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Although you can no longer receive Social Security checks in the mail, retirement researchers say you should wait to claim until age 70 to maximize benefits. William Thomas Cain/Getty Images Text size
Retiring workers ages 60 to 69 should automatically receive monthly payments from their 401(k) or similar retirement savings plans unless they opt out, an idea researchers say would help bridge the gap until Social Security benefits reach their maximum at age 70.
Retirement researchers recently have been touting the benefits of a so-called bridge strategy, whereby retirees front-load withdrawals from 401(k) plans and individual retirement accounts to delay claiming Social Security. For each year that a person delays claiming up to age 70, his monthly Social Security check goes up 7% to 8%. As a result, monthly benefits claimed at 70 are at least 76% higher than those claimed at 62.
Mayor Sheryl Mai: Freedom camping front of mind for Whangārei councillors as summer rolls on
17 Jan, 2021 04:00 PM
3 minutes to read
Freedom campers at a site in Whangārei in 2016. The global pandemic s most noticeable impact this summer has been the lack of international tourists, especially at freedom camping sites. Photo / File
Freedom campers at a site in Whangārei in 2016. The global pandemic s most noticeable impact this summer has been the lack of international tourists, especially at freedom camping sites. Photo / File
FROM THE MAYOR S DESK
What a welcome to 2021 we ve had – glorious weather, just enough rain to top up the tanks and uncrowded, warm-water, white sand beaches. With everything that s happening in the rest of the world, it