A friend complained to me that he doesn't want to wait until he's 70 to retire. The problem is that the younger you are when you start collecting Social Security, the less you get per month, for life.
I asked him if he had a 401K. Yes, he did. The plan was to get a monthly check from his 401K and from Social security. I pointed out that the solution to his problem was easy. The idea is to pull twice as much out of one's 401K until one reaches 70. At the age 70, he then claims social security, and pulls less per month from one's 401K as originally planned.
I had recently spreadsheet-ed this idea as part of my own retirement planning, and saw that my 401K would actually last several years longer by pulling this trick!
If you like this types of idea and haven't read my book, give it a try! The ebook is only 99 cents, free to Kindle Unlimited customers.
https://www.amazon.com/Ways-Dollar-without-Lowering-Lifestyle/dp/B0863RRYTK/ref=sr_1_3?dchild=1&keywords=100+ways+to+save+a+dollar+stilwell&qid=1594554913&sr=8-3
https://www.amazon.com/Ways-Dollar-without-Lowering-Lifestyle/dp/B0863RRYTK/ref=sr_1_3?dchild=1&keywords=100+ways+to+save+a+dollar+stilwell&qid=1594554913&sr=8-3
