Make sure your income lasts
As medical science continues to develop methods to improve our health and as people retire earlier, the average life span is growing longer for both men and women. This means that the average length of retirement is growing at both ends, making it even more critical that people save more money and budget properly to ensure their savings last.
If you choose to retire earlier, you will start drawing on your nest egg earlier, so make sure you have saved enough so you don’t deplete your savings too early. Also keep in mind that, although Social Security allows you to begin receiving benefits at age 62, these benefit payments may be as much as 25-30% less than if you waited until what is considered full retirement age (for more information, see the Social Security Web site). And remember that the full retirement age is being gradually raised by the Social Security Administration to account for longer life spans.
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