It’s not surprising that the majority of people take social security as early as they can at age 62 - over 34% in 2018 - although from a financial standpoint almost no one should. Perhaps the early-takers thought “it might not be there later”. However, we are dealing with the federal government...
How much should I save is a question we are often asked by people who are still working, yet dreaming of a comfortable retirement. Each person has their own unique goals, priorities, and income potential, and there is no consensus about how much Americans should aim to save and invest from their paychecks. However, research has been conducted and published by many groups.
You’ve worked hard for years and saved money along the way, but how do you take those retirement savings and turn them into retirement income that will last for 30 years or more?
Should you consider taking Social Security early to cover financial hardships caused by COVID-19? Make these crucial considerations first.