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  • There are some factors you need to consider before you retire. For instance, besides Social Security Benefits and retirement accounts, do you have other income sources to cover your monthly expenses after your retirement? Will you and your spouse still be covered by current life and health insurance? Do you have long term care insurance? Are there other resources to supplement your income if the stock market falls?

    If you are going to retire before full retirement age, you could lose some benefits. For instance, if you retire at age 62 and start receiving social security benefits, the amount of social security benefit will be reduced because of early retirement. Medicare coverage won’t start until age 65. If you are planning to retire now, you should make sure you have a secure source of health insurance coverage until you become eligible for Medicare. It’s always a good idea to check with your current employer to find out what benefits are available to you now and after retirement.

    You should review your specific situation with a qualified advisor to determine if you can retire in two years.

    You can use retirement calculator to find out how much you need to save to retire at 62 at: https://www.newretirement.com/retirement-calculator/default.aspx

    Also, the following article provides general ideas of how to live within a budget during retirement. Some of the topics discussed throughout the article may be helpful in determining projected expenses. http://www.newretirement.com/services/Reducing_Expenses_to_Insure_Retirement_Security.aspx

    This answer is provided as general information only and provided by Master’s students pursuing a degree in Personal Financial Planning at Texas Tech University. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or Certified Financial PlannerTM as to your unique financial situation.

  • Login to rate this answer:   Answered on 4/10/2013
  • NewRetirement User

    60 year old from Onsted, MI

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  • Since you are already 65 I would say no.

  • Login to rate this answer:   Answered on 4/29/2018
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.