Reaching 62 without retirement savings can be daunting, but there are strategies to improve your situation. Working longer can mitigate reliance on Social Security, which is reduced by 30% if claimed at 62. It's suggested to delay benefits until full retirement age or later for better payouts. Additionally, evaluating lifestyle changes can help conserve funds. Financial tools and advisors can assist in guiding retirement plans and improving financial stability before reaching retirement age.
If you don't have money saved for retirement, you may want to pledge to keep at it a bit longer.
Claiming benefits at 62 will result in a roughly 30% reduction to those monthly checks, which is a hit you can't afford in the absence of having a nest egg.
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