Page 2 - Senior Times South Central Michigan - March 2017 - 24-03
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Page 2 Senior Times - March 2017
By: Sherii Sherban, Publisher
Some simply for the added benefit that a few extra dollars affords, others because there is significant need. Common financial concerns include:
A desire to delay Social Security.
You can start receiving Social Security benefits as early as age 62 or any time after that. The longer you wait, the higher your monthly benefit will be, although it stops increasing at age 70. Your monthly benefits will be reduced permanently if you start them any time before your full retirement age. For people who attain age 62 in 2017 (i.e., those born between January 2, 1955 and January 1, 1956), full retirement age is 66 and two months. Full retirement age was age 65 for many years. However, due to a law passed by Congress in 1983, it has been gradually increasing, beginning with people born in 1938 or later, until it reaches 67 for people born after 1959.
Delay in tapping, or helping the growth of, your retirement nest egg. The longer you can leave your dollars invested the more time they have to grow. Just a couple of years can have a significant impact on their growth potential and help your savings to become more substantial, especially if you have suffered losses by poorly performing stocks. A few more months, or years, can make all the difference in a final retirement direction that can be the one you’ve always imagined and allow you to transfer your money to a much safer investment/savings strategy for the future.
Health insurance needs. While seniors may retire at age 62 and receive Social Security benefits, Medicare does not become effective until age 65. This three-year
discrepancy is a significant cause for a mature adult continuing to work. Even if you have made it to 65 and you now receive Medicare there are often additional expenses that a support insurance through a workplace can
be valuable for in terms of offsetting the expenses not covered with original Medicare.
Pension benefits allow for continued savings. Some organizations that offer pensions also allow employees the opportunity to retire when they complete their commitment and to begin receiving their pension. Interestingly, that same organization often times will then rehire that same person in another position, which allows for receiving their pension and a regular paycheck, ultimately resulting in additional savings that can be used at a later time when needed.
For some, working beyond retirement years is more than a paycheck; it helps to enrich their lives and keeps them active and connected.
You enjoy working but want more free time. As you reach retirement years you might simply want to cut back on the amount of hours that you work, or possibly want to spend more time volunteering for other organizations. Working part-time allows for the rewards of working as well as flexibility and more free time.
You can’t imagine not working.
Not only do you love your job but after a lifetime of working you’re just not sure what you would do with your time.
Retirement allows for trying a new career. Once you retire, the added support of Social Security allows some to seek
out a new career direction that they always wanted to pursue but couldn’t risk the loss of income. Retirement allows for time to
Adults aged 65 or older are a rapidly expanding segment of the US population, and they are projected to make up approximately 22% of the US workforce by 2022.
Many US workers are increasingly delaying retirement from work or are choosing to return to work after retirement. For many, continuing to work simply makes sense, dollars and cents. For others, the satisfaction and connectedness to a purpose greater than themselves is more important. Below are consistent responses offered by working seniors.
It should come as no surprise that most people who continue to work identify a financial component to the choice to do so.
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