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Top Reason to File Social Security in 2024.

 

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Preserving your savings can be a very important reason to claim Social Security benefits next year.

You also have the option to start receiving Social Security checks at age 62. It is possible to defer for years, and in fact, many experts recommend delaying claiming benefits until age 70 if possible. The advantage of waiting is that each delay increases your profits a little bit more.

However, while waiting may make sense for some people, it may not be for you. There are many reasons why you might want to start receiving benefits in 2024, regardless of age or whether he has reached 70 years old. Some of these reasons are better than others, but the main reasons to consider first are:


If you are in this situation, we recommend filing a Social Security claim in 2024.

The absolute biggest reason to start contributing to a retirement plan in 2024 is whether doing so will allow you to retire without depleting your savings too quickly. If you want or need to quit your job next year, you'll need money to support yourself. You can receive a pension from your employer for this purpose. But sadly, pensions are not very common (especially in the private sector), so most people do not receive them.

If your employer cannot be counted on to serve you on an ongoing basis, he probably has two resources available to him. Social security and savings. You may be tempted to postpone claiming benefits, wait for your retirement savings to grow, and live off your savings. Indeed, if this choice does not significantly reduce your account balance, this can be a good strategy.

Specifically, it is considered desirable to keep the withdrawal rate below 4% of the balance. Withdrawing too much can quickly deplete your assets, and if you don't have enough investments to continue earning the returns you need, you could end up with all your savings at some point in your retirement.


Don't give up your savings just to postpone your Social Security claim.

The last thing you want to do is wait for a claim and expect your savings to drop to zero when your monthly Social Security payments increase. If you have no savings or little investment, you may end up relying on Social Security as your only source of support.

And that's not the only source of income. This is only about 40% of your pre-retirement income. Most people cannot survive on less than half of their income.

To live comfortably, you need both savings and social security. So if you have to risk dipping into your savings to delay or increase Social Security, you're making a big mistake you're likely to regret.

Alternatively, if you are budgeting for retirement and know that withdrawing your savings at the safe withdrawal rate will not reduce your benefits unless you replenish Social Security, you may want to claim your benefits as soon as possible. It is recommended. I recommend it. I recommend it. I recommend it. Masu. It's the right choice. So if you plan to retire in 2024 (or are already retired) and need Social Security to maintain your savings, be sure to get your check, even if you end up claiming it early.

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