So my parents are thinking of retiring. They are 65 and 66 but have only $65k in savings. They do have a house worth $850k but have $450k outstanding in mortgages. They live in SoCal but want to sell their house (payments plus HOA plus taxes = $3000) and buy a cheaper house inland ($300k) and fully pay it off. FYI. I have tried to convince them not to do this, but they have made up their mond.
This will leave them with $160k ($65k in savings plus $100k from the home).
They are considering taking social security now which will give them $1100 and $2100. However, I’ve been telling them to not take social security and use the savings so that they wait until 70 and get nearly double in social security ($1900 and $2700) and continue working. Does anyone know of any good financial advisors / resources who focus on people making these decisions.
Everyone we talk to is an asset allocation guy who says put X amount in stocks and X amount in bonds, but has no idea on when to take social security versus use their existing savings. Need someone to walk through timing of various accounts and when to use them - maybe even run some Monte Carlo simulations as I think they will run out within 10-15 years.