3 Tips to Retire at 62
Retirement is the goal we work toward our entire lives. Traveling, taking it easy, enjoying grandchildren, and downsizing are all things to look forward to. Hobbies that have taken a back seat to work are now the center of life, and you’ve worked hard to get there. Taking retirement as early as possible is a desire for many so that they can enjoy these benefits sooner. The thing is, most benefits for retirement don’t kick in until later in your 60’s or even your 70’s. However, if you’re looking to stop working and enjoy the fruits of your labor well before then, keep reading for our 3 tips to retire at 62.
Retire at 62 Tip 1: Consider Your Lifestyle
The first tip for retiring at 62 is the fun part: Setting your goals and considering your lifestyle. It’s time to sit down and figure out what retirement looks like for you. While you don’t have a crystal ball to determine what life is going to be like or how you are going to feel decades into the future, it’s important to set some goals. Many people who love their jobs, have an entrepreneurial spirit, or have busy energy can’t fathom the thought of never working again and may want to incorporate a part-time job into their retirement plan. Many people, on the other hand, are more than ready to hang up their uniforms for good one day. Which one are you?
Questions to ask yourself include:
- Do you want to quit working completely, or will you still work part-time or start a side business?
- How much traveling do you want to do?
- Will you downsize your home and move to a more tax-friendly state?
- What kind of hobbies do you enjoy that might incur ongoing expenses?
- What kind of medical expenses can you predict?
- Are you interested in leaving money for your children, other family members, or a charity?
- How much money can you expect from your 401(k), pensions, or other investments?
- What kind of retirement planning are you expecting from your partner?
Retire at 62 Tip 2: Think About Social Security
Social Security benefits are something you will be able to take advantage of once you retire. However, the age you start taking it really matters and can greatly impact the rest of your life. While 62 is the first year you’re able to start, you will get the lowest amount. For most people, waiting until the full retirement age of 66 or 67 is ideal because that is the soonest you’re able to qualify for the full monthly benefit amount. Furthermore, if you wait until age 70, you’ll qualify for the largest possible monthly benefit amount. Is it worth it for you to start taking it early, or just wait it out a few years?
Having to wait it out a few years doesn’t mean you can’t retire at 62. If you choose to wait until 66 or even 70 to start taking Social Security but also want to plan to retire at 62, then you will need to figure out how you will supplement your income for those 4-8 years. This requires planning now as far as investments, a part-time job, or building a side business. This Social Security Calculator can help you play with the numbers so that you can start planning.
Retire at 62 Tip 3: Invest in Gold
One of the best ways to secure your retirement and retire at 62 is by investing in gold. No matter how you plan on saving for retirement, investing in gold will protect your nest egg. Gold prices go up when the economy goes down. This means that if you’ve invested in stocks, bonds, or real estate and the economy goes down, you haven’t lost your life’s savings. Gold prices will go up, ensuring that you have money to retire at 62 with.
Other benefits for investing in gold for retirement include:
- Tax benefits, such as tax deferment and savings credit
- Higher after-tax returns, making sure you have the most money possible for retirement
- Ability to roll your existing IRA over to a gold IRA
- Ability to draw money from your gold IRA anytime, without having to wait
About Priority Gold
Retirement can be a tricky thing to plan for because everyone’s dreams and desires for retirement are so different. Whether you are looking to travel the world or are daydreaming of coffee on the porch every morning, we are here for you to help you save for it. Priority Gold is one of the most trusted precious metals dealers in the United States with BBB A+ Rating, AAA Rating with Business Consumer Alliance, and 5 Stars Rating with TrustLink.
We specialize in providing precious metals investment services with Security, Liability, and Great Convenience for customers. Our team is committed to helping to streamline their precious metals purchases at a fair price, selecting the right precious metals portfolios, and meeting their important financial objectives.
We offer Free Storage for qualifying Gold & Silver IRA accounts, a fast & easy gold buying process, and smooth IRA Transfer. We guarantee the highest standards of customer service, which come with honesty, professional conduct, and the Ethical Code of Business.
For more information, visit us at prioritygold.com