Retirees: 3 Easy Ways to Protect Your Nest Egg
In a time of high inflation, rapidly rising interest rates, and a dwindling Social Security reserve, retirees are right to feel concerned about making their savings last. Combine that backdrop with the reality that few companies still offer defined pension plans, and even more pressure is placed on the average retiree to save enough over the course of their respective career.
Let's look at three realistic ways for a retiree to protect their nest egg.
This doesn't necessarily mean waiting until age 70 to file, when your benefit will be the highest. But it does mean waiting until full retirement age ("FRA"), which is currently 67 for those born in 1960 or later. Claiming before age 67 costs you 6.67% per year for the first three years and another 5% per year for the next two, resulting in a reduction of up to 30%.
Source Fool.com
