According to one survey, about 2.7 million Americans above the age of 55 are considering early retirement.
But what is the best age to retire and what should you do when planning for retirement?
Thankfully, we have all the answers so you need! Keep reading to figure out the best age to retire!
Early Retirement
Early retirement is normally for being who are in their 50's but under 65 years old. Many people might consider early retirement if they're in a good financial position, or if they're just sick of their regular job.
Lots of people decide to retire so that they can travel, work on their hobbies, or even just find an easier, part-time job that doesn't take up all of their time.
There is some research that working longer might help you be happier and healthier in the long run, but that may be because you'll have more money to help take care of yourself. On the other hand, retirement can also help to improve your satisfaction with life.
While retiring early might sound nice, you'll need to consider the financial aspect as well. You aren't eligible for Social Security until age 62. You also can't qualify for your full monthly benefits until you're 66.3 years.
Normal Retirement
Normal retirement is between 65 and 70. This is the perfect age for retirement because you'll have time to build up a lot of savings. Plus, this is the time where all of your benefits will start kicking in.
You'll also be able to start taking money out of your investment accounts, like your ROTH or your 401(k) without incurring heavy penalties. It's also one of the best ages because a lot of your peers will also be retiring around this time.
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Late Retirement
If you absolutely love your job and don't want to leave, you could also work towards a late retirement. Most of these people work well into their 70's, and sometimes even retire when they're in their 80's.
One of the advantages of this is being able to earn more money and continue doing a job that you love. Plus, you'll also be eligible to have the highest Social Security payout.
However, there are still many disadvantages to retiring late as well. For example, by the time you retire, you may not be in good health and be able to physically do all of the things you wanted, like traveling.
Discover More About What the Best Age to Retire Is
These are only a few things to consider to help you decide what the best age to retire is, but there are many more important factors.
We know that planning for retirement can be overwhelming and difficult, but we're here to help you out.
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