Ask Terry Questions Early retirement

Early retirement

By Terry Savage on March 09, 2020 | Financial Planning / Retirement

Hello my current retirement age is 67 I was thinking about retiring at 63 and get out early should I? If not why not?

Terry Says

Ifyou are physically able to work, and still have a job, my advice is to keep working. First of all, you might be bored without a job! But more importantly, you could live longer than you think and need to keep working –and saving in an IRA or 40l(k) for as long as you can. In any case, do not plan to take your SS before your Full Retirement Age. It is truly costly to take it earlier — you lose about 8% a year in benefits. And if you do work, your income will be penalized if you have already started SS before full retirement age.

Recent Financial Planning / Retirement Questions



a personal
finance question