Deciding when to claim Social Security benefits or tap into retirement savings is complex and depends on personal circumstances. Retirees can access Social Security at 62, but delaying benefits until age 70 can result in significantly larger monthly payments. Conversely, drawing from savings first allows those investments to grow tax-advantaged. Key factors in this decision include total savings, market conditions, life expectancy, and the balance between guaranteed income from Social Security versus the uncertainty of investment growth.
The longer you wait to claim Social Security, up until age 70, the more guaranteed monthly income you get for the rest of your life.
If you have a traditional IRA or 401(k), your investments can grow on a tax-deferred basis, while a Roth IRA allows tax-free growth.
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