Social Security payments can be boosted by early withdrawals from workplace automatic individual accounts (auto-IRAs) early, says a new study. By starting Auto-IRA payments between 62 and 66, people can delay collecting Social Security until age 67 to receive full Social Security benefits, the Pew Charitable Trust said in a report issued yesterday. The gains in using auto-IRA money to postpone collecting Social Security can be significant, according to the report. Each year past 62, a person can wait to take Social Security adds roughly 8% to the monthly check to 67, Pew explained. The report added others may need to claim Social Security before the normal retirement age because of health problems that are not severe enough to warrant qualification for Social Security Disability Insurance.

Source: Forbes March 22, 2018 23:10 UTC