age of 62. Doing so will increase benefits by 30%. Wating longer to retire gains delayed retirement credits that increase benefits by another 8% annually until age 70.
while baby boomers may have to consider working longer to close the gap. At the very least, baby boomers should wait to retire until At any age, it makes sense to review your asset allocation and adjust it to be age-appropriate with respect to risk and the necessary returns.
The Fidelity study found that an increasing number of survey participants have age-appropriate portfolio balances (62% in 2015, up from 56% in 2013).
The best ways to increase and maximize savings are to start as early as possible in order to make the most of compounding and to take advantage of all possible tax-deferred programs. Try to make maximum contributions to any IRAs or 401(k) plans to receive the greatest tax benefit, and pay special attention to any matching 401(k) benefits from your employer. Matching contributions are in essence free money.
We may not all be fully secure with our retirement savings plans yet, but at least we are headed in the right direction as a nation. Do your part and make sure that your retirement savings plan is able to get you through any potential tough times.