Managing retirement savings during turbulent markets
Morgan Stanley private wealth adviser Mary Deatherage joins Barron’s Roundtable to discuss what retirement savings options will help generate income in a low-yield environment.
The COVID-19 crisis has profoundly impacted the U.S. economy and lots of people's finances. In fact, many people are changing their retirement plans — for better and worse — due to the effects of the outbreak.
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IRS PERMITS MORE AMERICANS TO TAP RETIREMENT ACCOUNTS WITHOUT PENALTY
If you're now thinking of claiming Social Security earlier than you initially planned, you're in good company. An estimated 14% of Americans say they'll now start collecting their benefits sooner, according to a recent Nationwide survey. But while filing for benefits at an early age could give you access to that money in a pinch, there are serious repercussions you need to know about before going that route.
The problem with claiming benefits early
You're entitled to your full Social Security benefit based on your earnings history once you reach full retirement age, or FRA. FRA depends on the year you were born, as follows: