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How Long Can You Work Before Retirement?

Seniors are working more years to retire - 70 Years old?

Studies show that the retirement issue is a big one for a lot of us folks.

The trick found is to avoid using your savings and so keep working a few extra years. You need to have more time to be able to save money and the longer that you work the better.

If you have a job and are over 50, you can invest $5,500 per year in a 401k, and avoid taxes until retirement. You could also use the IRA for an extra $1,000 a year

We are used to an early retirement that in various countries would be a joke but then in others we work longer.

It changes depending where you are but most important is the amount of money you can get your hands on every month after you retire.

When to retire?

If it would take you until 70 years old to retire, and be all set, then that is your situation to deal with.

Sixty-two years old is a bit too early for most social security funded retirees as about a third of them get into financial trouble from retiring due to financial problems, etc.

Half of Americans could retire at age sixty-five, but the other half could not.

A retiree is usually better served with a good monthly check rather than a semi large one shot deal as offered by some larger US companies.

The problem for the company is that they are responsible for the retiree for too long a period after retirement, and they want out of the deal if they can pull it off.

The greater majority of people could retire at age 70 after paying for a lifetime of kids and colleges and cars etc.

As long as your health is in good shape, and you are nearing retirement age now, then you would be in a better position to wait to age 70 to retire. You would have a larger financial situation than if you started to retire at age 62.

You will get on average the same money if you wait to retire so the longer you dare to wait the better that it could be.

Check this out

If you are about 47 years old and if you have a job earning $50,000 a year, and retire at age 67, you'll be able to collect $1,915 a month from social-security.

Social security will pay you $1,340 per month if you earn $50,000 a year now and retire at age 62.

It is a large sum and waiting until age 70 makes it better by somewhere around 7% a year.

Good luck...

Disclaimer

Disclaimer: Before you make an investment get legal or professional advice.