Our best strategy is for both of us to wait until 70 to collect approx. $5,300 combined, which we hope to do. My question is, do you recommend our drawing down our IRA accounts ($200K) from 62-70 yrs. to meet our expenses? We expect our annual income to be approx. $60,000 at least until age 65. We are 60 yrs old now and still have a mortgage of $400K which we hope to reduce to $300K by age 70.

Thank you!

Hi, We have a great program called ESPlanner at www.esplanner.com. You can use it to analyze all of your options here. Your question is how best to finance the period between work and collecting your age-70 retirement benefit. Your options include downsizing your house, using your IRA to deal with the gap years, limiting the rate at which you pay off your mortgage, and working longer.

best, Larry