top of page

Why 65 is too young to retire- MSN Money

Writer's picture: Steve MartinSteve Martin

This post comes from Dave Bernard at partner site U.S. News & World Report.

U.S. News & World Report on MSN MoneyThe magical age 65 that signaled retirement time for our parents might not hold true for the baby boomer generation.

Retired couple © Rubber Ball/Getty ImagesSure, the idea is appealing to call it quits before we are too old to appreciate and enjoy our second act. But the reality may be that 65 is just too young to retire. Some 76 percent of employees say they will continue working past retirement age, with 40 percent working because they want to and 35 percent because they will have to, according to a 2013 Gallup survey. Here’s when it might make sense to delay retirement past age 65:

When you still have a job. If you are currently employed, still able to effectively perform your duties and the job itself is not driving you crazy, it can make sense to stay at it for a while more. The longer you can delay taking Social Security, the more your monthly checks will ultimately be. For each year beyond your full retirement age that you delay collecting Social Security benefits up to a maximum age of 70, you will receive an additional 8 percent. You can also delay the time when you will become 100 percent responsible for your own health insurance premiums as long as your employer is picking up part of the tab.

3 views0 comments

Recent Posts

See All

Comments


Purposeful Financial and Legacy Planning

Fee-Only Financial Planning

(970) 443-1873

3400 Rosestone Ct, Fort Collins, CO 80525

  • Facebook
  • Twitter
  • LinkedIn

©2020 by Purposeful Financial and Legacy Planning

DISCLAIMER: This website is for informational purposes only and does not constitute a complete description of our investment services or performance. This website is in no way a solicitation or offer to sell securities or investment advisory services except, where applicable, in states where we are registered or where an exemption or exclusion from such registration exists. Information throughout this site, whether stock quotes, charts, articles, or any other statement or statements regarding market or other financial information, is obtained from sources which we, and our suppliers believe reliable, but we do not warrant or guarantee the timeliness or accuracy of this information. Nothing on this website should be interpreted to state or imply that past results are an indication of future performance. THERE ARE NO WARRANTIES, EXPRESSED OR IMPLIED, AS TO ACCURACY, COMPLETENESS, OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS OR ANY 'LINKED' WEBSITE.

All domestic and international rights reserved. No part of this website, including text, graphics, et al., may be reproduced or copied in any format, electronic, print, et al., without written consent.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CERTIFIED FINANCIAL PLANNER in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

bottom of page