You've worked hard your whole life anticipating the day you could finally retire. Congratulations — that day has arrived! But with it comes the realization that you'll need to carefully manage your assets to give them lasting potential.
For those between the ages of 62 and 70, you have the opportunity to begin claiming your Social Security benefits, whether you were planning to or not. However, when you choose to start receiving your social security benefits is a decision that shouldn’t be taken lightly. It is also a decision that in most cases does not allow for a “do-over”. However, these little-known strategies may not allow a complete do-over, but may provide flexibility should your situation change once you have already started or have made the decision to start receiving your Social Security benefits.
The 5.9 percent cost-of-living adjustment (COLA) for Social Security recipients in 2022 is the largest in four decades. This increase is a signal that inflation may be a challenge for retirees. At least in the short term.
Deciding to wait or claim Social Security benefits is a personal decision. Here are some important factors anyone nearing or in retirement should consider now.
Ever since a legal secretary named Ida May Fuller received the first retirement benefit check in 1940, women have been counting on Social Security to provide much-needed retirement income.
Although collecting early retirement benefits makes sense for some people, there's a major drawback to consider.