The amount pensioners can borrow depends on the type of loan. For example, a personal loan from CashUSA.com can reach as high as $10,000. Your income and expenses are an important factor, especially if your credit is bad. Some income-related facts to consider are: Social Security: While you can start receiving Social Security benefits as early as age 62, your annual benefit will increase each year you wait. You receive the maximum benefit if you postpone taking Social Security until age 70. Qualified defined contribution plans: The SECURE Act of 2019 raised the age from 70 ½ to 72 at which you must start taking required minimum distributions (RMDs) from your 401(k) or IRA plan. Furthermore, you can continue to postpone your employer-based 401(k) RMDs as long as you keep your job with that employer. Notwithstanding the RMD rules, you can choose to withdraw money anytime from your qualified retirement plan, and, as long as you are at least age 59 ½, you won’t have to pay the 10% penalty for early withdrawals. Defined benefit plans: These are pension plans worked out between employers and employees. They usually pay defined benefits for life that are adjusted annually for inflation. These plans vary widely as to when you can start taking benefits and how much you’ll get. Annuities: If you own an annuity contract, the date you start taking payments (the annuitization date) is defined in the contract. Annuities can run for a fixed number of years or for the remainder of your life.