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Working longer can help retirees stretch out savings accounts

07/01/11


As the cost of healthcare continues to grow and people are living longer, the U.S. Government recommends individuals delay Social Security benefits. A study from the Government Accountability Office also found that purchasing an annuity may help people have more money in retirement.

A growing number of people are concerned with managing their savings' later in life as the economy has struggled to recover and home equity has steadily declined. Annuities can offer continuous income for life, possibly lessening the dependability on Social Security. A growing number of Americans do not have pensions that will help support them in retirement, and experts believe Social Security may not be enough.

Individuals are allowed to begin taking Social Security payments when they turn 62, but full-retirement age is 66 and people can get even more money if they wait until they reach 70. Close to three-quarters of Americans began taking payments early, the study found. For individuals that waited until they reached 70, benefits increased by 32 percent.

"The benefits are tremendous especially if you’re married and the higher wage earner waits until 70," Christine Fahlund, senior financial planner at T. Rowe Price Group Incorporated, told the media outlet.  

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