Do your best to save
While delaying your Social Security filing until age 70 can help compensate for a lower savings balance than you’d like, you shouldn’t plan to neglect your nest egg and postpone your filing. Rather, you should do your best to sock funds away for retirement and limit your spending to make that possible.
That may mean starting out by contributing $50 or $75 a month to your retirement plan and doing your best to ramp up your savings rate over time. Or, it may mean putting bonus cash you get into your savings, whether it’s a cash reward from your job or a tax refund, if you run into a period when you can’t spare any money from your paychecks.
But if you’re nearing retirement and it’s too late to go back in time and pump money into your IRA or 401(k), then delaying your Social Security claim is a good fallback option. By boosting that income stream for life, you could set yourself up for fewer worries in the face of limited savings.
The $16,728 Social Security bonus most retirees completely overlook
If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $16,728 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. Simply click here to discover how to learn more about these strategies.
