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Wednesday, May 2, 2018

Do Yourself A Big Financial Favor: Don't Retire At 62


A recent study from the National Bureau of Economic Research finds there’s hope for people approaching retirement who didn't manage to sock away as much as they were told to when they were young. According to LifeHacker, Social Security effect is “highly progressive." That means the lower your income, the larger the gain in benefits if you put off retiring--even if only by a few months. For example, a lower wage worker needs to work only 2.1 months longer to equal the benefit of 30 years of saving an extra percentage point of income, while a higher wage earner has to work 4.4 months longer to get the same benefit." And If you wait until you’re 70, your benefits increase eight percent each year. https://ift.tt/2rdFyPH http://www.wochit.com This video was produced by YT Wochit News using http://wochit.com

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