“Save and Hope” is not a strategy!
Recently I met with a friend who is 58 years old to discuss his retirement plans. I asked him how he felt about his retirement plans. He was very direct with his answer.
Unlike their predecessors, baby boomers are facing unprecedented debt with little to no savings. This has led members of this generation to reevaluate their retirement plans often times resulting in their relocation to places with lower costs of living.
Your social security retirement age (also known as your full or normal retirement age) is dependent upon the year you were born and can be anywhere from 66 to 67 years of age. Claiming it before you after this age will result in a modified benefit amount. Here are the logistics: