Report: Working longer can substantially boost annuity payouts

12/16/2012 | National Underwriter Life & Health

Individuals can achieve a 7% to 16% boost in their annuity payouts, depending on income, if they continue working just one year beyond the eligibility age, according to a study sponsored by the Society of Actuaries Committee on Post-Retirement Risks and Needs and Risks, the Urban Institute and the Women's Institute for a Secure Retirement. The lowest-income earners who work five years past the eligibility age can nearly double their annuity payouts, while higher wage-earners can see increases of 42% to 71%, according to the report.

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