Retirement for Gen Xers and Baby Boomers

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This is a thought-provoking article from CNBC called Saving for Retirement Depends on Whether You Listen To The Beatles or Bon Jovi.

In it, personal finance beat reporter Annie Nova, shares some insights on the retirement scenarios for Gen Xers and Baby Boomers. This one’s a particularly interesting point:

Delay claiming Social Security. Almost 40% of boomers assume Social Security will be their primary source of income in retirement, while just 15% of millennials say the same, Wells Fargo found.

That makes it particularly important for the older generation members to secure the largest check they can, and that typically means waiting to claim. Your monthly check can be up to three-quarters larger if you file at 70 instead of 62. (There are some cases, however, in which it makes sense to tap your benefits earlier.)

Check out the rest of the article for more context…

Read the source article at cnbc.com