Retirement Benefits

I'm on Disability Benefits, Do I Have to Take Retirement Benefits?

I am turning 65 in August, but have been on SS Disability for three years. I taught High School for 39 years. Do I have to take my retirement and regular SS at 65 ? Which would be more lucrative for me?

Your disability benefit automatically converts to a regular retirement benefit at your full retirement age of 66. It will be exactly the same amount as your disability benefit.


How Should We Afford to Wait Till 70

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!