The Best Age to Retire – Know Expert Guidance Here

There is no one specific number that can be claimed as the Best Age to Retire. As the retirement age is more of a personal choice based on working capacity and financial feasibility towards post-retirement life. The median age for retirement in the USA is around 62 years although it may not be the ideal one.

The age of retirement is very much aligned with the Social Security benefits. The employees who invest in Social Security programs usually need to retire after the age of 65 years as it allows them to claim full Social Security benefits. Despite the fact that an early retirement might result in reduced Social Security benefits, people opt for it.

The Best Age to Retire: What Experts Say

The experts suggest that the best age for retirement is a mixed case of personal needs and readiness of the individual. The financial, health and other such factors affect the retirement decision. Any generalized simplification of the best age to retire is mere speculation as every individual may not fall under the same circumstantial viability for retirement. The decision of taking early retirement is mostly driven by health related issues whereas continuing to work beyond the median retirement age is driven by financial needs.

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The retirement age is usually subject to the amount of savings that are deposited by the working professional. If a person doesn’t have enough money to spend in the post-retirement years it will be very difficult to manage new income sources as the workability is significantly reduced for senior citizens. Therefore the retirement age has to be chosen based on the funds required to live out the remaining years in financial self-sufficiency. The person has to plan for the household’s collective income and required funds for essential expenses during the retirement years while deciding their retirement.

Highlights on the Best Age to Retire

Title Name	The Best Age to Retire: What Experts Say
Associated Country	The United States of America
Discussed Topic	Age of Retirement
Related Program	Social Security Benefits
Beneficiary	Senior Citizens in US
Benefits	Pension and Health Care
Median age of retirement	62 years
Best age for retirement	After 65 years

What Should be Considered as Retirement Age

The retirement age is subject to numerous factors that affect the income security and personal circumstances of the retirees which are as follows:

• The lifestyle of the person and dependents;
• The minimum amount required to sustain the basic needs of the household;
• The investments and savings accumulated at the age of retirement;
• The expected plans for expenses during the retirement years;
• The health or other financial issues of the person or the members of the households;
• The ability to sustain financial needs for rest of the life years;
• The number of accumulated wealth, assets, income sources and risk tolerance of the retiree;
• The taxation laws of the state or country planning to retire in;
• The need for health care coverage and any requirement of personal carer;
• The eligibility of the retirees and their dependents under any Social Security income program and its associated benefits.

The aforementioned points just draw an outline to determine the best age of retirement for any employee or self-employed individual in the US. The personal needs and capabilities will be a deciding factor for any individual to choose any age for their retirement.

What is Early Retirement?

The age for retirement is subjective but keeping Social Security benefits as the anchor for consideration the ideal age to retire will be above 66 or 67 years. If any individual takes early retirement then there are certain consequences that will pursue such decision that are as follows:

• The person that has made enough investments and savings to sustain their basic needs and rather have more freedom to pursue any alternative lifestyle can retire early without worrying too much about the drawbacks of early retirement. But if there are not ample funds for contingent needs such as a medical emergency might leave such early retirees out of options. However taking adequate health insurance coverage might resolve such medical needs;
• Social Security programs such as Supplemental Security Income or Social Security Disability Insurance require at least 62 years of age to be attained before retiring while contributing towards the SSA fund. If the retiree fails to do so the Social Security benefits might be subjected to significant reduction;
• The Medicare program requires a minimum of 65 years to be attained before retirement to claim its benefits. If a retiree can’t afford any private healthcare insurance coverage then it is better to make due contributions in the program till the prescribed age for the Medicare benefits;
• The person who chooses to continue working and make contributions till the prescribed age of 66 or 67 years can claim full Social Security benefits. It will be even better to continue till the age of 70 years which is the maximum allowed age for contributing in the Social Security fund or 401(k) retirement plan or any Individual Retirement Account. This will increase the amount of monthly Social Security benefits or retirement income till the associated beneficiary is alive and his or her dependents are eligible.

The individuals who are capable of continuing to work after the age of 66 or 67 years and choose to contribute in their respective Social Security programs will surely have to delay their alternative life goals but at least they don’t have to risk their financial sufficiency during the retirement years. The final decision of opting to retire at any age is a personal choice rather than the norm so the person has to decide on their own what the best age to retire is.

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