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I am 64 years olds and separated. I am a full time employee…

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I am 64 years...

I am 64 years olds and separated. I am a full time employee and I would like to stay in force until 70 years old. I put very little money in to my 401 account. Supporting my kids going to school. At age 64 my SSA income is about 1,785.00 a month by 66 will be 2098. Dose it make sense for me to withdraw the money now so I can put more money in 401K vs waiting till 66?

Submitted: 8 months ago.Category: Social Security
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Answered in 35 minutes by:
11/9/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 8 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,659
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi. My name's Lane.

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, on three continents, since 1986.

...

You've asked a very simple question that comes with a very complicated and multifaceted answer. (The only real answer being ... it depends).

...

I can run some numbers for you that take into account the increased social security amount and longevity VS locking in a smaller amount and investing that in the 401(k) of course we'd need to assume rates of return, how much of that 401(k) you start using and when, etc. etc. etc.

...

This is NOT linear math. This question can only really be answered by doing a full blown financial plan where different life spans, rates of return, amount needed in retirement, when retirement actually starts, how much is pulled FROm the 401(k) plan starting when, etc. can be modeled (run applying different what-if scenarios).

...

But if we do a really simple analysis and say that (all other things being equal) you live to a normal life expectancy of, say 85, and nivest 1785 per month in the 401(k) at for 6 years at 7% that's 159152 you'll have in that 401(k) in 6 years.

...

But if you defer and get the 1098 vs the 1785 for a life expectancy that's (2098 - 1785) = 313 ... x 12 x 20 that's an additional 75120 over life expectancy.

...

The 401(k) wins (again, all other things being equal).

...

However, if you deferred to age 70 and get those delayed retirement credits (8% per year until age 70, making the benefit a full 132% of what you'd get at 66, 2098) the benefit becomes 2098 x 1.32 = 2769.36

...

If you get that additional (2769 - 1785) x 12 = 8052 for another 15 years (until age 85) that;s 15 x 8052 = 177120 GUARANTEED, without having to worry about market risk, etc.

...

I can run a MUCH more sophisticated model for you but would need to charge additionally. I use this product: https://www.ssanalyzer.com/site/index.php

...

But hopefully this has given you some food for thought. To answer this question - as an absolute - without gathering MUCH more data and agreeing on SEVERAL assumptions, would be irresponsible.

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Category: Social Security
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