Should You Withdraw Money From An IRA So That You Can Claim Social Security At 70?

Should You Withdraw Money From An IRA So That You Can Claim Social Security At 70?

Waiting until you're age 70 to claim Social Security benefits can increase your Social Security income by 8% for every year you delay, but delaying might not be smart if it means tapping an IRA to pay your bills.

Workers can contribute up to $5,500 of earnings to an IRA in 2017, or $6,500 if they're age 50 or older. Contributions to a traditional IRA are made with pre-tax money, while contributions to a Roth IRA are made with after-tax money.

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Source: Fool.com