Here's the Average Social Security Benefit at Ages 62 to 70
Retired workers can maximize their Social Security benefits by claiming at age 70.
With $750,000 in savings, a pension of $1,500 per month, and aiming to withdraw around $1,700 monthly for eight years before claiming Social Security at 70, the situation appears viable. Delaying Social Security benefits up until age 70 can significantly increase monthly payments, with a potential increase of up to 24% from the benefit at full retirement age (67).
In this scenario, withdrawing from the 401(k) offers a low risk due to the modest withdrawal rate of 2.72%. However, it is essential to evaluate personal preferences, risk tolerance, and potential changes in financial circumstances. Consulting a financial advisor can help determine the best strategy aligned with individual needs and goals.
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Also reported by 4 other outlets
- Here's the Average Social Security Benefit at Ages 62 to 70 nasdaq.com
- Former JPMorgan exec takes on Social Security advisory role marketwatch.com
- If the Latest Social Security COLA Forecasts Are Correct, Here's How Much the Average Benefit Will Rise in 2027 fool.com
- Ask an Advisor: Should I Use My 401(k) for 8 Years and Delay Social Security If I Have $750k and a Pension? finance.yahoo.com
