Personal Finance (Not Investing) • Planning for Social Security and Non-COLA Pensions

I have tried searching through some older threads but not finding exactly what I need. Basically, I am using FIREcalc to try to project a feasible retirement date based on current spending as well as assets like social security, pensions and investments. A critical input seems to be when we will start drawing SS and pensions. Based on a review of older threads it seems the conventional wisdom here is that as long as you don't have any major health concerns, and have sufficient portfolio to support it, that you should delay SS until 70, correct?

What seems less clear is what to do with our small non-COLA adjusted pensions. Is it advised to start taking the pension ASAP if its non-COLA adjusted or is there a lot more to consider? I like the idea of delaying as long as possible to secure more permanent income stream, but the fact that its non-COLA adjusted makes me think this might not be the best strategy. I know that nobody knows the future but I would like to have a plan to optimize as much as I can.

Also, is it recommended to choose the 100% survivor option? My wife and I are both about the same age. See below for the benefit at specific ages where we would start withdrawing for some idea:

His Pension ($/month, 100% survivor):
•@62$601
•@63$645
•@64$689
•@65$733 (does not grow after 65)


Her Pension ($/month, 100% survivor)
o@65 = $1812
o@67 = $2067
o@70 = $2543


I can post some more data points if this helps. Thanks for any insights here!

Statistics: Posted by sapper1371 — Tue Jan 02, 2024 1:34 pm — Replies 1 — Views 43

---