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The benefit of just one more year of work before retiring

Maurie Backman suggests adding just one more year before calling it quits could be a financial boon to workers who are thinking about starting to collect Social Security.  In addition to an increased monthly benefit, 8% more if between 67 and 70, there’s the reward that work can bring, especially significant for those that become bored easily.  Perhaps the biggest benefit though is adding the maximum $24,500 a year to a 401(k) and/or $6,500 a year to an IRA.  Equally important to that additional contribution is the holding off on withdrawing funds from savings sooner than necessary.  Leaving balances intact means invested money continues to grow.  Read more…


The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.
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