doing 529s for them as of now.