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A 2023 GOBankingRates survey found this to be the No.
I always recommend that people begin saving to a tax-deferred retirement account as soon as possible.
Simply contributing for 20 years isnt enough if the contributions are too small or poorly allocated.
The Morningstar research found that only about 28% ofU.S.
Waiting until age 70 to retire allows for larger Social Security benefits, Swad said.
Additionally, delaying retirement reduces the number of years drawing down savings, allowing more time forinvestmentsto grow.
However, there are caveats to this strategy as well.
Its crucial to consider lifestyle and spending needs in retirement, said Swad.
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