Retirement Advice For Those Close to Retirement
If you are close to retirement, you should find these tips helpful in planning for life after retirement. Remember people are living well into their 80s. So, it is important to plan and consider how your life will look when you get to retirement.
Plan to work full-time a little longer if you possibly can. Otherwise, you risk a serious drop in our standard of living. Currently, the average retirement age in the US is 63. Postponing your retirement for about three and half years makes enormous difference. Each extra year that you keep working increases your Social Security rate and retirement income from 401 (k) plans by 7% to 8%.
These extra working years gives you time to build up your retirement account and your portfolio recover from its current losses. In addition, your Social Security benefit level rise every year that you wait to start collecting. Wait until age 66, and you boost your monthly check by about 25% compared with what you would get at age 62. Wait until the maximum limit –age 70, instead of 62 –and your payments grow by 75%.
Important: Many employers are lukewarm about retaining older workers who, they assume, don’t plan to stick around too long. Make sure your company knows that you will be working until age 66 or longer, and stay as healthy as you can.
Keep your skills up-to-date, and remain in the running for training opportunities and promotions. You want to be seen as a worker who can continue to provide value for the organization, not someone is running out the clock until retirement. This will also be helpful in post retirement when you may choose to start a small business you enjoy.
I hope you found this little bit of retirement advice helpful!
Related posts:
