The “Spend Safely in Retirement Strategy”–An Approach for Older Workers?
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The Stanford Center on Longevity (SCL) and the Society of Actuaries (SOA) have joined forces to help address the dilemma faced by older workers dealing with the absence of a defined-benefit pension plan. Their recommendation is a fairly straightforward approach based on two key steps: (1) delaying the start of Social Security benefits as long as possible, especially for the primary wage earner for married couples; and (2) investing deferred compensation plan funds (example, IRAs and 401(k)s) s in commonly available, low-cost mutual funds.
MarketWatch’s Steve Vernon explains this plain-spoken strategy in detail in a post on www.marketwatch.com, covering the implementation steps and the advantages of following a relatively simplistic approach. Read his post here…