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Recalibrating Retirement Spending and Saving$
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John Ameriks and Olivia S. Mitchell

Print publication date: 2008

Print ISBN-13: 9780199549108

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199549108.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 April 2021

Rethinking Social Security Claiming in a 401(k) World

Rethinking Social Security Claiming in a 401(k) World

(p.141) Chapter 7 Rethinking Social Security Claiming in a 401(k) World
Recalibrating Retirement Spending and Saving

James I. Mahaney

Peter C. Carlson

Oxford University Press

Previous research has failed to recognize critical factors that greatly impact the discussion on when it is most beneficial to start Social Security retirement benefits. This chapter shows that the effect of taxes can have a dramatic effect on the financial security of retirees, yet the taxation caused by IRA withdrawals and the interaction with Social Security has been largely misunderstood. In addition, changes made under the Senior Citizens' Freedom to Work Act of 2000 make delaying Social Security for married couples much more favorable. This chapter also illustrates how the traditional approach of starting Social Security benefits early and deriving income from stock and bond mutual funds is expected to under-perform a strategy of taking income from personal retirement assets first, followed by later and higher benefits from Social Security.

Keywords:   cost-of-living-adjustments, expense risk, tax risk, retirement strategy, financial security, worker benefit, spousal benefit

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