{"id":35549,"date":"2022-08-15T12:28:29","date_gmt":"2022-08-15T16:28:29","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=35549"},"modified":"2022-08-15T12:28:29","modified_gmt":"2022-08-15T16:28:29","slug":"business-report-when-can-you-choose-retirement","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2022\/08\/business-report-when-can-you-choose-retirement\/","title":{"rendered":"Business Report: When Can You Choose Retirement?"},"content":{"rendered":"
\"\"
Meghan Murray is a financial advisor with Edward Jones Financial in Glens Falls.<\/figcaption><\/figure>\n

By Meghan Murray<\/p>\n

If you\u2019re like most people, your work has been a central part of your life. So, wouldn\u2019t it be nice to have the flexibility to decide when you no longer want to work?<\/p>\n

Many people of retirement age have achieved this type of control. In fact, two-thirds of workers ages 65 and older say they work primarily because they want to, not because they have to, according to a 2021 study by Edward Jones and Age Wave.\u00a0<\/span><\/p>\n

But that means that one-third of workers in this age group feel financially compelled to work. This doesn\u2019t necessarily mean they dislike the work they do \u2014 but it\u2019s probably fair to say they would have liked the option of not working. How can you give yourself this choice?<\/p>\n

You can start by asking yourself these questions:\u00a0<\/span><\/p>\n

\u2022 <\/b>When do I want to retire? You\u2019ll want to identify the age at which you wish to retire. You may change your mind later and move this date up or back, but it\u2019s a good idea to have a target in mind.\u00a0<\/span><\/p>\n

\u2022 <\/b>What sort of retirement lifestyle do I want? When you retire, do you anticipate staying close to home and pursuing your hobbies, or do you hope to travel the world? Would you like to spend your time volunteering?\u00a0<\/span><\/p>\n

<\/span><\/span>Open your own business or do some consulting? Clearly, some of these choices will require more resources than others, so you\u2019ll want to follow a financial strategy that aligns with the retirement lifestyle you intend to pursue.\u00a0<\/span><\/p>\n

\u2022 <\/b>Am I saving and investing enough? As you chart your course toward your retirement journey, you\u2019ll want to assess the sources of income you\u2019ll have available. If you think you may be falling short of achieving your retirement goals, you may need to consider saving more.<\/p>\n

\u2022 <\/b>When should I start taking Social Security? You can begin collecting Social Security benefits as early as 62, but your monthly payments will be much bigger if you wait until your \u201cfull\u201d retirement age, which will likely be between 66 and 67.\u00a0<\/span><\/p>\n

Your decision about when to take Social Security will depend on several factors, including your other sources of income and your family history of longevity. Of course, as you\u2019re probably aware, the Social Security system is facing significant financial stress, so it\u2019s possible that we may see changes to Social Security, based on actions Congress could take. In any case, you might want to be fairly conservative in estimating how much Social Security can contribute to your retirement income. \u00a0<\/span><\/p>\n

By addressing the above questions, you can get a clearer sense of when you might reach the point at which work is optional.\u00a0<\/span><\/p>\n

But you\u2019ll also need to consider other factors, too, such as how much you enjoy working or when your spouse or partner is planning to retire. In any case, the sooner you start planning for this next phase of your life, the better position you\u2019ll be in when it\u2019s time to make the transition.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Meghan Murray If you\u2019re like most people, your work has been a central part of your life. So, wouldn\u2019t it be nice to have the flexibility to decide when you no longer want to work? Many people of retirement age have achieved this type of control. In fact, two-thirds of workers ages 65 and […]<\/p>\n","protected":false},"author":89,"featured_media":35550,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"yoast_head":"\r\nBusiness Report: When Can You Choose Retirement? - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2022\/08\/business-report-when-can-you-choose-retirement\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: When Can You Choose Retirement? - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Meghan Murray If you\u2019re like most people, your work has been a central part of your life. 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