And by continuing to work and delaying receipt of Social Security benefits, you are positioning yourself to have potentially higher payments adjusted annually for inflation for the rest of your life.
Instead you can receive distributions from your IRA that are part of a series of substantially equal periodic payments (not less frequently than annually) based on your life expectancy or the joint life expectancies of you and your beneficiary without having to pay the 10 percent penalty.
According to the Centers for Disease Control and Prevention (CDCP) report, depression results in 200 million lost workdays in the U.S. annually, and consequently, employers could lose USD17-44 billion in productivity and insurance payments.
An annuity sold by TD Ameritrade, for example, guarantees the value it will base your annual payments on will rise in the first 10 years by at least 5% annually in any years in which you hold off on starting withdrawals a feature common to many higher-cost annuities.