Top 4 Reasons to Wait Longer for Retirement

It may be wise to wait a few more years for retirement, says Stonegate Capital

Advisors.

Wait! World travel. Picking up

a new hobby. Completing long-delayed home

improvement projects. Retirement can be an exciting time in one’s

life. However, Scottsdale

financial services expert Jameson Van Houten of Stonegate Capital Advisors says

there are plenty of reasons to wait.

Outliving retirement savings. 

With advances in medicine and healthier living habits, people are

experiencing longer lifespans. Now add in bear markets, sudden

medical expenses, savings shortfalls, and

immoderate withdrawals from retirement accounts and a person can spend their retirement funds more quickly than they

realize.

Greater Social Security income. Waiting even a few years

longer to retire means fewer years spent

depending on your assets and instead receiving greater monthly Social

Security income. In fact, a retiree who claims

Social Security benefits at age 70 is set to receive monthly payments 76% greater than a retiree

who claims them at age 62.

Insurance payments. Medicare will not cover people – retired or not – until they turn 65. And those people

with pre-existing conditions may find it

hard to get private insurance. So what will they do in the

event of an illness? Will their finances

hold up?

Mental health. The intellectual

demands of the workplace, as well as

socialization with friends and co-

workers, can help a person keep mentally focused and happy. It

may be difficult to find an equivalent

once a person ends his or her career.