Ask Bob: Claim Social Security or Draw from 401(k)?
Question: I turned 62 in 2018 and my spouse turned 70. My spouse was a higher income earner than I and gets about $2,100 a month, plus a private pension that I will not receive after her death. We are both currently drawing from our 401(k)s (mine is the larger of the two) for living expenses as I am working very little by choice. Would it be better for me to start Social Security early and try to reduce the draw on the 401(k) or wait a few more years for my benefit to increase? By the way, we are both in very good health.
Answer: There's a lot to consider when contemplating when to take Social Security or draw from your 401(k), says Holly Gillian Kindel, CFP, CLU, CPCC, FBS and managing partner at Your Mental Wealth Advisors (Occum, LLC).