This retirement strategy treats your 401(k) like a pension to maximize Social Security. Here's how it works:
What do retirees regret most about their retirement saving plans?Employers with 401-type plans already do a lot to help their workers accumulate money for retirement. What if they also helped them manage withdrawals better, with an eye on maximizing Social Security benefits?
Social Security payments rise gradually from age 62, when participants can first claim them, until they max out at 70. The longer people wait, the higher their eventual benefits.Why waiting to take benefits matters "People who do this on their own are likely sophisticated," Wettstein said in an interview."It would be hard to do it without any structure."
"But even postponing Social Security for a couple of years would result in a substantial increase in benefits," Wettstein said.Making it automatic could help
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