Do you really need to start taking that Social Security check just yet?

If you don't, then really consider pushing it off until you hit age 70.  Granted, you can elect to take SS benefits as early as age 62 or wait until as late as age 70. and while there is "correct" claiming age for everybody, pushing it off just means more money in your pocket in the end.

So hopefully you are still able to work and can contribute to it.

If you can't work, and need the money, there are a bunch of ways to bridge your income until you hit 70, says Robert Powell, editor of Retirement Daily, in the video above.

For instance, tapping into your IRA and taking a required minimum distribution or taking withdrawls from your 401(k) first may be a better, more tax-efficient way to save money and push off those Social Security payments all at the same time, suggests Powell.

So be sure to watch the video above to learn more!

 

  • Retirement is coming. It's never too early -- or too late -- to plan, save and invest for the retirement you want and deserve. Let TheStreet's new premium subscription newsletter, Retirement Daily, give you the insider's edge on how to maximize and protect your most important investment, your retirement savings. Learn more about Retirement Daily and get a free trial subscription.

 

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