The time to apply for retirement is a very important time for everyone in the United States. The final Social Security check will be larger or smaller depending on three main factors. In this regard, the retirement age factor is really determinant. This is because there is a very big difference between applying for retirement at age 62 and applying for retirement at age 67. In addition to this, starting to collect Social Security at age 70 also makes a lot of difference. After the age of 70 there is no added advantage, so it is advisable not to wait beyond that age.
If you are thinking of applying for retirement at age 62 you want to choose the Early Retirement Age plan. Through this Social Security plan, you will get 30% less of the money contributed as a worker, but you will have more time off. That’s why it’s important to use all the money you have properly. With these money secrets you can have a perfect early retirement and not be 100% dependent on your Social Security retirement benefit.
Money Secrets for a Good Early Retirement
Collecting only Social Security when applying for Early Retirement is not a good idea. It’s much better to have several sources of income, as this will help us pay all the bills well and make all the plans we want.
- Control your expenses. This tip is the main one for all Early Retirement retirees, as it will help us not to waste our Social Security. Keep a close eye on what you spend your dollars on so you don’t waste anything.
- Eliminate your debts. More debt means more money spent on fees. If you have no debt when you apply for Social Security, so much the better. But if you enter retirement with debt, try to pay it off as soon as possible.
- Move to a cheaper area. Check that the housing you are in is right for you. Sometimes retirees have apartments or houses that are too big. It is much better to move to a smaller house and pay less every month.
- Save some money. Every month you should save a little money to avoid unpleasant surprises. If you have to go to the dentist or fix your car, these savings can save you from having financial problems.
Also, remember not to rely on Social Security retirement checks alone. Look for alternative sources of income such as a 401(k), although this should be planned well in advance.