Countdown to Retirement: 1 Year Away

For a smooth ride to retirement, take these financial steps when you one year to go.

You're now one year from retirement. First things first: Decide when you’ll take Social Security. You can claim benefits as early as age 62, and if you retire early, you may need the money to pay health insurance and other expenses. Keep in mind, though, that your benefits will be permanently reduced by at least 25%. By waiting until full retirement age—66 or 67 for most baby boomers—you’ll receive 100% of the benefits you’ve earned. Wait past then to claim and your payouts will grow by 8% a year until you reach age 70.

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Eileen Ambrose
Senior Editor, Kiplinger's Personal Finance
Ambrose joined Kiplinger in June 2017 from AARP, where she was a writer and senior money editor for more than three years. Before that, she was a personal finance columnist and reporter at The Baltimore Sun, and a reporter and assistant business editor at The Indianapolis Star. Ambrose has a master's degree in journalism from the Medill School of Journalism at Northwestern University, and a bachelor's degree in art history from Indiana University.