There are Options which can Fetch More Money after Retirement

There are Options which can Fetch More Money after Retirement

Retirement is a breather andalso a time to fulfill all your dreams which you have put off for the future. It's the time when everyone wants to make their dreams come true but nothing comes without the proper financial resources. The best time to secure your finances is while you work but for that there are a few options which could help in stretching the retirement dollars more, opening up further income opportunities. In other words being a smart investor really helps and it pay to mull over options.

The other financial resources which most of the Americans have after retirement, is Social Security. Available first at 62, one has the options of choosing the time when they want to avail the benefits.

The monthly payment differs depending on the selected starting date. If one opts to start taking the benefits at the very first available opportunity, it will fetch $0.75 on a dollar for the calculated primary insurance amount.

However, taking the benefit at the full retirement age at 66 will fetch the full primary insurance amount. If one is ready to wait till 70, one can get $1.32 on a dollar due to the delayed retirement credits.

Though, everything depends on the person's personal circumstances but the longer one waits, the higher will be the monthly payment.