Financial Planning

How to decide when to retire

NesteggWhile you're saving for retirement -- and you are saving for retirement, right? --  you'll also want to keep in mind that "feeding the pig" isn't the only issue that will impact your retirement finances.

Deciding (a) when to retire and (b) when to start drawing Social Security benefits are becoming hugely important considerations, according to this Money Management column.

"You can begin taking payments as early as age 62, based on Social Security regulations, but when you retire will have an effect on the amount of the payment you receive," the column explains. "Although you are allowed to begin collecting payments at age 62, you will not yet have earned full benefits. That means your payments will always be about 25 percent less than they would have been if you had waited until full retirement age.

"However," the column continues, "early retirees will face benefit forfeitures for working while receiving benefits. If you continue to work to age 70 and beyond, you will receive more than the full benefit amount when you finally do decide to retire."

The article examines some of the things you'll want to consider when making these decisions. Read it carefully, then tell us: Realistically, when you think you will be able to retire?

Here are some other resources that might be helpful:


Bill Sheridan