Increasing Your Retirement Finances

Dec 1, 2014

As baby boomers plan for retirement, they often want to know how to increase their finances. If you wait past your full Social Security retirement age, 66 to 67 for baby boomers, you can get 8% more for each additional year up to age 70. However, you will have lost some payments and therefore must live longer to get ahead of those who took the earlier, decreased payments.

While Arkansas state income tax applies to some forms of retirement income, Social Security benefits are not taxed. However, some Arkansans may have to pay federal income taxes on their Social Security benefits if they have other substantial income.

It is important to review all of the financial resources Social Security can add to your retirement income.

Reference: Social Security Administration, socialsecurity.gov