When deciding between tapping savings or starting Social Security benefits after retirement, individuals should consider their financial situation, market conditions, and life expectancy. Delaying Social Security claims until age 70 can significantly increase monthly benefits, offering a reliable income source. Conversely, using savings first allows retirement investments to grow tax-deferred or tax-free. Ultimately, the best choice varies based on individual circumstances, as both options have distinct advantages and disadvantages regarding income stability and economic growth potentials.
The upside of leaving your savings alone for longer is that you can allow that money to continue enjoying tax-advantaged growth.
Delaying Social Security can lead to higher guaranteed monthly income, offering a more stable financial future compared to the uncertainty of depleting savings.
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