Full Retirement Age
My birthday is this month, and I will be 66. My full retirement age for Social Security is 66 and two months. I had been planning to start receiving my monthly payments as soon as I reached full retirement age and was excited about the prospect of a paycheck, but now I’m having second thoughts.
Some financial experts suggest it’s smarter to start withdrawing from your IRA and hold off on Social Security until you reach age 70. According to this NY Times article, living on retirement savings in the early years and holding off on collecting benefits is likely to increase monthly income over a lifetime.
There’s also a discussion about marginal tax rates and provisional income if math is your jam, but I’m a journalism major. No can do.
If I wait until I’m 70, my monthly checks would go up by about $800. It sounds nice, but I’m not sure it’s worth waiting for. With my husband’s military pension and our savings, we are not dependent on Social Security, so I’m inclined to skip all the analysis and just go with what feels right.
I suppose I’ll chat with our financial planner before making my final decision. What variables have you considered as you make this choice?
Sugarfest 2021
In other news, I’ve decided to bake my own birthday cake. I’m going to make the three-layer coconut cake from Sally’s Baking Addiction. Everything about it is totally decadent. Even the buttercream roses on the top are insanely me. The more frosting the better.
However, I watched the video for how to make the roses, and I don’t think I can pull it off. I have some Russian piping tips my sister gave me, and those look easier. I will be watching lots of YouTube videos to build my confidence. Here’s a sample.
While we’re on the subject of baking, I spent a lot of time indoors last week due to the air quality, so I decided to make cookies decorated with royal icing. I have quite the collection of cookie cutters and other paraphernalia.
I haven’t made them in a couple of years, mostly because my wrists were sore the last time I made them, and I wondered if I would even try again. However, my wrists have improved, so I went for it. My lack of practice shows. The icing on the chili pepper is too thick and lumped up in places, and the icing was a little sloppy at the bottom of the ladybug.
Imperfect but cute and delicious. Not a bad thing to be. By the way, I made chocolate dough and added a teaspoon of espresso powder. Next time I’d use a little more. You can’t taste the coffee, but somehow it makes the chocolate taste better. We keep them in the freezer, which helps with portion control!
Golf Giveth and Golf Taketh Away
Yesterday I played golf in what is called an alternate shot tournament. I had a partner, and we took turns teeing off. One of us on odd-numbered holes, and the other on even-numbered holes. Then we took alternate shots until the ball was holed.
On number six, my partner teed off. The shot was plenty long enough but in the left rough. We were still 140 yards out, and it was my turn.
I hit a 7-wood, and we watched it fly toward the green. She thought it got stuck in some thick grass in front of the green, and I thought it hit the green and rolled past the hole. When we got up there, she went one way, and I went the other, and we didn’t see it. I jokingly said, maybe it’s in the hole.
And it was!! So, we had an eagle 2 on a par 4. We would go on to completely fall apart on the back nine, but I will remember that shot for a long time.
Wishful Thinking
I’m feeling hopeful that maybe we are turning the corner on COVID. I mean, not everywhere, but maybe some places? I read today 80 percent of eligible Californians are at least partially vaccinated. In my zip code, about 80 percent are fully vaccinated and another 10 percent have one shot.
That said, our numbers are still terrible. Cases per 10,000 people approaching 40 percent in our county. Yet, there are some case rates in the hundreds, so I guess it’s all comparative. I am shocked by how many people go out and about as though the virus doesn’t exist.
I do wonder if the virus will run out of people to infect. Or maybe Delta will run its course and the virus will subside, transitioning to something more like the seasonal flu. I have no basis for these comments. Perhaps nothing more than wishful thinking.
But you know what? There’s something to be said for wishful thinking. I have been on both sides of the attitude spectrum, and nothing good ever happened when I thought the glass was half-empty.