Roderick Gilliam Insurance Advisor

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Generally, Social Security recipients lock in their base benefit when they first claim it. Those who wait to file for retirement benefits at 70 will receive checks that are about 76% more than what they would have received at their earliest eligibility of 62. After you claim, your monthly benefit grows only by an annual cost-of-living adjustment, or COLA, at the same rate for all beneficiaries.
Yet there’s an exception to this rule that allows Social Security recipients who claimed benefits early to suspend their benefits once they reach full retirement age, which ranges from 66 to 67 for everyone born in 1943 and after. Paused benefits earn delayed retirement credits for every month they’re suspended until age 70. That can boost your benefits by 8% a year for a maximum of three years, resulting in a 24% bump

In Slott's view, those taxes on retirement savings accounts are going to have to be paid eventually, so savers should pay them now while tax rates are still at all-time lows. That means opening up – or converting to – a Roth IRA , which will allow savers to contribute after-tax dollars and withdraw them tax-free and penalty-free after the age of 59 and a half

IRA expert Ed Slott sees retirement savings tax bomb ticking louder than ever investmentnews.com