SAN FRANCISCO (KGO) -- Do you know the secrets to a well-financed retirement? Michael Finney has another 7 On Your Side Quick Tip for you!
You no doubt know you can save more money, but there's an alternative: you can work longer... and really, not that much longer. If you're fifty-six years old and you're looking into the future, and you think "I'm going to need more money," you can save an additional one percent of your salary for the next ten years. But you can also cover that cash by working an additional six weeks after your retirement age of 66. That's right, just six weeks.
If you're thirty-six years old, you can save an additional one percent of your salary every year for the next thirty years, or you can work an additional six months past 66 years old.
How does that work? Well, your Social Security increases if you don't take it earlier, and you're not getting into your savings as quickly. So, you can retire better off by working just a little bit longer.
Learn more here.
Take a look at more stories and videos by Michael Finney and 7 On Your Side.