Notice that I said I may hire an advisor someday if or when needed? This assumes that I will recognize that time is approaching and have time to interview and hire someone. Life often does not work that way. And you answered my unasked question, that is "why pay someone now to do what I may need someday, but just not yet?" By working with your advisor now, you can reasonably expect that your advisor will continue to follow your preferred strategy in the future, with or without your oversight. Smart move.
My wife and I reached FRA within a few months of each other, and my eligible benefit was larger. The gap widened by age 70. In my opinion, we cannot avoid risks, but we can manage them. We can estimate our life span, but of course we never really know. If I passed early, my wife's check would be replaced by my larger one. Have you considered a different risk, namely that if one or both of us live to 100, will our portfolio last that long? Boosting our life-long, COLA protected SSA checks is a sort of longevity insurance. This is the lesson of Pascal's Wager; that is besides focussing on probabilities of outcomes, consider their impact. For us, it was the right decision.
You made a valid point Dan. While I have not used one yet, it is possible I may need to do so at some point as I get older. And if my wife should survive me, she will definitely hire one.
Hmm. Hardly something I would expect a fiduciary to say publicly, although I can certainly imagine they felt that way. By the way, using CPI that salary in 2026 dollars is about $659 000.
The cost was worth it and I don't know what risk you refer to. And yes, like many others our SSA, even maximized, still provides less than half our income, but its reassuring to know that it is COLA protected. Its up to us to help mitigate the affects of inflation on the remainder.
Excellent suggestion Howard. I have 10+ years worth of future withdrawals held in a mix of TIPs and regular Treasurys. I'm wondering whether it should be all in TIPs!
The significance of inflation and its affect on our future purchasing power is hard to overstate. Everyone should take what you wrote in the last paragraph seriously. I mentioned in a previous comment that Bernstein and McQuarrie wrote an excellent and easy to understand article on this topic which I highly recommend to all readers on this blog. "The Money Illusion". Go to:
www.muckrack.com/william-bernstein/articles As for coping with inflation, I chose what Bernstein, Jonathan and others suggested: Delaying SSA until 70 to maximize the COLA protected monthly payout amount and a fair amount invested in TIPS.
We spent a couple of weeks in Costa Rica a few years ago. The roadways and lands, at least that within our view were well maintained and mostly free of litter. The people were friendly, cheerful and very proud of their country. And of course the scenery is beautiful. I love their motto "Pura Vida"! I agree with your take on the man you met.
I belong to a few diverse groups myself. Its so much better when we can learn to tolerate each other having diverse opinions without fighting or having hard feelings. It takes effort and patience from every one of us, but well worth it.
Comments
Notice that I said I may hire an advisor someday if or when needed? This assumes that I will recognize that time is approaching and have time to interview and hire someone. Life often does not work that way. And you answered my unasked question, that is "why pay someone now to do what I may need someday, but just not yet?" By working with your advisor now, you can reasonably expect that your advisor will continue to follow your preferred strategy in the future, with or without your oversight. Smart move.
Post: Today in Financial History
Link to comment from July 29, 2026
My wife and I reached FRA within a few months of each other, and my eligible benefit was larger. The gap widened by age 70. In my opinion, we cannot avoid risks, but we can manage them. We can estimate our life span, but of course we never really know. If I passed early, my wife's check would be replaced by my larger one. Have you considered a different risk, namely that if one or both of us live to 100, will our portfolio last that long? Boosting our life-long, COLA protected SSA checks is a sort of longevity insurance. This is the lesson of Pascal's Wager; that is besides focussing on probabilities of outcomes, consider their impact. For us, it was the right decision.
Post: Inflation, prices, COLAs, retirement and the last 16 years
Link to comment from July 28, 2026
You made a valid point Dan. While I have not used one yet, it is possible I may need to do so at some point as I get older. And if my wife should survive me, she will definitely hire one.
Post: Today in Financial History
Link to comment from July 28, 2026
Hmm. Hardly something I would expect a fiduciary to say publicly, although I can certainly imagine they felt that way. By the way, using CPI that salary in 2026 dollars is about $659 000.
Post: Today in Financial History
Link to comment from July 28, 2026
The cost was worth it and I don't know what risk you refer to. And yes, like many others our SSA, even maximized, still provides less than half our income, but its reassuring to know that it is COLA protected. Its up to us to help mitigate the affects of inflation on the remainder.
Post: Inflation, prices, COLAs, retirement and the last 16 years
Link to comment from July 28, 2026
Excellent suggestion Howard. I have 10+ years worth of future withdrawals held in a mix of TIPs and regular Treasurys. I'm wondering whether it should be all in TIPs!
Post: Treasury Inflation Protected Securities (TIPS) are a Generational Bargain Right Now
Link to comment from July 27, 2026
The significance of inflation and its affect on our future purchasing power is hard to overstate. Everyone should take what you wrote in the last paragraph seriously. I mentioned in a previous comment that Bernstein and McQuarrie wrote an excellent and easy to understand article on this topic which I highly recommend to all readers on this blog. "The Money Illusion". Go to: www.muckrack.com/william-bernstein/articles As for coping with inflation, I chose what Bernstein, Jonathan and others suggested: Delaying SSA until 70 to maximize the COLA protected monthly payout amount and a fair amount invested in TIPS.
Post: Inflation, prices, COLAs, retirement and the last 16 years
Link to comment from July 27, 2026
We all know this, but its sure easy to lose sight of it when focussing on investing and managing the dollars. Nice quick read.
Post: Go While You Still Can
Link to comment from July 23, 2026
We spent a couple of weeks in Costa Rica a few years ago. The roadways and lands, at least that within our view were well maintained and mostly free of litter. The people were friendly, cheerful and very proud of their country. And of course the scenery is beautiful. I love their motto "Pura Vida"! I agree with your take on the man you met.
Post: Costa Rica: The Richest Man On The River
Link to comment from July 22, 2026
I belong to a few diverse groups myself. Its so much better when we can learn to tolerate each other having diverse opinions without fighting or having hard feelings. It takes effort and patience from every one of us, but well worth it.
Post: The Paradox of Wealth
Link to comment from July 18, 2026