The Economic Times News

Is Social Security your only guaranteed retirement income? The answer may surprise you

Social Security remains the backbone of guaranteed retirement income, but it is not the only option. Claiming age sharply changes lifetime benefits and monthly cash flow. Claiming at 62 cuts checks by about 30 percent. Delaying to 70 boosts payments by 24 percent. Annuities add lifetime income but raise taxes, Medicare premiums, and fees. Smart timing protects savings and longevity.