Income Distribution

Many Americans collect Social Security benefits early and face a penalty, but by waiting until their official retirement age, they would receive full benefits. By drawing Social Security benefits early, (the earliest you’re eligible is age 62), you automatically reduce the amount in benefits you’ll receive for the rest of your life.

Five essential questions to ask yourself before you tap retirement savings. Retirement and all of the wonderful events and experiences that come with it is a culmination of a lifetime of hard work, careful planning, and diligent saving. But while the act of retirement exists in many shapes and forms, your financial journey during retirement starts with one simple step: withdrawing money from retirement savings.