On the other hand, if you save in a Roth IRA or 401(k), withdrawals will available to you on a tax-free basis during retirement. That means you’ll get more flexibility with your savings and won’t have to pay the IRS at a time when you may be grappling with less Social Security income.
3. Plan to work part-time
Many people aim to retire and stop working completely. But you may need to bring home some sort of paycheck to compensate for lower Social Security benefits.
The good news, though, is that seniors today have more options than ever for earning money. Thanks to the booming gig economy, you can boost your retirement income by driving for a ride-hailing service, selling baked goods or crafts, or being an online math tutor. The choices are virtually endless.
While Social Security is not in danger of going away completely, benefit cuts are a real possibility. Take steps to protect yourself in the face of a lower retirement benefit so you’re not thrown for a financial loop once retirement rolls around.
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.
