Choosing the right age to claim Social Security benefits is crucial for retired individuals. However, a study reveals that financial advisors may guide clients toward options that benefit their own compensation rather than prioritizing client interests. While working with advisors can encourage delaying claims, it is important to select an advisor who fully understands the complexities of Social Security claiming to ensure an informed decision that maximizes lifetime income.
BlackRock has created a new option for retirement savings called LifePath Paycheck. This strategy allows employees to withdraw from their savings in a way that simulates a regular paycheck. By providing a guaranteed income stream, this option aims to address concerns about outliving retirement savings and smooth the transition from defined benefit to defined contribution plans. The success of this strategy will largely depend on whether employees embrace it and take advantage of its benefits.
