Retirement Plan Secrets Experts Won't Tell You
Leveraging Social Security and Pension Benefits
Understanding how to effectively leverage Social Security and pension benefits can also be a game-changer in retirement planning. Timing your Social Security benefits can increase your lifetime payout. For instance, delaying benefits until age 70 can result in a 32% increase compared to claiming at age 664.
Moreover, if you have a pension, it's crucial to understand the payout options available, such as lump-sum payments versus lifetime annuities, to determine which aligns best with your financial goals and risk tolerance.