All of us are going to retire from our jobs at certain time of our life and therefore, it is necessary that we need to plan for the same well in advance. During retiring age, usually the health care is very important issue.
So, ask yourself whether you do you need continuing care during this age, based on your present health condition. Retirement for every person may not be same, as health condition of every individual can be different too.
Most of the retired person needs to align with any medical healthcare provider and also you need to check if they offer memory support or not.
Though as per the statistics available, about 19% retired people who are above 65 years continue to work either part-time or full-time basis, particularly in the area of management, legal, and consultancy areas.
For others, maybe a 55 and over community, will be the right community to join, so that they remain connected with people of their generation and remain mentally well.
People who are still working after their retirement need to decide, when they should begin withdrawing income from their social security income.
As your age will decide when you should start drawing your income from social security so that you can continue to get your income during your remining period too.
Following is quick guide for helping you to take your right decision:
- As you turn 62, you can receive 70% benefit each month.
- When you are 67, you can receive full Social Security benefits every month.
- For those below 67 and working part or full-time, if you draw money then you will not be able to earn more than your earnings limit, and your yearly benefits may decrease at later age.
- Those who are 67 and your yearly earning will be limited up to a certain limit. By taking more, at later age your monthly income from Social Security will decrease.