{"id":20271,"date":"2017-01-26T10:14:58","date_gmt":"2017-01-26T18:14:58","guid":{"rendered":"https:\/\/goldcopreciousmetals.com\/?p=18587"},"modified":"2017-01-26T10:14:58","modified_gmt":"2017-01-26T18:14:58","slug":"planning-retire-early","status":"publish","type":"post","link":"https:\/\/goldco.com\/planning-retire-early\/","title":{"rendered":"Are You Planning to Retire Too Early?"},"content":{"rendered":"

\u201cEarly retirement\u201d is something of a status symbol among a lot of people. If you work hard and make enough money, you don\u2019t have to wait until your social security kicks in to leave your job. Just quit and live a life of luxury, doing whatever you\u2019ve always dreamed of. Unfortunately, studies show that many Americans today are <\/span>retiring <\/span>too<\/span><\/i> early<\/span><\/a>\u2014before they\u2019ve built up enough of a nest egg to support themselves.<\/span><\/p>\n

Building Your Savings<\/b><\/h3>\n

The generally accepted age to retire is in your mid-60s. Therefore, it makes sense that half of Americans do so between the ages of 61 and 65, and a full two-thirds of the population has stopped working, at least full time, by 66.<\/span><\/p>\n

However, there are more factors to consider than just when society says you should retire. The main one is, can you afford to support yourself for the rest of your life, without working full time? Even after faithfully contributing to an IRA\/401(k), many find that they still haven\u2019t built up enough of a nest egg to sustain themselves and their families.<\/span><\/p>\n

Early Social Security<\/b><\/h3>\n

It is true that your retirement account isn\u2019t your only source of income when you leave work. You\u2019re also eligible to collect social security. However, many people start taking that too early as well.<\/span><\/p>\n

You\u2019re allowed to start collecting benefits when you turn 62, but you\u2019ll receive only 75% of the full amount, since collecting early means the money needs to last longer. You\u2019re not eligible to get full benefits until you\u2019re 66. For people born after 1960, the age has been raised even higher, to 67. Yet most Americans go on social security before they\u2019ve reached the right age, even though it means a smaller monthly check.<\/span><\/p>\n

The Case for Working Later<\/h3>\n

This lack of social security funds, combined with the fact that most Americans don\u2019t have enough in their retirement savings, means that many seniors are struggling to make ends meet. Some are forced to go back to work, or continue working part-time. Some aren\u2019t able to find jobs due to their age, or have to take a menial position at a much lower salary.<\/span><\/p>\n

People are living longer these days, and able to stay healthy and active well into their 60s and 70s. Therefore, especially if you\u2019re still building up your nest egg, it would behoove you not to jump into retirement the moment you turn 65.<\/span><\/p>\n

Instead, remain in your current job for a few extra years at your current salary (that you\u2019ve spent your whole career working towards), and be sure to make the maximum contribution to your IRA\/401(k) each year. If you\u2019re 50 or older, you\u2019re allowed to put a little extra in annually, to make up for the time you may have missed. By doing this, you\u2019ll have more to live on, and your full social security benefits will be waiting for you when you leave work as well, to supplement your monthly income.<\/span><\/p>\n

Your retirement is supposed to be a time when you can relax and not have to worry about work or money anymore. If you haven\u2019t reached the point where that\u2019s possible for you, then leaving work will end up being a hardship, rather than a benefit. Pay attention to your IRA\/401(k), work towards building it up, and don\u2019t retire until you know that you\u2019ll be well taken care of.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Today’s Americans are retiring before they\u2019ve built up enough of a nest egg to support themselves. Are you one of them?<\/p>\n","protected":false},"author":9,"featured_media":32375,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[213],"tags":[],"class_list":["post-20271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"acf":[],"yoast_head":"\nAre You Planning to Retire Too Early?<\/title>\n<meta name=\"description\" content=\"Today's Americans are retiring before they\u2019ve built up enough of a nest egg to support themselves. 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