A 2017 study of almost 300 retirement strategies by the Stanford Center on Longevity determines that the optimal strategy for most people is called the “Spend Safely in Retirement Strategy” (SSiRS). SSiRS revolves around guaranteeing yourself a paycheck after you retire while collecting social security later. SSiRS is intended primarily for middle-class retirees. You should try to defer social security collection until you’re 70 in order to maximize your payments, since social security will be a key source of income for the vast majority of Americans when they retire. You should also set up your 401(K) or IRA to disburse periodic paychecks that will last the rest of your life without running out.
- After analyzing many retirement strategies, analysts suggest the best idea may be delaying Social Security withdrawals until age 70. This ensures income for all of your life.
- Maximizing Social Security in combination with 401k, pension, and part-time work appeared to be the best strategy.
- The period between age 65-70 needed buffer income, while waiting for Social Securitie’s maximum benefits at 70.
“After analyzing 292 different retirement income strategies, the research team identified the best way for most people to withdraw their money in retirement.”