January 23, 2022

Here’s How Social Security Can Make Up for Missing Savings | Personal Finance

Do your best to save

While delaying your Social Security application until age 70 can help offset a lower savings balance than you’d like, you shouldn’t. plan to neglect your nest egg and delay your submission. Instead, you should do your best to put money aside for retirement and limit your spending to make that happen.

That might mean starting by contributing $50 or $75 a month to your retirement plan and doing your best to increase your savings rate over time. Or it could mean putting bonus money you receive into your savings, be it a cash reward from your job or a tax refund, if you come across a period when you can’t afford to miss any money from your paycheck.

But if you’re nearing retirement and it’s too late to go back in time and pump money into your IRA or 401(k), deferring your Social Security claim is a good fallback option. By boosting that income stream for life, you can prepare for fewer worries with limited savings.

The $16,728 Social Security Bonus Most Retirees Completely Overlook

If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” can give your retirement income a boost. For example, one simple trick can save you as much as $16,728 moreā€¦ per year! Once you know how to maximize your Social Security benefits, we think you can retire with confidence with the peace of mind we all strive for. Click here to discover how to learn more about these strategies.

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