In Retirement

EVERY FEW MONTHS, I come across yet another article claiming that delaying Social Security is like earning an 8% guaranteed return. It’s a comforting phrase—clean, simple, and easy to repeat. Unfortunately, it isn’t true.
Yes, the Social Security Administration awards an 8% delayed retirement credit for each year you postpone benefits beyond full retirement age. But that 8% is simple interest, not compound. And no matter how attractive the credit looks on the surface, it ignores an uncomfortable fact: You’re giving up three full years of monthly checks to earn it.

Guys, this site is valuable to all. I assume hundreds who, like me, have not made a contribution still benefit greatly by reading posts from the gentle, informed folks who comment here.
Those of us on the west coast were delighted to see the video of his service and it is good to see the good work continue. I am certain Jonathan would be pleased.
All the best,
Dennis McGillis

Connie and I were out to dinner recently with two other couples – longtime friends.
During the conversation one of the wives asked the other if they had received their $1200 state property taxes rebate. Yes, we got it yesterday was the reply. Connie looked at me and asked if we received it. I tried to give her a visual high-sign, but she asked again. I said no. “I guess you forgot to apply, right? I was silent and tried another “look” to signal “cool it” on the conversation.

Firstly, full credit to Kristine Hayes for this idea. I wish I could say that I thought of it on my own.
Kristine wrote about her buying and selling of houses that didn’t fit the accepted “rules of thumb” for personal finance. I was reflecting on my own financial path thus far, and ways in which we have strayed from the recommended path. Two in particular stick out.
All in equities
My wife and I were lucky to have good jobs straight out of university.

I’ve read  lots of articles about asset allocation, and how and when to rebalance a portfolio. One facet I that haven’t seen discussed often is how do couples execute their asset allocation and rebalancing when they both have similar accounts. My wife and I each have Vanguard accounts with Traditional IRAs, Roth IRAs, a joint brokerage account, and online joint banking accounts.
We treat all our accounts as one.  Our asset allocation has evolved over our working years,

One of the sites I check periodically is MIT AgeLab – they published something last week about their new Longevity Preparedness Index (in partnership with John Hancock and published here this week).
They identify “eight domains of life”: Care, Community, Daily Activities, Finance, Health, Home, Life transitions, Social connection. Finance is certainly the main topic here but discussions have touched on several of the other domains.
The 16 page “Insights” wasn’t particularly new to me,

There are good reasons to start Social Security at 62 or at age 70 or anywhere in between. One is that the money is needed as income. Another is to assure the maximum possible monthly income later in life, including survivor income. Both are valid based on individual needs. Less than 10% of America will wait until age 70 – generally out of necessity.
But when I read on Open Social Security:
“Recommended Strategy: 
The strategy that maximizes the total dollars you can be expected to receive over your lifetime is as follows:” 
I cringe.

For the past year or so I find myself repeating this phrase over and over.
Here’s the scoop. As I have written we have been retired for just over five years now both retiring at 62. From copious reading about retirement guidance we are “waiting until we turn 70” to claim Social Security to maximize our monthly payments.(waiting to see your comments Dick, but I can guess 😂). In the meantime we have been financing our lifestyle via inherited IRAs in order for our own IRAs to increase in value.

Tomorrow morning I’ll be up early and take my grandson to school. I enjoy our chats on the journey. Back home, it will be a quick breakfast and then off to meet some older friends for a few hours of pickleball and a bit of craic. I should be back to base by early afternoon for a catch-up with my wife Suzie while we plan what to buy for dinner that evening. My daughter and granddaughter will be joining us for the meal…

The day I thought would never happen finally did on September 30, 2025. For the last 43 years, my salary would appear in my bank account, which would then show a pleasing uptick, providing assurance that all was well with the world. But on September 30, 2025? Nothing! The balance showed, if anything, a small fall. Retirement had finally arrived.
I actually retired on August 25, 2025, but I did receive my final salary at the end of that month.

Did you know that the income tax amendment enacted 1913 was temporary or that income taxes are theft? Income taxes are voluntary because they are illegal. How about there is no need for property taxes even though they have funded local education since the 1840s? 
Oh, Social Security is a scam. If you die early all you get is $250 and the government takes the rest of your money. If “they” hadn’t stolen the Social Security funds,

BARRY RITHOLTZ’S NEW BOOK, How Not to Invest, offers investors a cautionary tale—many of them, in fact.
Ritholtz has been in and around the investment industry for more than 30 years—as a trader, a journalist and, most recently, as cofounder of a wealth management firm. 
In short, he is no stranger to Wall Street. His conclusion? It can be a minefield.
Bad actors like Charles Ponzi and Bernie Madoff are well known.

https://www.wsj.com/personal-finance/retirement/delay-social-security-retirement-cc6e1bbc?st=MZWHJR
Gift link to an article by Derek Tharp in the WSJ from a few days ago. He was (? still is) one of the contributors to Kitces et al.
It’s refreshing to see an article written  that suggests the opposite of the “dogma” of delaying  SS, which I personally have never agreed with.
 
 

Most people use a version of the 4% SWR in retirement. I think it’s the wrong approach for most, although it offers a tempting idea: an extremely high probability of not running out of money and genuine income stability. These reasons are its biggest Achilles heel—it causes the median retiree to pass with a large amount of unspent wealth. Many studies suggest two-thirds to four-fifths of retirees end with a portfolio equal to or larger than their starting balance.

I’ve heard it many times, it’s all over social media. I earned my Social Security benefits, I paid for them.
We certainly paid taxes (actually under a separate law) to fund Social Security and all its benefits beyond retirement income, but we did not pay for OUR benefits. 
According to SSA actuaries and Congressional Budget Office studies:

A typical medium-wage worker retiring at full retirement age (66–67) usually recoups their own payroll contributions within about 3–5 years of collecting benefits.