"There's a reason older Americans are advised to think carefully before signing up for Social Security. For many people, those benefits are their only source of retirement income. For others, they're the primary source. So it's important to file at the right time, since the age you pick to sign up for benefits has an impact on the amount of money you receive each month."
"Once you file for benefits, you're guaranteed to get that money every month for as long as you live. It doesn't matter if you live until your mid-80s, late 90s, or beyond. As long as you're alive, you'll get your monthly check. Your savings, on the other hand, could run out - even if you have a lot of money."
Social Security benefits often serve as the only or primary source of retirement income for many older Americans. The age at which one files for benefits directly affects the monthly benefit amount. Social Security provides guaranteed monthly payments for life once benefits begin. Retirement savings can be depleted, even when substantial. Annuities offer an alternative source of guaranteed lifetime income by contracting with an insurance company. Different annuity types exist: some deliver fixed, predictable monthly payments, while others provide payments that vary with market conditions. Individuals should select an annuity based on income needs and tolerance for risk.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]