Social Security
For the foreseeable future, Social Security is likely to serve as the basis of guaranteed income for many retirees. So, it's important that you consider how to maximize this lifetime income benefit from the government.
When you begin to take Social Security affects how much you get - not just at age 62, but for the rest of your life. As the following chart shows, you can increase your lifetime benefit by waiting until at least your "full retirement age" to collect. Each year you wait past that age can increase your Social Security checks even more. The chart also shows the build-up in the cumulative benefit by age 90. This is an important consideration, as you may spend 30 or more years in retirement.
