Wait for Retirement a Few More Years

Image used with permission from Microsoft

Image used with permission from Microsoft

In 1995, workers said they expected to retire at age 60 on average. In 2012, the average worker expects to retire at 66.

Benefits of postponing retirement:

First, you can nearly double your annual Social Security payouts if you delay retirement from age 62 to 70.

In addition, your extra 8 years of income play double duty. During those 8 years, you continue to build your nest egg through continued savings rather than drawing on it for living expenses.

From Money magazine, July 2012, p. 60

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