None of this should come as a surprise, but you’ll want this information so you can do a better job of planning for your retirement.
If the only thing you know about retirement is that you’ve done with the daily grind, Aging Edge wants readers to know that there’s a lot more in planning and creating an active life than most folks think. A recent article, “Retirement secrets no one wants to talk about,” squarely hits the mark of several important secrets you need to know for a successful retirement.
- Retirement could last a long time. Many folks don’t think about life expectancy, when it comes to retirement planning. However, we should consider the fact that we need to plan for a longer life. That means planning for a longer retirement. As you plan, you should take into account that your retirement might last a few decades. Be sure that you have enough saved to live comfortably.
- Plan to stay busy. A life of leisure in retirement sounds great. You could quickly become bored, however, if you don’t have some ways to spend your days. Create a game plan to keep yourself busy and engaged. Without a plan, your health and spirit might decline. This includes staying physically active by exercising regularly. You can also stay mentally engaged by working in a paid or volunteer position. You can start a new hobby or enroll in courses online, at a community center or at a local school.
- Time your Social Security claim right. We all know you can begin collecting Social Security retirement benefits as early as age 62. That’s the most common age for claiming benefits. However, people are frequently shocked by how much their benefits are reduced by claiming Social Security early. If you start to take benefits at 62, you could receive 30% less.
To receive your full benefit, you have to wait until your full retirement age. That’s age 66 for people born between 1943 and 1954. It increases by two months up to age 67 for every birth year after 1954 up to 1960. If you were born in 1960 or later, the full retirement age is 67.
It’s far better to delay starting taking benefits, until you are past your full retirement age. Who wouldn’t want to increase their annual Social Security benefits by 8%? That’s what you can accomplish, just by waiting until age 70. It’s well worth the wait.
Reference: Aging Edge (July 6, 2017) “Retirement secrets no one wants to talk about.”