Being clear about the timing of retirement is not something that all United States citizens can say. The Social Security Administration places many conditions when applying for a check and the amount of the check depends on other different reasons. And that is why we must choose the exact time when starting to collect a Social Security check is the most beneficial for us.
The minimum age to apply for retirement from the Social Security Administration is 62. However, that does not mean that we have to apply for retirement at that age. Applying at that age forces us to lose part of our monthly check. Although waiting until age 65 may not be the best option either.
For many Americans, age 65 is the ideal age to apply for Social Security retirement benefits. But there are a lot of factors to consider that will greatly affect our day-to-day lives. Not having enough money to pay all the bills is just part of the reason why retiring at 65 is harder than we may think. When do you want to retire?
Reasons why retiring at 65 is harder than you think
Of course, there are many other reasons why starting to collect a Social Security check at 65 is difficult. Likewise, it should also be noted that doing so at age 62 has other, different reasons for being complicated. Any retirement age has its advantages and disadvantages. Here are the reasons why retiring at 65 is complicated:
- We haven’t saved enough. Retiring before age 67 or 70 can mean not having enough savings in our bank account. This can make retirement really difficult.
- Our Social Security check is too small. Even though we have decided to retire at age 65, our Social Security benefit may be too small.
- Health is not what it used to be. It is true that we have the Medicare option at age 65, but that does not mean that all medical expenses are covered. We need to watch out for this so we don’t forget that medical expenses are also important to budget for in retirement.
- You’re not ready to retire. Some people are simply not ready for retirement. It’s a big change and we must be mentally prepared before we apply for a Social Security check.
- You have unpaid debts. This is coupled with the financial picture mentioned above of insufficient savings and a low Social Security check. If we have debts, continuing to work may be our best option.
Ultimately, applying for retirement at age 65 can be difficult if we have not planned Social Security efficiently. Also, debt doesn’t help us have a smooth retirement, so watch out for it.