Why Opt for Early Retirement?
Most of people have often counted the years when they have to bid the working world goodbye and make use of their retirement benefits to perhaps travel the world or put up their own business. But maybe these dreams won’t come into reality if they don’t retire early. Likewise, if they retire early, their benefits could be reduced permanently. Additionally, the Social Security program is facing so much controversy nowadays. For these reasons and many more, it is essential that as most workers approach their retirement age they have to decide when to begin receiving their Social Security retirement benefits. Some individuals opt for early retirement, perhaps because of an injury or an illness or probably because they were terminated. Whatever your reason is, it is important that you meet the requirements for receiving these benefits.
Generally, you have to be 62 years old and fully insured to be able to receive benefits. If, however, you are unable to meet these requirements you can still quality for other benefits. For instance, if you were injured or disabled because of a job related accident; you can receive Social Security disability benefit. If you retire early, obviously, you will receive more Social Security benefit checks than if you retire at the normal retirement age. It is always possible to retire early and retire well. Nevertheless, you have to be certain of your long term financial security. If you believe you have accumulated adequate personal resources and if you want to take early retirement, by all means do so.
Receiving early retirement benefits may be advantageous on your part when you are thinking of investing your money. Aside from receiving more benefit payments, you can also earn money from those payments that you have invested. Additionally, early retirement may be the best option for you when you feel that there is no guarantee that you will be able to keep your job. If future layoffs appear likely, you may have little choice but to take part in early retirement program. Just the same, although the financial advantage of retiring early can be vary appealing, you still have to consider all aspects of retirement before you decide to retire. Keep in mind that the high cost of living and the reduction of purchasing power due to inflation may make the benefits of early retirement less attractive in a few years.