Dennis, he buzzed in here from San Diego. "I know you said that it's best to wait as
long as possible to collect Social Security, and I believe that to be a sound investment
decision. However, is it not a lifestyle decision as well, since you are most likely to spend
money in your 60s (the Go-Go Years) as opposed to your 70s (the Slow-Go Years) or your 80s
(the No-Go Years)?" Dennis, what other podcasts are you listening to? (laughs) That is the
question I have. Yes. We have a hunch.
There are several people that use those little Go-Go, Slow-Go, No-Go years. This podcast
is not one of them though. We've never actually said that.
No, until now. That has never come out of my mouth until now, and I feel a little embarrassed. (laughs)
(laughs) I don't blame you a bit. But I still
haven't said it, and I won't. So there. (laughs) Because Al, you're actually in your
Go-Go years. Barely. Just barely got over the top of that.
Let's not get too carried away here. (laughs) What are you in?
I'm still trying to figure that out. (laughs) I'm still trying to figure out my years.
He's in the alcoholic phase. (laughs) (laughs) There is no description for your
generation. All right Dennis, here's the answer: I don't
know, I'm just kind of caught up in this whole Go-Go, No-Go, Slow-Go. So what he's saying
is this: it's like OK, which I understand, push out Social Security to age 70, that's
what a lot of financial advisors are saying now because of longevity.
But I don't I don't need it so much then. Yeah. I want the cash flow in my 60s.
I want to Go-Go. (laughs) I did say it now, the first part. I haven't said all three together
as you did. (laughs) I don't know Dennis. You've got
to take a look at a few different things here. There's this instant gratification always
when it comes to money. It's like we kind of forget our future self. So we want to spend
a little bit more today, save a little bit less. And that's why we're kind of in this
retirement "crisis," if you will. So yeah. If you want to Go-Go and spend your Social
Security and take a 25% permanent haircut - because if you take it at 62 versus full
retirement age, you receive a significant reduction in benefit for the rest of your
life. It's permanent. So you could say, "well what's the break-even then?" If you have shorter
life expectancy in your No-Go years, if you're dead, well then yeah, take it as soon as you
can get it. If you need the money, take it as soon as you can get it. But if you don't
necessarily need the money, then that's where more analysis has to come into play.
Yeah I I agree with that. A couple of things: I think you've got to look at Social Security
more as almost an insurance policy for long life.
It's just longevity insurance. It's longevity insurance. So it's a little
bit different than I think a lot of people think about it. And the other thing is if
you've got other resources, go ahead spend your money in the Go-Go years.
And then you have a guaranteed fixed income source... later in life. (laughs) I'm not
going to say it. (laughs) In what years? Slow...
I'm not gonna go there. (laughs) We already did it. Done.
(laughs) I just wanna hear you say it one more time.