Ret ire ment
Know When to Fold ‘Em
navigating the financial and emotional gamble of retirement
Text by Nancy S. Moseley For some, it’s a decision you’re weighing right now. For others, it’s something in a galaxy far, far away. And still for others, “I’ll sleep when I’m dead” is the chosen declarative mantra. Figuring out the ideal time to retire, when exactly to stop earning a full-time living, is a biggie. The Social Security Act of 1935 helped with that decision by making 65 the target age. It was the first insurance
40
NRV MAGAZINE
program of its kind to pay retired workers a regular income with funds acquired via taxation. Today, an individual’s “full retirement age” is determined by birth year, typically falling between 66 and 67 years of age to receive full benefits. Unfortunately, social security didn’t account for the fact that we are now living longer and having fewer children, resulting in more retirees taking money
out of the system and fewer workers putting money in. Recent projections put social security running out by the year 2035. That means that now, more than ever, we need take retirement planning into our own hands. The most obvious question to ask in determining when to retire is: “Do I and will I have enough money?” This calculation takes a lot into consideration
S eptemb er/Octob er 2020
