As the last of the Baby Boomers retire, many are focusing on their retirement savings through IRAs, HSAs, and 401-Ks. While those with pensions are set for a comfortable retirement, all workers who have paid FICA taxes can benefit from Social Security, which should not be regarded as an entitlement but a return on taxes paid. Eligibility for Social Security begins at age 62, with benefits increasing by 8% for each year they are deferred until age 70. Tools from the Social Security Administration can help maximize benefit potential, highlighting the importance of planning and timing in retirement.
Social Security benefits are funds workers have paid into through FICA tax withholding, and eligibility begins at age 62.
Deferring Social Security benefits can increase monthly totals by 8% up to age 70, significantly impacting retirement finances.
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