Here's the Average Social Security Benefit at Ages 62 to 70
Key PointsWorkers can claim Social Security at age 62, but they maximize benefits only if they wait until 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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- 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
