In my case, I am a 1K. This year, I have redeemed 2 business class tickets for myself plus 2 for my spouse. That means I have used up 360 K out of my 500 K balance. I was in your situation before thinking whether to go for the mileage or just use up the miles. I choose the latter. My reasoning is this: with the ever increasing supply of mileage and the limited supply of empty seats, there is only one outcome, that is the depreciation of the mileage value, through either increase in mileage, like from US to Australia, or just plain difficult to book redemption tickets. Just like if you are holding the fast depreciating currency, what would you do, use it, as fast as you can and keep a minimum of 2 tickets for emergency purpose.

Nowadays, not only do I have difficulties in booking business class redemption tickets, I couldn't even use my SWUs, confirmed in advance. It is because UA is now selling the standby confirm seat, E+, business class tickets at check in time. Last week, I tried to standby for an earlier flight at Las Vegas. The GA told me that it should be okay. But when at the time of boarding, only 1 only in. I was stunned! What is the point of being a 1K. I was really upset about that. UA has changed. Its mentality of getting a few bucks, in sacraficing its most loyal members the usual benefit makes me think twice to spend any extra money in order to attain that 1K status.