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There are thousands of ways to claim Social Security — here are three

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There are thousands of ways to claim Social Security — here are three
This article from CNBC explains three of the “tens of thousands” of strategies that Americans can use when claiming Social Security retirement benefits. One option is to defer retirement savings until the age of 70, which maximizes the monthly benefit. Others, however, may want to file early if they have children below the age of 16. That’s because your child and spouse both will be eligible for child and spousal benefits earlier. And those additional benefits will make up for the hit you'll take for filing early, according to the article, but they cannot collect such benefits until you file for your retirement benefit. Meanwhile, childless couples with longer expected life spans have the option of having the higher earner file for retirement benefit to allow the lower-earning spouse to file for a spousal benefit until age 70, when he or she can switch to their own retirement benefit.

Opinion: Retired or retiring soon? It’s time to fund a Roth IRA
Seniors who are in an income and tax-rate trough are advised to convert a portion of their tax-deferred traditional savings into a Roth IRA, writes an expert for MarketWatch. A Roth IRA is not subject to required minimum distribution rules, and the distributions in retirement will be tax-free, although the Roth conversion triggers a taxable event. "Hitting the 'Roth sweet spot' can make a huge difference in your retirement lifestyle and your legacy — everything that matters financially in retirement."

7 common 401(k) mistakes
Not rebalancing 401(k) portfolio is one of the common mistakes that many plan participants make, according to this article from Forbes. Many 401(k) participants also rely too much on target-date funds, fail to review their plan statement and do not utilize asset allocation rebalancing. Not seeking guidance from a 401(k) expert, not taking advantage of the employer's match and not looking at the Roth option are other mistakes that many workers make when it comes to investing in their retirement plans.

IRS warns some retirees at risk of tax penalty: What to know
The IRS has warned retirees to review their tax withholding from income generated by their retirement accounts, pension and other investments to ensure that they pay the right amount of taxes, according to this article from Fox Business. This will prevent them from facing any penalty at tax time next year. Changes under the new tax law have modified the tax dues are computed, increasing the likelihood that retirees may not be paying enough for taxes.

Surprising ways retirement will change your life
Retirement offers an opportunity for seniors to have more time for their hobbies and other important activities, according to this article from U.S. News & World Report. It also gives retirees the chance to develop a new structure for their daily chores and to find meaning and purpose in life. Retirement allows seniors to reconnect with old friends, discover new things about their spouses and enjoy perks such as discounts and tax breaks.

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