As you inch closer to the whims of retirement at age 65, you might think all you need to do is choose the date, set up your checking account, and pop a bottle of champagne. But hold your horses – there’s some groundwork you need to lay.
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Anticipate Medicare Costs
At 65, the doorway to Medicare opens up to you, yet barging in comes at a price. Your health insurance may backflip out of your workplace, leaving you to juggle bills. Although Medicare steps in at this juncture, prepare to juggle coinsurance and premiums, lest you’re left doing financial somersaults post-retirement.
Diving into Social Security as early as 62 may seem like a lifeline, but it’s more like catching plankton compared to the majestic whale you’ll snag at full retirement age. Delaying past 65 can plump up your Social Security benefits like a turkey on Thanksgiving – all golden-brown and sumptuous. So, think twice before leaping into your golden years prematurely; is the pot of gold at the end of the rainbow worth the plunge?
Pumping the Brakes on Retirement
According to the hallowed scrolls of Motley Fool, a “median $200,000” nest egg is the ticket for many 65 to 74-year-olds in 2022. But before you dance your way to the exit, ponder: will this nest egg be a cozy haven or a threadbare blanket come winter? Extending your working years might feel like dragging a laden sled up a hill, but remember, it’ll load your nest egg with more nuts for the winter, letting you sit out the cold snap in solitary comfort.
Dusted with gray specks of excitement, the prospect of retirement at 65 sparkles like diamonds on a velvet cushion. But keep your magnifying glass handy, and polish the rocky edges of Medicare, Social Security, and your nest egg. Your golden years might just turn into the brightest chapter of your book.
The $22,924 Social Security bonus most retirees completely overlook
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View the “Social Security secrets”
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