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

If you delay Social Security income after your full retirement age (FRA), you can get more each month. The SSA rewards you for waiting to take retirement income with a raise that amounts to up to 8% per month. That’s a big difference, and it’s a powerful way to maximize your Social Security income. That higher monthly income lasts for the rest of your life, and if a surviving spouse takes over your income payments, they will also get the increased amount. So, delaying Social Security benefits can benefit you as well as your loved ones. 🌞 Subscribe to this channel (it's free): Get free retirement planning resources: 🔑 9 Keys to retirement planning 🐢 6 Safest Investments This video covers some of the basics of waiting to take benefits. You can delay until age 70, but after that, the increases stop, so there’s no point in waiting. And the extra income won’t affect a spouse who takes a spousal benefit off your work record (but again, it is helpful for survivors who

Most people retire around age 62, and most retirement advice is geared toward those who retire well after age 55. So if you’re retiring at 55, you need to be especially careful about typical rules and strategies—because they might not apply to you. 🤩 Check out my free online retirement calculator designed for early retirement: 🤩 For instance, getting health coverage could be a challenge after you leave your job. But you might have several options, and some tax strategies might help you save money on premiums. Get free retirement planning resources: 🔑 9 Keys to retirement planning 🐢 6 Safest Investments If you found the video helpful, you'll enjoy the information above! There’s also the question of where to get money from before age 59.5. Retirement accounts typically have early withdrawal penalties, but the tax code offers several ways to get money out early. We’ll review those here. Related videos: - Health Care in Retirement: - Retirement Spending Realit