This content includes information from experts in their field and is fact-checked to ensure accuracy.We are committed to bringing you researched, expert-driven content to help you make more informed decisions as it pertains to all aspects of your daily life. We constantly strive to provide you with the best information possible.to the nation's elderly and later expanded to include benefits for individuals with disabilities.
"Every dollar counts in retirement," says Hess."Inflation can have a huge impact on your retirement lifestyle. Strategizing your retirement income is a necessity to decrease the impact of inflation on your lifestyle. Turning your Social Security benefit on at 62 could have long-lasting repercussions.", adds that many people overlook the impact of healthcare costs in retirement.
Returning to her previous example of someone who takes in $1,750 per month at 62 and $2,500 per month at 67, Hess says that same person can expect to receive $3,100 per month at the age of 70. This represents a $16,000 difference annually between the highest and lowest possible payouts., says that delaying Social Security will also give you the opportunity to spend down the required minimum distributions on your retirement accounts.