A. There are few good options you can pursue simultaneously.
1. Delay Social Security Benefits
Factors to consider when you decide whether to delay social security benefits or not:
- The amount you can get at different ages (from 75% at 62 to 100% at age 66 to 132% at age 70)
- The probability you can live to a certain age
- Your spouse' age and social security payments
2. Purchase an Annuity
You shouldn't use all your assets to do so, instead, allocate about a third of your assets to purchase either an immediate annuity or delayed payment annuity. While if you die early, you will lose to the insurance company, it's effectively a decision about whether you would like to leave something to your children or ensure you don't become a financial burden to them when you live too long.
3. Get a Reverse Mortgage
This should be your last resort. How much you will receive depends on:
The silver lining of reverse mortgage, the amount you receive is tax free, because it's treated as a loan to you.