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Subject:  Re: Start taking from savings or file for early Date:  6/12/2004  2:36 AM
Author:  OldOne Number:  41202 of 87983

A health related issue precludes the likelyhood of getting another job anywhere near comparable to my previous job

1. Have you tried to get disability? You may qualify.

2. I would be inclined to take the SS early and suplement it with some kind of withdrawal from the $250k savings. A safe withdrawal rate for the savings is ~ 4% per year or $10k/year. That depends on how you have it invested. You really need to research safe withdrawal rates and asset allocation to use this money in the most effective way. Start now, before you make an irrecoverable error.

I think you would eat into principal if you tried to live only on your savings for 18 months. Once part of your principal is gone, it is gone forever.

My income is high enough that I will get the maximum Social Security payment, and I will only lose about $125 per month for each year I start collecting before full retirement age. I think you are misreading the SS schedule. You will lose ~ $185 or less per month by taking SS at 64 vs. at 65 1/2.
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