A retired engineer with $1.4M in a 401(k) and other assets plans to delay Social Security until 70 for higher benefits but must bridge income from 62 to 70. Conventional advice to wait until 70 ignores tax inefficiencies of preserving the 401(k) until required minimum distributions (RMDs) start at 73, which can trigger higher taxes and Medicare surcharges. Drawing down the 401(k) aggressively between 62 and 70 at lower tax brackets reduces future RMDs and Medicare surcharges, while Social Security benefits grow by 8% annually after full retirement age. This strategy can save $110,000 to $150,000 in lifetime federal taxes and increase annual Social Security checks by over $8,500 after age 80. Key steps include managing withdrawals to stay within tax brackets, timing Roth conversions to avoid Medicare surcharges, and delaying IRA rollovers to maintain withdrawal flexibility. The advice is to delay Social Security but start portfolio withdrawals earlier for optimal tax and income outcomes.
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