By Elliot Raphaelson
From Tribune Content Agency
In a recent edition of Financial Planning magazine, there was an interesting column written by Nathan Place that discussed some of the reasons that Americans are retiring later. I’ll discuss some of these factors below.
One of the primary reasons people are putting off retirement is changes to Social Security regulations. In the 1980s, Congress changed the full retirement age (FRA) from 65 to 67. Individuals may claim Social Security benefits as early as 62, but if they do so at any age before reaching FRA, their benefits are reduced.
This gives individuals a considerable incentive to work longer. Workers who continue working after reaching FRA, their benefits increase by 8 percent per year up to age 70. Based on the mail I receive, a great number of people are taking advantage of this incentive….