Waiting until you’re age 70 to claim Social Security benefits can increase your Social Security income by 8% for every year you delay, but delaying might not be smart if it means tapping an IRA to pay your bills.
Workers can contribute up to $5,500 of earnings to an IRA in 2017, or $6,500 if they’re age 50 or older. Contributions to a traditional IRA are made with pre-tax money, while contributions to a Roth IRA are made with after-tax money.