Postponing retirement can bulk up Social Security checks and bolster savings accounts
When he turned 65 in 2013, Lee Klass never considered a retirement party. Instead, he continued doing pretty much what he’s done for years, setting out from Portland, Ore., in his Freightliner 18-wheeler and hauling loads of packaged food and consumer goods across the U.S. That way, Klass was able to keep the money flowing and ultimately collect a bigger Social Security check. “I still enjoy driving and the adventure of this job, and I’m not wealthy,” says Klass, who took home about $25,000 last year and has no retirement savings plan, but for the past three years has received roughly $1,700 a month from Social Security. “Millions of people in my age group are continuing to work,” he says. “I’ll keep doing it as long as I’m strong and healthy.”
Waiting Game
This story is from the October 1, 2018 edition of Bloomberg Businessweek.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 1, 2018 edition of Bloomberg Businessweek.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Instagram's Founders Say It's Time for a New Social App
The rise of AI and the fall of Twitter could create opportunities for upstarts
Running in Circles
A subscription running shoe program aims to fight footwear waste
What I Learned Working at a Hawaiien Mega-Resort
Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.
How Noma Will Blossom In Kyoto
The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking
The Last-Mover Problem
A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps
Tick Tock, TikTok
The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban
Cleaner Clothing Dye, Made From Bacteria
A UK company produces colors with less water than conventional methods and no toxic chemicals
Pumping Heat in Hamburg
The German port city plans to store hot water underground and bring it up to heat homes in the winter
Sustainability: Calamari's Climate Edge
Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment
New Money, New Problems
In Naples, an influx of wealthy is displacing out-of-towners lower-income workers