Social Security, the larger each paycheck will be. Someone who would collect $550 a month at 62, for example, might receive nearly $1,000 a month by waiting until 70. Plumper payments, in turn, can help prevent you from running short of money over a long retirement. If either you or your spouse can reasonably expect to live to 80 or 90 or even triple figures, patience may be prudent.
| Retirement isn’t entirely about leisure, instead retirees typically drive through three different phases | |||
| Â |
Forward |
Reverse |
Park |
| Lifestyle | On-the-move: A second career — full or part time — helps many feel connected and intellectually stimulated. Volunteering, travel, and hobbies are important parts of life. | Applying the brakes: Most people decide to scale back from the active lifestyle of early retirement and allow themselves to enjoy more leisure time. | Slowing down: Late in life you ?naturally slow down and begin to focus more on health concerns. |
| Expenses | Spend wisely, as this is only the first phase of retirement and travel and other leisure pursuits can be expensive. Continuing to work can help offset leisure expenses and prolong the life of | Expenses may be reduced with a less active lifestyle — focus on making sound decisions in managing your retirement savings. | Healthcare becomes a growing expense, which could equal or exceed the cost of your early retirement years. |
| Resources | Several Websites offer listings for the growing number of seniors who are looking for positions. Among them: www.retiredbrains.com, www.retire | In order to target a retirement ?savings goal and calculate whether it will meet your needs, use the ?calculators on blackenterprise.com; click on the Wealth ?Building tab on the home page. | An online guide from AARP is available for senior citizens and family members to help them ?create a caregiving plan. Visit www.aarp.org. |