Retirement planning considerations for seniors

Recent findings highlight various factors impacting the transition into retirement, ranging from lifestyle choices to financial planning.

A nationally representative survey conducted by NORC at the University of Chicago for the University of Michigan’s Institute for Healthcare Policy and Innovation found that over half of adults aged 50 and older own a pet. Among these owners, 83% report that pets provide a sense of purpose, while 71% state they help them enjoy life. The most common pets are dogs and cats.

Regarding financial stability, experts note the trade-offs involved in claiming Social Security benefits. While individuals can claim as early as age 62, doing so reduces the monthly benefit. For those born in 1960 or later, the full retirement age is 67. Delaying benefits up to age 70 can increase monthly payments through delayed retirement credits, which add 8 percent annually after the full retirement age.