I invited Hannon, who writes the Great Jobs for Retirees column for AARP, to join me recently for an online discussion. I wasn’t surprised that the hour-long chat didn’t give her nearly enough time to answer all the questions that poured in. So she offered to answer some offline.Q: My spouse is 64 and lost his job last year; unemployment benefits ran out; no prospects on the horizon despite a few interviews. He hoped to delay Social Security until 66 for full benefits. He calculated and the difference if he waits is less than $200 a month, so it seems dumb to wait. But can he change his mind if he later finds a job, or will he be locked in to the lower amount? He had hoped to work until 70, as he is very healthy and has excellent male longevity in his family.Hannon: I always advise people to delay starting benefits for as long as possible. Your Social Security benefits are increased by 8 percent a year (over the amount at full retirement age) for every year you postpone receiving checks between your full retirement age and age 70. For me, the difference between receiving benefits at 62 and 70 could wind up being about $1,000 a month.Delaying Social Security paychecks can make a huge difference in your husband’s lifetime, given his family’s longevity. But everyone’s personal situation depends on variables such as health, employment history and savings. There’s no set age for starting to collect Social Security benefits that’s right for everyone. There’s no denying, however, that the later you decide to claim (up until age 70), the greater the potential benefits may be. A good place to start your research is Next Avenue (nextavenue.org). Search for “Figure Out Early and Late Social Security Payment Benefits,” an article by the Social Security Administration.Please READ FULL COLUMN NOW AT THE WASHINGTON POST
Kerry Hannon is a Washington, DC-based career transition, retirement and personal finance expert.
Watch The Book Trailer: Great Jobs For Everyone 50+
Great Jobs for Everyone 50+: Kerry’s New Book!!
Aimed at workers aged 50+ looking for a new job—whether they have been laid off or taken early retirement, need supplemental income, or want to pursue an encore career.
For review copies:
Contact: Amy Packard apackard@wiley.com
415-782-3177
What the experts say about Kerry’s New Book.
“Great Jobs for Everyone 50+ should be required reading for everyone turning 49 . . . 59 . . . and 69. It provides a perfect combination of up-to-the-minute resources and tried-and-true principles. I talk to hundreds of people each year about their next job, and this book is #1 on my recommended reading list.”Betsy Werley, Executive Director of The Transition Network
“Kerry Hannon presents a treasure chest of job ideas and spot-on practical advice for anyone considering a job change later in life. She combines real-life examples with in-depth knowledge. Whether you are launching a second career later in life or just interested in a ‘bridge’ job to fill the gap between career employment and complete retirement, Kerry skillfully presents the dos and don’ts of making a job change. Not…Kevin E. Cahill, PhD, Research Economist, The Sloan Center on Aging & Work at Boston College
“Whether you need help deciding what to do next, pursuing your dream encore career, or landing a job that will pay the bills, Kerry Hannon’s Great Jobs for Everyone 50+ is the place to start.”Jane Pauley, host of Your Life Calling on NBC's Today show
“In this invaluable book, Kerry Hannon—our most gifted guide to making the most of work in the second half of life—shows how we can create genuine virtue out of working longer, and she does so in a way that is consistently engaging, packed with compelling stories, and leavened by wise and pragmatic counsel. For all those in search of means and meaning, the book is destined to become the definitive volume on jobs after 50.”Marc Freedman, founder and CEO of Encore.org, author of The Big Shift: Navigating the New Stage Beyond Midlife, and dubbed "the voice of aging baby boomers" by The New York Times
WHAT’S NEXT?
WHAT'S YOUR DREAM JOB? Filled with inspiring stories from people who have changed careers mid-life, What's Next? is an exciting roadmap for anyone looking to make their next job their dream job.
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65 Things to Do When You Retire
A collection of 65 essays that provides practical and entertaining advice about how to create a fulfilling retirement. The royalties from the sale of this book will be donated to cancer research.
A collection of 65 essays that provides practical and entertaining advice about how to create a fulfilling retirement. The royalties from the sale of this book will be donated to cancer research.
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