Although 62 has long been seen as the normal retirement age, there are several reasons why 70 might be even better.
According to US News & World Report, Social Security benefits will be greater if you wait until age 70 to retire. While it's true you can start collecting your benefits at 62, your checks will be smaller. Currently, the full retirement age is 65 or 67, depending on when you were born.
Another reason 70 might be the new 62 is because of increased life expectancies. This may not be such good news for those who need to live off their savings, but delaying retirement for as little as five years can have significant advantages. It's often right before you retire that you make the most money so that added income can help you save more and investments will also have time to grow before you start withdrawing.
If you work an additional eight years, you'll have more time to pay off debt and will be less likely to carry as much with you into retirement. The extra time from delaying retirement will also help you to make better financial decisions.
In-home senior care can help you determine when it may be the best time for you to fully retire and begin drawing your Social Security benefits.