- A recent study found that extending one's working years by just two to five months, depending on your income, can offer the same payoff as saving an extra 1% annually over 30 years.
- With one spouse earning a paycheck, you may be able to put off claiming Social Security benefits, which boosts the benefits by up to 8% per year for each year of delay between the ages of 62 and 70.
- Women have the most to gain by working longer since their earnings peak after the age of 50. This will allow them to substantially enhance their Social Security payments since the Social Security formula looks at the highest 35 years of earnings. Of note, a man's earning power starts to decline after the age of 50.
- A job may offer employer-sponsored health insurance which could eliminate the need to purchase additional health insurance coverage.
- For some people, their identity is tied to their work. Will they be happy in retirement? Will they be able to find interests that give them purpose?
Peak Wealth Management is a full-service Registered Investment Advisor located in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions putting them on a path toward fulfillment and their own definition of true wealth.