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Bryan Beatty Interviewed for Associated Press Article: "As Baby Boomers Begin Turning 'Magic' Age of 62, There's Urge to Retire"
March 9, 2008, Associated Press — In this article by Eileen Alt Powell, she explains that the oldest baby boomers are turning 62 this year, and some are using that as the catalyst to consider retiring.
It’s possible because they can begin collecting their Social Security benefits at that age, though at a lower level than if they wait until their full retirement age of 66 or older.
But before quitting their jobs, baby boomers need to think long and hard about whether they’re ready financially and psychologically to move into the next phase of their lives, experts say.
Powell interviewed EBW financial planner and partner Bryan Beatty, who said that many would-be early retirees also overlook health care costs.
“A lot of people don’t realize that Medicare doesn’t kick in until age 65,” Beatty explained. Medicare is the federal health insurance program that covers hospitalization, medical and drug coverage.