For a larger Social Security check, tap your IRA first
Many people who wind up with a smaller Social Security check because they claim their benefit early could have waited longer to file, thanks to funds in their individual retirement account.
"It seems like there is a significant portion of the population claiming early even though they have the potential to finance a delay," said Gopi Shah Goda, a co-author of the study and the deputy director and senior fellow at the Stanford Institute for Economic Policy Research. The researchers studied tax data on individuals between the ages of 59 and 71 from the 1940 birth cohort. They also found that other available liquid assets, including stocks, bonds and certificates of deposit, could help people postpone their claiming date further still.
Some people might not want to drain their IRA, fearing they'll be slapped with a large medical bill at some point, Shah Goda said. You can withdraw a lump sum from your IRA, of course, whereas your Social Security is paid in monthly installments.
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