Half of leading-edge baby boomers, those ages 61 to 69, have fully retired and about 15% of the U.S. population is now finished with work. 

Retired Americans receive $1.3 trillion in income. The vast majority of this income comes from two sources: Social Security (42%) and traditional pension and retirement plans (30%).

Some 41% of retirees have annual income less than $25,000, and of those, only 21% receive income from a pension or retirement plan.

Yet, with the fluctuations in the market and economy, there is a concern out there as to when to retire.

In the event that you are nearing retirement, there are things that you can still do to improve your financial health.

The first thing that you can do is plan on working longer; even if the position is part-time. Extending your ‘working career’ doesn’t make just financial sense, but by keeping active, your health will enjoy added benefits.

There are some who have been empty-nesters that have additional bedrooms that can be shared to defray certain costs like real estate taxes and insurance premiums.

Keep Working
It was just two decades ago when the average American man retired at 62. That average age is now bumping up to 64, according to certain statistics, will continue to go higher.

According to a Gallup poll, 74% of working U.S. adults are planning to work “past retirement.” Of that population, Gallup shows that 11% will continue to work past retirement age of 65.

It is further reported that 59% are planning to retire at age 65 or later; this reflects 26% who have set 70 as their projected retirement age.

Delay Social Security
By claiming your Social Security benefits at the current full benefit age of 66, you will collect 20% more than if you claimed at 62. What is more, if you delay claiming Social Security benefits until the age of 70, you will see your benefit increase by 76%.

Continue to Work
People who work after ‘officially’ retiring have found that they stay productive (79%), and enjoy greater flexibility and control over their time (70%). They also benefit by learning new skills and enjoy a greater sense of accomplishment.

Additionally, by working longer, the financial security of that individual improves – in some cases, this can delay the drawdown of your retirement assets.

There are also penalties for those who work and earn more than their $16,200 benefit.

An individual who works and earns $26,920 ($10,000 over the $16,920 limit) will see their Social Security income reduced by $5,000 ($1 for every $2 earned over the limit). This rule does not apply after reaching the full retirement age.