The advantages of waiting are so great that financial planners often recommend their clients tap other savings, such as retirement funds, to help them delay claiming.
Employers could increase their workers’ financial security by offering a similar “bridge” strategy as part of 401(k)s and other workplace retirement plans, according to a study by the Center for Retirement Research at Boston College. The bridge strategy would tap a worker’s retirement account to pay amounts roughly equal to the foregone Social Security checks.
People can create such bridges on their own, of course. If Social Security projects your benefit at age 62 will be $1,500 a month, for example, you could set up automatic monthly withdrawals of that amount from your 401(k) at retirement. But having an employer offer the option could make the process easier and encourage more people to delay, says Gal Wettstein, the center’s senior research economist and co-author of the study.
THE BENEFITS OF WAITING ARE HUGE
Social Security benefits are incredibly valuable to retirees. Benefits are adjusted annually for inflation and, unlike retirement savings, can’t be depleted by bad markets, bad investing decisions or bad luck.
People can claim Social Security retirement benefits at any time from ages 62 to 70. Starting before your full retirement age, which is currently between 66 and 67, typically means settling for a permanently reduced benefit. Delaying beyond full retirement age, by contrast, increases retirement benefits by 8% each year until your benefit maxes out at age 70.
Diese Geschichte stammt aus der Techlife News #597-Ausgabe von Techlife News.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der Techlife News #597-Ausgabe von Techlife News.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
THE FIVE THINGS YOU NEED TO KNOW BEFORE BUYING YOUR FIRST USED TESLA
It's a good time to be in the market for a used Tesla. Tesla's significant price cuts over the past year on its new cars have caused the prices of used Teslas to drop significantly.
SENATORS URGE $32 BILLION IN EMERGENCY SPENDING ON AI AFTER FINISHING YEARLONG REVIEW
A bipartisan group of four senators led by Majority Leader Chuck Schumer is recommending that Congress spend at least $32 billion over the next three years to develop artificial intelligence and place safeguards around it, writing in a new report released Wednesday that the U.S. needs to “harness the opportunities and address the risks” of the quickly developing technology.
WAYMO IS LATEST COMPANY UNDER INVESTIGATION FOR AUTONOMOUS OR PARTIALLY AUTOMATED TECHNOLOGY
The U.S. government’s highway safety agency has opened another investigation of automated driving systems, this time into crashes involving Waymo’s self-driving vehicles.
GM'S CRUISE TO START TESTING ROBOTAXIS IN PHOENIX AREA WITH HUMAN SAFETY DRIVERS ON BOARD
General Motors’ troubled Cruise autonomous vehicle unit said it will start testing robotaxis in Arizona this week with human safety drivers on board. Read more at:https://www.magzter.com/stories/technology/AppleMagazine/GMS-CRUISE-TO-START-TESTING-ROBOTAXIS-IN-PHOENIX-AREA-WITH-HUMAN-SAFETY-DRIVERS-ON-BOARD
YOUNG SOUTH KOREANS ARE INCREASINGLY DRAWN TO BUDDHISM VIA SOCIAL MEDIA-SAVVY INFLUENCERS
A South Korean deejay dressed as a Buddhist monk bounced up and down on stage while playing electronic music and shouting: \"This too shall pass!\"
INTEL EXEC ON BRINGING ARTIFICIAL INTELLIGENCE INTO THE WORKPLACE
Artificial intelligence is just about everywhere you look these days — including the workplace.
OPENAI LAUNCHES GPTO, IMPROVING CHATGPT'S TEXT, VISUAL AND AUDIO CAPABILITIES
OpenAI’s latest update to its artificial intelligence model can mimic human cadences in its verbal responses and can even try to detect people’s moods.
VOICE-CLONING TECHNOLOGY BRINGING A KEY SUPREME COURT MOMENT TO 'LIFE'
Seventy years ago on Friday, no one outside of the U.S. Supreme Court building heard it when Chief Justice Earl Warren announced the historic Brown v. Board of Education decision on school desegregation.
ILLNESS TOOK AWAY HER VOICE.AI CREATED A REPLICA SHE CARRIES IN HER PHONE
The voice Alexis “Lexi” Bogan had before last summer was exuberant.
WILL AI REPLACE DOCTORS WHO READ X-RAYS.OR JUST MAKE THEM BETTER THAN EVER?
How good would an algorithm have to be to take over your job?