4. You’ll Need More Money Later
Our first impulse when we retire is to finally go on vacation, travel, buy something we’ve always wanted but couldn’t justify yet. And that’s understandable. After all, everyone needs to feel like their hard work has paid off and treating yourself is just the right way to do so.
But you might want to think about your finances later on in life too. While you could claim early and have fun, you could save the money up for later when you’ll probably be in a pinch. For example, you might need to hire someone to help around the house or pay for taxi services when your mobility starts to decline.
As you age you’ll become more vulnerable, so it’s time to consider how you’re going to spend your Social Security benefits later on in life.