Timothy Sumer

See two of my favorite strategies for delaying your Social Security retirement benefit. There are other solutions as well, but we get into the pros and cons (and a brief example) of working longer and spending from your savings. The longer you wait to claim your Social Security benefit, the more you get. Your benefits increase by roughly 8% per year until age 70, but most people can claim as early as age 62. There’s a big difference between how much you get at age 62 and age 70. Unfortunately, it’s not as easy as saying “I’ll just wait.” If you stop working before you take benefits, you’ll need a way to pay expenses before those Social Security payments come in. You can use your 401(k), IRA, or other retirement savings accounts to pay costs. Taxable accounts and other financial resources can also come in handy. But it takes some careful planning to pull this off—you’re going to take significant withdrawals from your savings, so it’s crucial to run some numbers (of course

1 What investment vehicle options are there besides a 401k or IRA/Roth IRA? 2 How can I calculate my total amount of money in 5 years if it's growing at a rate of 5% per year? 3 Why do people not put maximum contribution in 401k account ? 4 What’s the worst personal finance advice you ever received? 5 Is have a 401k plan necessary for today's retirement plan, and would the ROI be worth it for retirement? 6 What common financial advice should you always ignore? 7 Did you, or do you plan to, start collecting Social Security at age 70 instead of your full retirement age? Why or why not? 8 Why would you take early Social Security (Age 62)? 9 Can I take out $200k from my $401 retirement account ? 10 Is a tax deferred investment always preferable to a tax exempt investment when it comes to retirement? 11 Donald Trump says he is considering indexing capital gains to inflation. Is this a good idea? 13 What are some of the benefits of a living trust? 14 Do I have