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Is it smart to withdraw from savings to delay claiming Social Security?
According to this Forbes article by John Wasik, withdrawing from your retirement savings in order to delay claiming to get a bigger Social Security benefit creates what he calls “opportunity risk”, a phenomenon of losing money that might otherwise be reinvested to increase your savings. But is that money really lost when you are gaining 8% more in Social Security for each year you delay past your full retirement age? The author answers this question by explaining the need to weigh the value of forgone savings appreciation against that significantly increased monthly Social Security check for the rest of your life, In the end, it comes down to how well your savings are invested and whether those investments are yielding a return better than the 8% per year bump in the amount of your Social Security benefit, an analysis you may need a qualified Financial Advisor to perform. Click here to read more..
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