Delaying Retirement an Option for Boomers

What are your plans for retirement? One of the biggest trends in the Boomer generation is that many are opting to delay their retirement. Some of the reasons that many choose to retire later, is perhaps they are finding that they have not reached their retirement goals (or it may have been impacted by the recession) or they may simply enjoy keeping busy by working.

If you choose to delay your retirement, remember that reverse mortgages currently do not have income requirements and you are still able to apply for a reverse mortgage.

Delaying your retirement can also come with other benefits that can be enticing. Here are some of the things you can look forward to if you choose to delay your retirement:

• Social Security:

  • For each year between the ages of 62 and 70, your Social Security payments will increase. This means that if you decide to apply for Social Security benefits, you can get more at 70 than you will at 62.

• Less Retirement Years to Worry About:

  • As people are living longer and longer, retirees need to plan for the unexpected: how long they are going to live. If you plan to retire later, there are less years that you need to worry about financing for. Also, working longer gives you the opportunity to save more money, which can help you make sure that you are living the life you want during your retirement.

• Staying Social:

  • Studies have shown that working longer can delay memory issues such as dementia. When you are continuously in a social setting  you are constantly exercising your mind. Working with your coworkers and colleagues offer you an opportunity to continue to make and maintain friendships and improve your social life.

 

Reverse mortgages can be a resource to help be a supplement to your retirement planning. If you are interested in doing a reverse mortgage, contact a Senior Advisor today at 1-888-808-8486.

Read Related Articles: 

Fun Ways to Fund Your Retirement 

How Do You Know if You’re Ready to Retire? 

Less Retirement Means Looking at Alternative Options

How to Retire with Ease

 

Image courtesy of [Stuart Miles] / FreeDigitalPhotos.net