Why You Should Choose Your Retirement Age Wisely

Choosing the appropriate time to bow out of one’s career is usually a thing of deep consideration. The most unfortunate part is that most persons may not even have a well-laid-out plan for this. However, two factors are usually taken into cognizance in choosing your retirement age. They are your peculiar needs and the events of your life, excluding the plans you have for life after retirement.

Yes, there were times we just want to pull in a letter of resignation to the front desk of the boss and become retired at the very instant. However, if there are no structured plans for your retirement, whether it comes early or late, it is definitely going to head down the drains. You may want to check out this website to find out what you need to do before retirement.

Factors to Consider Before Choosing a Retirement Age

Here are some things to consider before choosing a retirement age:

1. Retiring Before Turning 65

Honestly, some people find some form of relief when they get the chance to leave their 9 to 5 job. This is true because the moment some persons get to their fifties, and perhaps in their sixties, they begin to feel all worked out and need a break. Thus, retiring before turning 65, can be very relieving.

For men, it is advisable to retire when they get to 64 years of age, while women can terminate their appointment by the age of 62. Whichever new activities you want to engage in, like learning a new skill or traveling, now is the time to freshen up and get ready for it. You may even consider getting another job that is easier to handle.

Although research suggests that working for longer periods of time, can keep you happier and healthier, there’s a school of thought that thinks otherwise. Not everyone has the financial capacity to support a prolonged period of retirement. By the time you turn 62, you may be qualified to receive Social Security, but your monthly bonuses will only come after some years. For instance, for those born around 1943 to 1954, this benefit does not come till they turn 66.

If, however, you decide to claim the bonuses when you are 62, you will get just 75 percent of the total amount. This is an indication that your checks will continue coming even for a long time. However, it is imperative to note that if you wait till you are 66, your spouse will get only 35 percent of your total retirement instead of the usual 50 percent.

Therefore, if you plan to retire early, you need to save up enough money or have an investment with a good ROI that can complement Social Security. Remember that you will not qualify for medical services at this age.

As a result, you will spend your personal funds to purchase health insurance. Thus, you must have saved enough or invested much of your income for you to be able to cater to health needs or afford standard medical care. You can click on https://www.forbes.com/advisor/retirement/increase-social-security-benefits/ to learn more about Social Security.

2. Retiring at the Normal Age: 66-70

Most persons see 66 as the most favorable time to retire. They believe that this is the perfect time one should be resting from work activities, having accumulated more than enough finance. A more beautiful thing about retiring at age 66 is that you will receive Social Security without deductions. This makes a significant difference if you are quite healthy and probably have a normal or an extended retirement.

Furthermore, waiting till this period avails you the opportunity to invest more funds in your retirement account. For instance, investors up to the age of 50 years can actually make catch-up contributions to investment plans like the IRA or 401(k). They can contribute as much as seven thousand dollars to either a Roth IRA or a traditional one.

Also, if you wait till the age of 65 before retiring, you become qualified for Medicare. This is usually a percentage of your insurance plan if you are older.

3. Retiring Late: 70 Years and Above

Perhaps you have a deep love for whatever work you do to make money. You are more likely to retire at age 70 or older. To some other persons, extending their career is never an option. However, before choosing to retire at this age, you must know the advantages it offers.

One of the advantages of full retirement age in the USA is that it gives you a chance to increase your savings and enjoy the top-notch Social Security payment plan. These bonuses continue increasing till you are up to 70 when you should be accumulating over 132 percent of your entire money. Thus, with an effective plan, you will have more than enough to spend on doing the things you love most and fewer things to worry about.

Unfortunately, most Americans are not prepared for retirement. The National Institute of Retirement Security notes that 4 out of 5 working US citizens have saved less than a year’s income in their retirement account. Also, a whopping fifty-seven percent don’t own retirement assets. So what would it be for you? If you really want to enjoy your later years, you should be ready to make certain changes now.


Many older workers can’t wait for when they will finally quit their jobs and walk home as retirees. But you do not want to retire and start worrying about your finances. Hence, before you decide to retire, ensure you have enough resources to enjoy your retirement.

More Relating To Why You Should Choose Your Retirement Age Wisely:


Leave a Reply