Channel3000.com
January 13, 2021 5:03 AM newsfeedback@fool.com (Katie Brockman)
Posted:
Updated:
January 15, 2021 5:52 AM
The earliest you can begin claiming Social Security benefits is age 62, which is also the most popular age to claim. According to a report from the Center for Retirement Research at Boston College, approximately 48% of women and 42% of men file for benefits at age 62.
Claiming Social Security as early as possible can be a smart move for many retirees, but it’s important to make sure you’re aware of how it will affect your benefit amount. So before you begin claiming, consider these three factors.
Image source: Getty Images.
KXLY
January 3, 2021 6:05 AM newsfeedback@fool.com (Katie Brockman)
Posted:
Updated:
January 4, 2021 8:45 AM
One of the most critical decisions to consider while planning for retirement is when you want to begin claiming Social Security benefits. You can file for benefits starting at age 62, but waiting until after that age to claim will result in larger checks each month.
If you’re thinking about claiming Social Security in 2021, it’s important to understand how it will affect your monthly payments. By filing for benefits at the right age, you can maximize your checks.
Image source: Getty Images.
Choosing the best age to claim benefits
1 Introduction
The creation of the target date fund (TDF) sought to make available a professionally managed solution for individuals saving for retirement through their employer’s defined contribution (DC)/ 401(k) plan. In the U.S., DC assets represent 61% of total retirement assets
1 and that percentage is expected to continue to rise. However, despite improvements to investment options and participant behavior, on average, DC plans continue to see returns that lag defined benefit (DB) plans. Looking across two recent studies, this deficit is clear:
Corporate DB plans outperformed DC plans by an average of 70 bps, net of fees, per year between 1990 and 2012.
Channel3000.com
December 12, 2020 11:00 AM newsfeedback@fool.com (Christy Bieber)
Posted:
Updated:
December 14, 2020 8:36 AM
Your financial situation as a retiree will have a major impact on whether you enjoy your later years or struggle through them. Fortunately, even if you’re close to retirement, you can still make smart decisions to eliminate financial stress.
In particular, there are three big choices that will have a profound impact on your finances for the rest of your life.
Image source: Getty Images.
1. When you’ll claim Social Security
You have a choice when to start getting retirement benefit checks, and it will affect your monthly income for the rest of your life. You can start claiming them as early as 62, but starting them so young means accepting a reduced benefit due to early filing penalties. The specific reduction depends on just how early you claim benefits, but if your full retirement age (FRA) is 66 and you begin your benefits at 62, you