Social Security Report

The “Gig Economy”–An Ideal Way to Defer Social Security Filing?

It’s no secret these days that filing for Social Security at age 62 produces a substantial reduction in monthly benefits. Likewise, retiring early can mean that maintaining a desired lifestyle would require dipping into savings balances that, for many, are already insufficient for the long haul. So what do you do, especially if you really are serious about stepping out of a career and transitioning into that attractive  retirement lifestyle?

Well, many are looking toward what economists call the “gig economy” as an interim solution. Put simply, this is a slice of the workforce engaged in either freelance work or short-term contract work rather than permanent, full-time jobs. It’s a type of employment that allows workers to name their own hours, select their workplace, and in most respects, be their own boss. With respect to retirement financing, this type of work arrangement allows folks to defer Social Security and preserve their savings…two factors that will benefit them in the long run.

MoneyWatch’s Steve Vernon takes a look at this growing strategy, and provides some examples of the type of “gigs” people are picking up. Read his post here…

Notice: The  link provided above connects readers to the full content of the posted article. The URL (internet address) for this link is valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the link’s validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc.; the AMAC Foundation, Inc.; or socialsecurityreport.org.