When do you plan to retire? Emily Brandon, the retirement editor at US News and World Report, explores factors to consider when deciding what age to retire. Factors include the need to work longer to increase savings, Medicare eligibility, and higher Social Security Full Retirement Age (FRA). You can read the full article here.
I discussed the the benefit of delaying your Social Security payment, especially for couples. There are many variables to consider, and delaying is usually beneficial. Our financial plans typically include a Social Security Maximization analysis, which determines how old you have to live to “break even”, and a lifetime benefit projection of the different Social Security claiming strategies.