Choosing when to kick-start your social security benefits can be an overwhelming decision, often with advice discouraging collecting at age 62 due to potential lower lifetime returns. Generally, the common consensus is to delay until full retirement age or even beyond for increased benefits. However, many factors such as health condition, financial need, and other income sources significantly influence these decisions.
An aspect often neglected in these discussions is the value of time. It is evidenced by some individuals who, out of necessity, began their social security benefits at 62. This decision yielded unforeseen benefits as their career and financial trajectory had been disrupted, thus pushing them to retirement.
They structured their retirement in three phases: Go-Go (60-70), Slow-Go (70-80), and No-Go (80 +). They spent their Go-Go years travelling, picking up new hobbies, and embracing an active lifestyle which led to exciting encounters and adventures. The Slow-Go years were spent at a more relaxed pace: leisurely walks, gardening, reading. The No-Go phase was a quieter time filled with cherished moments spent with family and friends.
Planning their retirement in stages helped them navigate their golden years effectively, maintaining joy and enthusiasm through the different phases. Starting early in the Go-Go phase led to numerous unexpected benefits, such as an extended period of active engagement in activities they loved and expanded free time.
Early retirement led to improved health, decreased stress, more time spent with grandchildren, and freedom to pursue hobbies. Additionally, they were able to participate in volunteer efforts, enhancing their sense of community. They also gained control over their lifestyle and enjoyed a well-deserved rest contributing to their mental health.
A significant advantage of early retirement was increased opportunities for travel. After visits to the U.S to witness the birth of their grandchildren, they explored various continents from Ecuador, South America, and Latin America to Mexico, Europe, Colombia, and Argentina. Each destination left an unforgettable imprint of diverse cultures, cuisines, and beautiful landscapes in their memory.
Reflecting on their experience, they saw the decision to claim social security benefits early as beneficial. They now aim to share these insights to assist others in making informed decisions about their retirement, emphasizing the worth of time and the potential benefits of early retirement.
