You can’t claim Social Security retirement benefits until age 62, but if you’ve invested in a retirement plan or qualify for a pension, you may be able to use part of those funds to launch a new career. Some retirees use their savings and pension benefits to finance the start of another career. Retiring allows you to pursue your true passions. You want to start a new career Olena Yakobchuk / If your retirement goals require being in good physical shape so that you can hike the Inca Trail in Peru or bicycle through Ireland, it makes sense to retire sooner. “As grim as it sounds, if your health is on the decline, then it may make sense to take an early retirement in order to maximize the net payout of your lifetime,” says attorney Jacob Dayan, CEO of Chicago-based tax services company Community Tax.Ĭonsider, too, that you may experience health problems as you age. If you don’t get started on your post-retirement goals in a timely manner, you may never reach them. Your good health may not last Monkey Business Images / Zillow says Frisco’s median home value in early March was $1,545,059. Sound expensive? Well, compare that to San Francisco. For example, in early March, the median home value in Boise, Idaho - a community of about 229,000 residents - was $523,760, according to Zillow. Smaller towns generally have less-expensive housing than large metropolitan areas. See Also: The 10 Best Countries for Retiring Overseas in 2022 “Oftentimes, the best way to considerably decrease your costs is by downsizing or moving to a cheaper place.” “Your house is typically the biggest expense in your budget,” says Kern. Where you decide to live in retirement can affect your quality of life, due in part to the price of real estate and rental homes. When you retire, you no longer need to live close to a job. Retirement can lower your housing costs ThirtyPlus / Delaying your first claim increases your monthly retirement benefit, but it may not affect the total amount you receive over a lifetime. Good to know: The system is actuarially neutral, designed to make your overall benefits work out approximately the same over the course of your retirement, no matter when you first claim them. However, if you have concerns about how long you may live or you need the money right away, filing an early claim may make the most sense. If you plan to continue working until your benefits reach their maximum at age 70, delaying your claim will result in greater monthly payouts. You generally can start receiving Social Security as soon as age 62. “For some people it’s a great idea to take Social Security early, and for some people it’s a great idea to wait.” Delaying Social Security may not be right for you Steve Heap / īefore deciding, consider your personal circumstances, advises Money Talks News founder Stacy Johnson: What follows are powerful reasons not to delay your retirement. Freed from the burden of a 9-to-5 job, they find that life has many new possibilities. Many retirees go on to pursue new careers or fulfill lifetime goals they didn’t have time for when they were working. There is plenty to see, do and learn in retirement.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |