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Retirement planning guidance highlights Social Security and portfolio income at 62
The scenario assumes $90,000 in current income and pairs Social Security eligibility at age 62 with tapping a 401(k) and Roth IRA to fund lifestyle spending.
Yahoo Finance, via SmartAsset content, lays out an example retirement-budget framework for a 62-year-old with $890,000 in a 401(k), $115,000 in a Roth IRA, and Social Security eligibility.
The guidance says Social Security is lifelong and guaranteed by the U.S. government, with annual cost-of-living adjustments intended to keep pace with inflation, and that the benefit amount depends on work history and the age the retiree starts claiming.
It also frames a link between claiming timing and overall payouts, noting that people may claim earlier for reasons such as health and disability, but that delaying can increase the total payout for many retirees.
Finally, it emphasizes that portfolio income planning can vary with retirement timing, suggesting a more conservative approach if stopping work soon, and a more growth-oriented approach if working longer, such as until age 70.