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Author: Rayvt Big gold star, 5000 posts Top Favorite Fools Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75626  
Subject: Re: What age to take SS payments? Date: 12/8/2013 6:37 PM
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Well, along that note, just this morning I purchased from a guy in Canada a 1923 Vega 5-string banjo, with a new custom neck and other goodies. The cost was less than the SS check I recieve this coming Wednesday. I get the max SS by the way.

Interesting.

I'm on the minority side of another retirement debate, also. I think that it makes sense to have a (low rate, 30 year fixed rate) mortgage in retirement.

So I melded these two minority positions together. I took SS at age 62, I have a mortgage (4% fixed, 28 years remaining), and I have my SS deposited into a checking account which then does automatic bill-pay for the mortgage payment. The SS is a few dollars more than the payment, so there's no money out-of-pocket. Better yet, the SS will grow over the years but the mortgage payment will not.

When the mortgage is paid off in 28 years, my net spendable income will jump by $4220/mo (assuming 2.8% COLA), as teh SS continues but the payment ceases.

intercst: I hear you. I agree that my spreadsheet is egregiously wrong to not include COLA during the defered period, and needs to be fixed. ::sigh::
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