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Chapter 3. Establishing an Income You Ca... > Strategies for Managing Income

Strategies for Managing Income

There are a number of strategies for managing your postretirement income. One idea, which I discussed earlier in this chapter, is to postpone taking Social Security until you reach age 70. A five-year delay is worth about 35 percent more in monthly benefits. You may want to consider buying a five-year immediate annuity to replace the income you are electing to defer from Social Security.

Common Mistake

The IRS has a very specific way of defining age 70, and your failure to understand its definition can cost you plenty.



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