I've been searching all over for an answer to my particular question, but can't find anything. Hopefully someone here can offer some advice.
This July I will be reaching my full retirement age (66). I am still working full time and contribute to a 401k through my office, I contribute as much as I can afford, of course I wish I could contribute more, especially considering my age. I don't plan on retiring this year and probably not next year.
I live in NY and would like to move to a lower cost of living area (like everyone else) but my wife is 13 years younger, has a very good job, and wouldn't be agreeable to moving.
I'm thinking about filing for SS this year and collecting my benefits starting in July while I'm still working full time. My monthly benefit would be about $2,150. I'd up my 401k contribution to the maximum (my current contribution plus a portion of the $2,150), the balance of the $2,150 would be invested elsewhere.
I understand that my benefits would increase for each year I delay filing and would mean an overall benefit for an average lifespan of 83 years but lately I've been feeling my age catch up to me, I have high blood pressure and a heart arrythmia which I'm on medication for, and to be truly honest with myself, I wouldn't bet on 83 years.
I like my idea because #1- I can retire from work at any time, if I feel it becomes too much for me and #2 - I donโt have to gamble on my life expectancy.
Iโd appreciate it if someone would explain if my plan is good, or a poor choice.
Thank you!