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Turning 62 in 2022? Here’s What You Need to Know | Personal-finance

If you have a robust nest egg, you’ll be fine applying for Social Security once you’re eligible for benefits. But if you’re not super confident about your savings and you have the option to keep working, you may want to hold off on signing up.

2. You can tap your pension savings without penalty

All the money you threw away in an IRA or 401(k) plan is yours to get free entry from age 59 1/2. And so if you turn 62 this year, you can withdraw unlimited money from your savings.

That said, you need the money in your IRA or 401(k) to last your entire retirement. And so if you’re still working, or if you have other sources of income at your disposal, it may pay to tap into your savings a little longer.

Let’s say you have a $500,000 nest egg that is currently making an average annual return of 5% (that’s a bit of a conservative return, but an appropriate return for a near-retiree). If you left your savings untouched for another two years, your balance would grow to $551,000. That’s actually a pretty substantial difference.

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