Auto IRAs May Help Increase Total Retirement Benefits
People with auto-IRA accounts could see their Social Security benefits increase by nearly 7 percent to slightly more than 8 percent, finds a Pew Charitable Trusts study. The study looks at how retirees can benefit from using savings from auto-IRA accounts to delay claiming Social Security benefits.
As you may know from watching previous "Retirement News Today" stories, delaying Social Security benefits usually means larger monthly checks down the line. According to the study, more states are looking to provide auto-IRA programs and if state-sponsored programs are put into place, after 31 years, almost 40 percent of participants could delay claiming Social Security by a year or more, with one-fifth being able to delay for at least two years.