As we’ve discussed recently, delaying Social Security could be a wise financial decision.
For those who are able to do it, it could mean more money later. Taking your benefits at an older age will mean a higher payment. But what should you do until then?
Sure, some seniors may still work in order to support themselves. But it’s nice to have some additional financial cushioning as you work toward your retirement. What’s the answer? Bridge the gap.
As discussed here by Liz Weston of AP, you can rely on monthly withdrawals from private retirement accounts. If you have the option to limit these payments to the amount you need, you can save even more money for later.
This long-term strategy could pay off in a big way. Will you try it? For more tips about retirement planning, bookmark our page then follow us on Facebook and Twitter.