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When you stop working, Social Security is your guarantee that you will still have income that is about forty percent of the pay that you received when you were working. Some people consider social security as a pyramid scheme. But it is not. Social Security is a system that provides economic support to families of retired and disabled claimants. Additionally, seniors who get social security benefits are able to live independently and live off the community. Without social security, you will have to make tough financial decisions.

Choosing when to retire is one of the most essential decisions that you will have to make about your life. The past Social Security laws allows for a full benefit beginning at the age of sixty-five. This is why most Americans have considered the age of sixty-five to be their target retirement age. However, workers today are retiring at an early age. When choosing when to retire, it is vital to consider your options carefully to help make sure that you have a happy and financially independent retirement. Although early retirement can reduce the stress in life, it can also lessen the amount of money you will have for your later years. Some of the financial costs of early retirement include:

• Reduced Social Security benefits
• Benefits that were once paid by your employer will become your responsibility
• Early retirement eliminates your earning years and the resulting savings that would have taken place in these years

Early retirement could mean no more deadlines, rush hours and an opportunity to do all things you have dreamed of. But early retirement could also mean a longer non-working time to pay for and the more time to fill in some meaningful way. Hence, the younger you retire the more you have to think and plan about your retirement. If you are, however, determined to retire at an early age, take some time to sit down and evaluate your financial needs during your retirement years. Consider your health insurance and health care issues and pay off all your debts by the time you retire. Additionally, be prepared to account for the years within which you won’t be eligible for benefits. And should you decide to start collecting your Social Security retirement benefits at an early age, be ready to receive twenty percent less in benefits.
Most importantly, speak with a professional who can provide you counsel regarding the pros and cons of early retirement. He can put you on the right track and meeting your goals without putting too much stress on you. Remember that early retirement is an option for you and not merely a matter of chance.
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