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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.
89% of women failed retirement literacy quiz: Study
But older women are more willing to seek financial planning help than men, according to a survey by The American College of Financial Services.
January 14, 2021 3 MINS
When it comes to retirement literacy, most Americans get a failing grade. According to newly released research by The American College of Financial Services, women fare worse than men, with 89% of female participants flunking a 38-question quiz, compared to 72% of men.
The 2020 Retirement Income Literacy Survey tested consumers’ knowledge of retirement income concepts and focused on the drawdown phase of retirement planning. The results are based on online interviews with 1,500 Americans ages 50 to 75 with at least $100,000 of household assets.