To retire or not to retire at 62 or 70 yrs old

Below are feedback from many retirement planners.

Taxes

An IRA is 100 percent taxable but only up to 85 percent of Social Security is taxable,” she adds. If you take Social Security at 70, “you’ll have more money available for your retirement years.”

Reduced Benefit

Although you are eligible to begin taking Social Security at age 62, you will get a reduced benefit if you do so — about 25% less than if you wait till your full retirement age of 66. However, if you delay even further, to age 70, then your benefit rises another 32%.

Long term

After spending so much time accumulating assets, it can be hard to switch mindsets in retirement. Many retirees still fixate on investment return, when they should instead look at turning their assets into predictable income.

Return rate

While financial security is a big focus on retirement, getting out of the market isn’t a safe bet either. “People, because they focus on not losing money, forget the risk of outliving your money, inflation risk, credit risk, so they put themselves at risk in every category except losing money,” says Grenier, adding that she sees retirees putting money in savings, money market accounts and short-term certificate of deposits that earn a low rate of return.

Seeking advice to the right pros, making a budget, staying healthy, over invested in your house, supporting your adult children/grandchildren, expenses during retirement , other personal issues should be considered too.

Health

Are you healthy and need long term care?

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connie dello buono

Health educator, author and enterpreneur motherhealth@gmail.com or conniedbuono@gmail.com ; cell 408-854-1883 Helping families in the bay area by providing compassionate and live-in caregivers for homebound bay area seniors. Blogs at www.clubalthea.com Currently writing a self help and self cure ebook to help transform others in their journey to wellness, Healing within, transform inside and out. This is a compilation of topics Connie answered at quora.com and posts in this site.

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