On the flip side, if you save in a Roth IRA or 401 (k), withdrawals will be available tax-free during retirement. This means you’ll have more flexibility with your savings and won’t have to pay the IRS at a time when you might be struggling with less Social Security income.
3. Plan to work part time
Many people plan to retire and stop working altogether. But you may need to bring home some sort of paycheck to make up for the drop in Social Security benefits.
The good news, however, is that seniors today have more options than ever before for making money. With the booming gig economy, you can increase your retirement income by driving for a rideshare service, selling baked goods or crafts, or being an online math teacher. The choices are virtually endless.
While social security is not in danger of disappearing altogether, benefit cuts are a real possibility. Take steps to protect yourself from a lower retirement benefit so you don’t get thrown into a financial loop once retirement arrives.
The $ 16,728 Social Security bonus that most retirees completely ignore
If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “social security secrets” could help you boost your retirement income. For example: a simple tip could net you up to $ 16,728 more … every year! Once you learn how to maximize your Social Security benefits, we believe you can retire with confidence with the peace of mind we all seek. Just click here to find out how to learn more about these strategies.