When it comes to retirement, everyone wants to be able to receive more money in order to better enjoy the later years in their life, and now, since rules concerning social security have experienced some changes, this goal might not be as hard to achieve as one might think.
Considering that you can opt for social security checks since the age of 62, even if you are still able to work normally without any health care problems, waiting until later to collect those checks could give you a significant boost to your funds.
With every year that passes starting from 62, you will get an 8% increase to your monthly social security check, reaching almost 72% if you retire at 70. This might seem like an arduous task, but it still boils down to the age old problem of time versus money.
True, you could work until you are 70, but in those 8 to 9 years of work, you could have spent with your family at home, But by working until the age of 70, those last years of your life will get a considerable boost when it comes to funding, making you able to go wherever you please and do the things you love, things that might have proven difficult without that increase in pay.
It also depends on the type of work one does, making someone who works a hard job choose an early retirement instead of the increased social security check. This differs from person to person, as each and every one of us value things differently in file.
Another reason why people might think that receiving social benefits at the earliest age of 62 is the best approach might be the fear that funds will eventually run dry and they will be left with their 9 years spent working with nothing to show for it. But Kirsten Arnold from the National Academy for Social Insurance claims that this theory is nothing more than just that, a theory,
The Social Security funds will not run out at all, the maximum decrease will most likely be around 75% and that will happen way into the future, so there shouldn’t be any reason for concern at all. People will be able to enjoy their final years with the added benefits of waiting before they retire without any negative involvement from anyone.
Even though the rules concerning social security have experienced some changes, the fact of the matter remains the same: What do you value most? Time spent away from work enjoying yourself or larger funds?