Filing for Social Security at 62 instead of FRA permanently slashes monthly benefits by roughly 30%, cutting every future check for life.
Delaying Social Security past FRA delivers an 8% government-backed, inflation-adjusted raise each year you wait, beating CDs at 2% and 10-year Treasuries at 5%.
A bold career move only pays off at 63 if it extends earnings and preserves the ability to delay filing; failure forces early claiming against a median 401(k) of just $247,000.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here.
He is 63, sitting on a decent nest egg, and the phone keeps ringing. A former colleague wants him to join a startup. A competitor is dangling a senior role that pays more but demands a move across the country. His wife thinks he should coast to 65. He is thinking about going all in.
Delaying Social Security past FRA delivers an 8% government-backed, inflation-adjusted raise each year you wait, beating CDs at 2% and 10-year Treasuries at 5%.
A bold career move only pays off at 63 if it extends earnings and preserves the ability to delay filing; failure forces early claiming against a median 401(k) of just $247,000.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here.
He is 63, sitting on a decent nest egg, and the phone keeps ringing. A former colleague wants him to join a startup. A competitor is dangling a senior role that pays more but demands a move across the country. His wife thinks he should coast to 65. He is thinking about going all in.
2 months ago
