This Social Security Move Could Save You if You're Lacking Retirement Savings
These days, the general convention is that it's a good idea to close out your career with 10 to 12 times your ending salary on hand in a dedicated retirement plan. That sum should do a good job of helping you cover your senior living expenses.
But let's face it -- that's a lofty goal. If you're earning $150,000 a year at the end of your career, that means you'd need a nest egg worth $1.5 million to $1.8 million to hit that target. That's doable if you managed to start saving for retirement from an early age. But if you didn't begin funding your 401(k) or IRA until your 40s or 50s, and you haven't been maxing out your contributions, then you could end up falling way short of that goal.
The good news, though, is that you're not necessarily doomed to a cash-strapped retirement if your nest egg isn't as robust as you might've hoped. In fact, one strategic Social Security move on your part could help compensate for a savings balance that isn't up to snuff.
Source Fool.com
