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Can you improve retirement security through a Bridge Strategy? - 401kspecialistmag.com
Using a “bridge strategy” for retirement planning may sound complex, but it’s actually quite straightforward. In simple terms, the concept involves using other financial assets (such as savings or low-yield investments) to cover current living expenses and defer claiming Social Security benefits, thereby achieving a higher monthly payment. Recent feedback on the number of claimants filing for Social Security benefits early (prior to full retirement or even in advance of age 70) has increased the importance of this planning approach, according to a post by Editor-in-Chief at 401(k) Specialist Brian Anderson. Click here to read the full post.
Anderson reports, “Delaying Social Security claiming, facilitated by a well-designed bridge strategy, can significantly enhance retirement security and improve the financial well-being of American retirees, finds a new report authored by Emerson Sprick, director of retirement and labor policy at the Bipartisan Policy Center.” His post draws on content from the report, titled “Hedging the Risk of a Longer-than-Expected Life: The Value of a Social Security Bridge Strategy,” and discusses the impact of Urban Institute reports on early benefit claiming.
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