SIMPLY RETIREMENT Insights

Retirement should be a time of relaxation and living a worry-free lifestyle. But that is not the reality for many older Americans whose retirement years turn into financial nightmares.

Whether you’re starting a career or approaching the end, here are the reasons why you should strategize retiring earlier than you might plan.

You've worked hard your whole life anticipating the day you could finally retire. Congratulations — that day has arrived! But with it comes the realization that you'll need to carefully manage your assets to give them lasting potential.

For those between the ages of 62 and 70, you have the opportunity to begin claiming your Social Security benefits, whether you were planning to or not. However, when you choose to start receiving your social security benefits is a decision that shouldn’t be taken lightly. It is also a decision that in most cases does not allow for a “do-over”. However, these little-known strategies may not allow a complete do-over, but may provide flexibility should your situation change once you have already started or have made the decision to start receiving your Social Security benefits.

The 5.9 percent cost-of-living adjustment (COLA) for Social Security recipients in 2022 is the largest in four decades. This increase is a signal that inflation may be a challenge for retirees. At least in the short term.

Deciding to wait or claim Social Security benefits is a personal decision. Here are some important factors anyone nearing or in retirement should consider now.