3/5/2015 – Ready to retire? Maybe not just yet (CNBC)

Mar 05, 2015 Comments Off by

If you have socked away money in a 401(k) and your 60th birthday is behind you, chances are you are thinking about when to retire.

Chances are, too, that you are planning to retire sooner rather than later. The average retirement age seems to have stabilized at 62 for women and 64 for men, according to new research from Boston College’s Center for Retirement Research. But retiring too young can be very harmful to your financial health, the study found, and older workers would do well to hang in a bit longer.

Continuing to work reduces the amount of time when people need to live on their savings. It can also lead to more guaranteed retirement income. “An individual who delays claiming Social Security from age 62 to age 70 receives a monthly benefit that is 76 percent higher,” said Alicia Munnell, director of the center.

Read the full article at CNBC.

Financial Landing 2015

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