Ben Shapiro Calls Retirement ‘a Stupid Idea’ — 3 Signs That Might Be True for You
Americans can collect Social Security retirement benefits as early as age 62, but some argue that just because you can start benefits doesn’t mean you should.
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In a recent episode of “The Ben Shapiro Show” Ben Shapiro — lawyer and conservative political commentator — said it’s “insane” that the U.S. hasn’t raised the official retirement age, claiming that retirement itself is a “stupid idea.”
“Frankly, I think retirement itself is a stupid idea unless you have some sort of health problem,” he says, adding that for elderly people who stop working and lose their purpose in life, “things go to hell in a handbasket real quick.”
Even if you don’t collect Social Security benefits at age 62, you can’t work forever. However, there are signs that it might be too early for you to retire comfortably.
You Don’t Have Enough Savings
According to a new survey from Northwestern Mutual, the average American thinks they’ll need $1.46 million in savings to be financially secure in retirement. In reality, there really is no “magic number” for retirement. The amount you need to save depends on the age you plan to retire and the lifestyle you want to have after you stop working.
For example, if you want to retire at age 67 and start traveling the world, you might need more than if you planned to work part-time in retirement and live a more frugal lifestyle.
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You Enjoy Your Job
A common problem retirees face is the feeling of a loss of purpose in life when they stop working. If you love your job, consider delaying your retirement until age 70. Not only will you receive several more years’ worth of paychecks, but you’ll also receive 132% of your monthly Social Security retirement benefit amount, the maximum you can receive.
You Need Healthcare Coverage
Although Americans can retire at age 62, they won’t be able to receive Medicare. Most Americans need to work until age 65 to qualify for coverage. If you retire early, your spouse’s employer-sponsored health plan may be an option. If not, then you may need to purchase a private health insurance plan or explore your state’s health insurance marketplace.
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This article originally appeared on GOBankingRates.com: Ben Shapiro Calls Retirement ‘a Stupid Idea’ — 3 Signs That Might Be True for You
