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Posts Tagged With ‘ financial strategy ’

 
Readers’ Favorite Retirement Blogs: 2022
January 3rd, 2023

Older Americans who want to be smart about retirement finances are curious about the intricacies of Social Security. The blog that drew the most traffic from our readers last year – “The Bridge to a Larger Social Security Check” – suggested a strategy for getting more out of the program: delay signing up for Social Security by withdrawing savings from a 401(k) to pay the bills. Each year that Social Security is postponed adds 7 percent to 8 percent to a retiree’s monthly benefit check. A couple of years of delay, funded with savings, can provide significantly more money, month after month,... Continue Reading

January 3rd, 2023
The Bridge to a Larger Social Security Check
September 15th, 2022

Retirees who postpone collecting Social Security from age 62 to 66 – the full retirement age for most baby boomers – get around a third more in their monthly checks. Delaying to 70 increases it even more. There’s one problem with this strategy. Many people want to retire well before they turn 66. But there is an alternative for people with 401(k) savings: retire but don’t sign up for Social Security and withdraw an amount from the 401(k) equivalent to the Social Security check. Then delay Social Security for a few years. The start date will, of course, depend on how much money is in savings... Continue Reading

September 15th, 2022