Once you hit a certain age and your kids have flown the nest, there comes a point when you have to ask yourself what the next step is. Retirement might be the key to your happiness.
The last year and a half have seen the global pandemic decimate lives and careers. Priorities have been rethought and budgets have been made with the ‘new normal’ in mind. Here are some reasons you might contemplate retiring early:
You Lost Your Job
As an older American, the prospects for the future just got scary if you are locked into having to earn to survive. The Bureau of Labor Statistics said that the number of long-term unemployed jobseekers for those 55 and older rose from 14 percent to over 26 percent. This means that over a quarter of Americans in that age group had been out of work for more than 27 weeks and were still trying to find work.
You Don’t Need to Work
If you have enough savings or your 401(K) or IRA is healthy enough, you may find that retiring at 62 could be the answer to your worries. Instead of waiting for full retirement age, you can access your Social Security from 62. For people and their families who were hit by financial uncertainty due to COVID, a lifeline in the form of retirement money from the government may be a solution. But filing for Social Security at 62 could be the wrong move for you, so be careful. Be sure to find out all the details from the SSA before you do anything.
If you are in good health and don’t need to retire, perhaps delaying is a better option. You will receive higher benefits if you leave it longer. However, if you want to retire or your health dictates that you can’t work, then getting assistance from Social Security and Medicare (which is available for people aged 65 or older) is a good way to get the best quality of life you can.
No matter what you decide to do, once you reach the wonderful age of 62, retirement will be just around the corner. Starting to prepare yourself for it is essential.
Making sure your investments and savings are squared away and your priorities and goals are aligned will make the transition to retired life that much easier.
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