Core Insights - Utilizing a 401(k) for income between retirement at age 62 and Social Security benefits at age 70 is a viable strategy for maximizing retirement income [1][3][6] - Delaying Social Security benefits can significantly increase monthly payouts, with potential increases of up to 24% by waiting until age 70 [2][4][5] Summary by Sections Retirement Income Strategy - Retiring before claiming Social Security necessitates an alternative income source to cover expenses until benefits begin [2][3] - A 401(k) can serve as a primary income source during this gap, but early withdrawals may increase the risk of depleting retirement savings [6] Social Security Benefits - Claiming Social Security before full retirement age (FRA) results in reduced benefits, with a maximum reduction of 30% if claimed at age 62 [4] - Conversely, delaying benefits until age 70 can result in a higher monthly benefit, exemplified by a potential increase from $1,400 at age 62 to $2,480 at age 70 for a benefit originally set at $2,000 at age 67 [5]