11. Wait To Draw Social Security Until You’ve Maxed Out Benefits
Of course, you are entitled to claim Social Security benefits as early as possible, but doing so could have nasty consequences down the line. It’s a good idea to live off of your other savings until you reach 70 in order to max out your benefits.
Here’s how it works. The amount of money you’ll receive from the government won’t change. But the earlier you claim benefits, the more you’ll have to stretch that money out. In 2020, if you turn 62 and decide to receive your Social Security checks, you could collect $716 per month. Once you reach 70, your benefits will go up to $1,266 per month.
This may be when healthcare costs will begin to rise for you, but the larger amount of money will help significantly. Tap into your other savings first, it’s the smartest choice you’re going to make!
12. Rent Instead of Own
A lot of seniors consider renting instead of owning blasphemous. After all, your home is probably the biggest investment of your life, and giving it up now sounds like a waste, right? But if your home is too big and expensive to maintain, you could save thousands of dollars by renting instead. Not to mention the fact that a lot of expenses will be passed on to your landlord instead.
Cross off property taxes off your worry list, too. In some cases, you won’t even have to worry about utilities either. Those are two major costs during retirement and the more you can save, the more you’ll be able to invest in your new hobbies, healthcare, or traveling the world!
The money you get from saving your home will be significant, too, and you’ll be able to stretch it out over the remaining of your life if you are careful about your monthly budget!
Which of these 12 ideas sound perfect for your retirement? Let us know by commenting down below, we’d love to hear what you plan on doing once you retire!
