If you want to make the most of your retirement, you might want to push the age you retire from 65 to 70.
That’s the advice from financial experts, the Seattle Times reported.
Financial analysts say waiting a few more years or drawing your Social Security benefits later can significantly boost income.
“We keeping adding years of life and it all got tacked onto the retirement period and it never changed the retirement age,” Steven Vernon, Stanford Center on Longevity research scholar, told the Seattle Times.
The paper reported that Americans typically retire at age 63 and start collecting Social Security between age 62 and 64.
For middle-income retirees, Social Security benefits represent up to two-thirds of their retirement income. If they wait until age 70, it represents up to 85-percent.
“Anyone who is a little behind in their savings, even just one year of delay can make a big difference,” said Dan Keady, chief financial planning strategist at TIAA told the Seattle Times. “I hate to put a number to it, but the concept of working a little bit longer is an important one.”