You made it to 70. Retiring at this point may seem like a no-brainer. After all, you are past your Full Retirement Age (FRA). You won’t collect any extra money from Social Security by waiting any additional years.
If you have been diligently saving during your working years, you probably have a nice nest egg to live off when you retire. Plus, Medicare is in full swing by now, so you don’t have to worry about funding most of your health care when you stop working.
But just because you’ve reached 70 doesn’t mean you have to call it quits. There are many people who continue to work well into their 70s. For some, it’s a necessity; for others, it’s simply because they love what they do.
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If you are leaning toward retiring now but aren’t sure if you should, there are some issues to consider. For starters, if you leave the workforce, returning will be difficult. Plus, if you don’t have a plan for what you’ll do in retirement, boredom and potentially depression could set in. That’s why it’s important to ensure you are ready to retire at 70 before you leap. At this age, there is no turning back.
Want to make sure 70 is your retirement number? Take our quick quiz first to see if you are ready!