62 is a milestone for a lot of people. One big marker is Social Security. If you are turning 62 this year, it means you were born in 1959. In that case, you will not reach FRA (full retirement age) until 66 and 10 months, so if you claim benefits at 62, you will reduce them by nearly 30%. That is a large hit to lock in for the rest of your life. Unless you really need the income, why would you do this?
I can also take advantage of Senior Discounts at many places. Movie tickets, restaurant deals, travel discounts. I make my husband apply for these; he is older than me. He can step up to these discounts.
A number of people I meet with ask if they should transition their investment portfolios to a more conservative one due to turning 62. My answer generally is no. I plan on living for 35 more years, that is a long time for an investment portfolio to work for someone’s benefit, therefore, equities are necessary.
Chronologically, my calendar may say 62, inside t feels more like 12. I will still be wearing the birthday tiara and having cake for breakfast – you should also!