Take on a part-time job, if possible, or take a knife to the household budget. In short, consider any action that will help you put off withdrawing from your retirement account for as many months as possible.
If early nest-egg withdrawals become necessary, make paying yourself back a top priority.
Yes, if you lose your job before you planned to stop working and are at least 62 years old, claiming Social Security might look like the best solution. But you give up a bigger potential payout, because Social Security benefits increase roughly eight percent a year every year you delay collecting between your full retirement age and age 70.
This article originally appeared on MarketWatch. Glenn Ruffenach is News Editor at The Wall Street Journal, responsible for the Journal’s coverage of retirement finances and retirement planning.
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