Wait as long as you can to collect
While most people can start receiving their monthly Social Security benefit at age 62, it’s often smarter to wait, financial planner Kevin Coffey advises. Why? “If you wait until you’re 70, your monthly Social Security payment grows at 8 percent a year,” he says. “The longer you can delay it, the better, if you’re in good health and don’t need the money.” To cover everyday expenses, tap other retirement funds such as your 401(k), pension fund, annuities, or IRA accounts, or keep working and contributing to savings as long as you can. Here’s an easy strategy to build a $40,000 nest egg.
from Reader's Digest http://ift.tt/2k4qR10
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