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‘It's time for WNBA players to get a higher percentage of the league's basketball-related income,' former player Chiney Ogwumike has said
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Although you can start collecting Social Security at age 62, you can get much higher monthly payments if you wait as long as age 70. But many people want to or must retire before 70. If you're one of them, consider a possible strategy, backed by recent research, to use your retirement savings to put off receiving Social Security.
Build a Social Security Bridge
New research from the Center for Retirement Research explores retiree appetite for a "bridge" between retirement and collecting Social Security benefits, specifically one where retirees tap 401(k) assets in an amount equivalent to what they'd draw from Social Security on a monthly basis. This stream of payments would continue until age 70 or until the money ran out.
Such an option appealed to a good number of survey respondents; nearly 27% said they'd use it to some extent, even with minimal information about plan details. Among respondents provided with more information on the option, the total climbed to 35%. Researchers also propose a formalized "bridge" plan that employers could offer using 401(k) funds.
SEE MORE Feeling Insecure About Social Security? You're Not Alone.
But why tap those funds? The answer is that any chance to delay collecting Social Security benefits means you'll receive a larger monthly check when you finally do start to draw benefits.
How Much Can You Increase Your Social Security by Delaying Benefits?
As a rule, retirees must decide for themselves when to begin claiming Social Security benefits.
If they can wait to collect, though
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Disruption. It's coming for the U.S. dollar in the form of digital currency. Last week the Biden administration detailed a broad plan for adopting a central bank digital currency (CBDC) in the coming years. The Departments of Energy, Commerce, the Treasury, and other agencies weighed in on how to manage and regulate a CBDC.
The government is reacting in part to the explosive growth of digital currencies. About three out of ten U.S. adults currently invest in some form of cryptocurrency, or "crypto," like Bitcoin or Ethereum. These digital "coins" rely on a decentralized network of computers to verify financial transactions, cutting out third parties like banks or credit cards.
The good, the bad, and the ugly of crypto
Advocates of crypto point to its affordability, efficiency, and its ability to reach consumers with little or no access to traditional banking services. With just a mobile phone or a crypto ATM, consumers can easily send and receive digital currency, even across international borders.
On the other hand, crypto is still largely unregulated and volatile. Investors in Bitcoin, for example, saw returns of over 70% in 2021, but the currency is down almost 60% year to date. And if you send your payment to the wrong account (called a "digital wallet") there may be no way to retrieve it. Crypto has also been used for money laundering, fraud, and to fund terrorism. Several
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