Once you decide to retire at a particular age you are going to have to pay your way without working for the rest of your life. This is a very profound reality, and it is important to act with full knowledge of the facts before you set a retirement date.
If you are like a lot of people you may simply assume that you will be retiring when you become eligible to receive your full Social Security benefit when you are between 66 and 67. However, it is really not as simple as this for various different reasons.
For one thing, you don’t have to wait until you reach your full retirement age to begin receiving your Social Security benefit. You can retire when you are as young as 62 but you will receive a reduced benefit.
On the other hand, you can delay retirement and wait until you are as old as 70 to apply for Social Security. If you do this your benefit will be higher as a result.
But, if you were to delay your retirement you have to factor in life expectancy. If you received your benefit early you would receive less per month than you would if you waited. But at the same time, you would be receiving your benefit for a longer period of time.
Gaining an understanding of your life expectancy is important in a general sense as well because you have to project the length of time during which you will have to support yourself when you are budgeting for your retirement years.
There is a useful life expectancy tool available on the Social Security Administration website that you may want to utilize. And of course, it is advisable to sit down and discuss a detailed plan with a Hartford retirement planning lawyer if you are serious about feathering your nest in anticipation of your golden years.