Waiting Too Long To Claim Benefits
Ok, but does that mean you absolutely have to wait for as long as possible before you retire? In some cases, this move doesn’t make sense either, especially if you live to the average life expectancy. In this case, the benefit reduction will even out with the benefit of delaying your claim.
Seniors who are in poor health could actually benefit more from retiring early, as even the reduced benefits will cover the rest of their lives comfortably. Not only that, but you may need to use the money early on, such as for a debt you haven’t been able to cover entirely until now. By doing so earlier, it could save you money in the long run.
It’s better to contact a financial advisor that will help you figure out the best time for you to retire. Or, of course, you could run the numbers yourself if you have time. It’s also crucial to be honest with yourself about your health. As much as we may hate to admit it, some people may not get to live past the age of 75. In that case, if you wait until you’re 70 for the money alone, you may miss out on many retirement opportunities.
Figuring out when to retire is not easy, but no matter what you decide to do, don’t forget that you have to sign up for Medicare once you turn 65!
