For any citizen of the United States, the time of retirement is key. The Social Security Administration grants a large number of pensions to retirees each year. Two fundamental requirements must always be met in order to receive one of these monthly checks. Until the age of 62, no one can apply for an old-age pension, and it is necessary to work for at least 10 years.
However, not everyone who can apply for Social Security retirement is actually ready to do so. There are many different factors that determine whether we are ready or not. We are going to look at a series of mental exercises that will help us clear our minds to see if we can really start collecting Social Security.
At the end of doing these exercises we will have a better idea of our personal situation. From there we will be able to make a better decision on whether it is the ideal time to quit work and start retirement. The Social Security check is usually lower than the salary as a worker, something we must also take into account. Knowing this, the final decision is always individual, although some general recommendations like these are always a good company for cases like this.
Mental exercises to find out if it is the right time to apply for Social Security
These mental exercises can work for the vast majority of U.S. workers, although there may be cases where they don’t work. Still, try them to see if they help you at all, as they could work very well in many cases involving Social Security.
- Make a list of advantages and disadvantages. See what the personal advantages and disadvantages are in your particular case. Among the advantages of applying for Social Security we find that we will stop working, for example. However, a general disadvantage is that you will have less money each month.
- Try living on your retirement check for a month. Using the Social Security calculator, you can find out what the amount of your retirement check will be. Calculate that amount and try to budget that money for the month. This will help you know if you are ready to stop drawing your salary as a worker.
- Create a budget. Check the money you have saved and create a budget for the next few years. Try to make sure that budget covers the days when you will start collecting Social Security.
With these three simple exercises you will be able to have more control over Social Security, as you will begin to know if you are prepared or not. If you don’t think you’re ready to start collecting a retirement check, delay SSA payments until age 67 or 70 to have a larger monthly check.