As we examine the question of what is the best age to retire, it’s clear that the answer will be different for every single person. There’s no way for there to be one best age for every person, obviously. So as we’re figuring out the best age for retirement for ourselves, there are lots of factors for us to look at. Let’s start by looking at the financial side of the question.
FREE RETIREMENT VIDEO
I recommend you watch this video I recorded that goes through how to avoid running out of money and increase your retirement income. You are also invited to set up a short 20 minute free no cost and no obligation Retirement Ready Success call by clicking here. In this short call we will
- go over where you are now,
- where you want to be,
- and I will share with you some of the strategies I use with my clients to help them achieve financial freedom and peace of mind.
So, as we look at this particular question about retirement, especially if I look at my own life, the only way to answer is that it’s best to take a traditional approach. Here’s what I mean. Stay with me for a minute as I explain.
How much money am I going to receive in pension and Social Security income? What are my expenses? How much debt do I have now, and how much will I have in retirement? Will any of those debts go away in retirement? What are my taxes going to look like once I retire? Do I have a bunch of gains that I’m going to have to pay taxes on? Will that lower the amount that I’ll have to draw from, or generate income for me during retirement?
Those are the financial questions that are important to ask. As we look at all of the financial aspects to determine what is the best age to retire, it really requires us to determine what type of lifestyle we’re going to want. Then also you have to weigh emotional factors.
How much stress am I experiencing in my job? Do I think that the stress I’m experiencing in my job is worth it to me and my family? Is it more important for me to continue to make money to have a more comfortable retirement, or would it be better to retire earlier, reducing my stress and being able to spend more time with the people I love most, doing the things that I enjoy?
The emotions that we have are very important to consider as we decide when to retire.
I think so many people don’t even know if they’ll have enough money to retire. They don’t even know what’s a good amount to have. That’s where it’s very helpful to work with a professional, who knows the cost of Medicare, the cost of other types of insurance, and all the other expenses that you’ll be facing, the rate they’ll increase due to inflation, as well as the tax rate on Social Security income and on IRA withdrawals will be able to help you determine the best age for you to retire given your goals and financial needs.
Obviously, the more financial goals you have, such as buying a second home or traveling around the world, you’ll need more money and likely would retire later than someone who has more modest goals. So, again, determining what the best age is to retire is very personal, and it will require some calculation and thought on your part.
Click on the links below to subscribe to our YouTube or Podcasts channels called Cloud’s Retirement Chat. We offer valuable information in each show that can help you make wise decisions with finances:
Click here to watch my Free Video Presentation that Reveals…
How To Avoid Running Out Of Money In Retirement AND Potentially Increase Your Income In Retirement… By Making ONE Simple Change To Your Finances! You will learn:
- How one simple change to your finances can increase your retirement income
- How one simple change to your finances can help you avoid running out of money
- How to do all this without needing to invest more money or spend more time on your finances.
Or you are also invited to set up a 20 minute free no cost and no obligation Retirement Ready Success call by clicking here. In this short call we will
- go over where you are now,
- where you want to be,
- and I will share with you some of the strategies I use with my clients to help them achieve financial freedom and peace of mind.