Retirement Planning - Taking Early Social Security Is a Missed Opportunity For Baby Boomers

Baby Boomers, you know you need to save for retirement. The media reminds us everyday. If the constant reminders haven t caused you to start a savings program, then look at how it could affect your Social Security check. Depending on your year of birth all Baby Boomers are eligible for full Social Security benefits between the ages of 66 and 67. However you can choose to start receiving reduced benefits at age 62. The reduction is 25-30% depending on your birth year. This option is currently the choice for more than half the eligible workers. And 73% of eligible people are claiming benefits before their full benefit age (after 62 but before full benefit age). The downside to receiving benefits at age 62 is the reduced rate is permanent. Sometimes there are good reasons for choosing benefits at this age. For instance you may not be able to physically perform your work anymore. However, if the reason is you need money and do not have other income sources, you are wasting a golden opportunity at more retirement income on a permanent basis. Some people may argue that receiving reduced benefits vs. no benefits from age 62 until ages 66 or 67 will result in more money in the long run. In reality you can expect that somewhere around age 77 the total payout of full benefits will exceed the reduced payout even though the reduced payouts had a four or five year head start. At age 62 the average male is expected to live to age 80. The average age for females is age 83. So if you live the average life expectancy you are selling yourself short. What if you exceed the averages and live into your 90 s? This is where your decision not to save today and take reduced benefits at age 62 will really hurt. Don t regret important life choices. Start today by calling the Social Security Administration at 1-800-772-1213 and ask for your benefit estimate. Compare the difference you will receive between early and full benefits. Your next step is to put together a savings plan to make sure you do not leave any money on the table in retirement. You paid for it every year you worked. Make sure you get what you deserve... Good luck. David Skill, a Chartered Retirement Planning Counselor has created an easy retirement system that enables conscientious baby boomers to determine how much money they need to retire. David asks all the vital questions, uses common language and plenty of examples so the participant builds confidence their money will last through retirement and they will not burden their children. Check out >>>>>>>>> babyboomerseasyretirement.com/