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Decades after a Texas mom's disappearance, a tip leads to the location of her secret grave CBS News'48 Hours' correspondent Peter Van Sant previews 'Kimberly Langwell's Hidden Grave' KFDMWhere is Terry Rose Now? Update on the Killer The CinemaholicA MOTHER VANISHES, A DAUGHTER IS DESPERATE FOR ANSWERS - DECADES LATER, A SECRET GRAVE SOLVES THE MYSTERY Par
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Although you can start collecting Social Security at age 62, you can get much higher monthly payments if you wait as long as age 70. But many people want to or must retire before 70. If you're one of them, consider a possible strategy, backed by recent research, to use your retirement savings to put off receiving Social Security.
Build a Social Security Bridge
New research from the Center for Retirement Research explores retiree appetite for a "bridge" between retirement and collecting Social Security benefits, specifically one where retirees tap 401(k) assets in an amount equivalent to what they'd draw from Social Security on a monthly basis. This stream of payments would continue until age 70 or until the money ran out.
Such an option appealed to a good number of survey respondents; nearly 27% said they'd use it to some extent, even with minimal information about plan details. Among respondents provided with more information on the option, the total climbed to 35%. Researchers also propose a formalized "bridge" plan that employers could offer using 401(k) funds.
SEE MORE Feeling Insecure About Social Security? You're Not Alone.
But why tap those funds? The answer is that any chance to delay collecting Social Security benefits means you'll receive a larger monthly check when you finally do start to draw benefits.
How Much Can You Increase Your Social Security by Delaying Benefits?
As a rule, retirees must decide for themselves when to begin claiming Social Security benefits.
If they can wait to collect, though
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Under our country's "pay as you go" tax system, Uncle Sam wants to collect his cut periodically throughout the year as you earn income. In most cases, the required taxes are paid through paycheck withholding (your employer sends in the payments). But if you're self-employed, have a side gig, or don't have taxes withheld from other sources of taxable income (e.g., interest, dividends or capital gains), then quarterly estimated tax payments to the IRS are typically required.
SEE MORE 2022 Tax Calendar: Important Tax Due Dates and Deadlines
Estimated taxes are paid in four equal installments — generally, one installment for each quarter of the year. The first payment for the 2022 tax year was due on April 18, 2022, while the second payment was due June 15. The third 2022 estimated tax payment, which is for income earned from June 1 to August 31, is due on September 15, 2022 (that's tomorrow!).
Also, unless you live in a state with no income tax, you might owe state estimated taxes, too. Check with the state tax agency where you live for state estimate tax payment due dates.
Disaster Victims Get More Time to Pay Estimated Taxes
People and businesses impacted by certain natural disasters are typically given more time to file federal tax returns and pay federal taxes. This includes extensions for making estimated tax payments. For the third estimated tax payment for the 2022 tax year, victims o
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