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What is the age you can retire at?

I think the age of retirement is 50 years old and older. #careers


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Kim’s Answer

Hi Brandon!

"Retire" has different meanings. So, it can mean to quit working all together, after having worked most of your life. It can also mean simply to leave a particular job after lengthy employment. An example of this would be a career military person. Suppose you go in the military at 18, and work for 25 years, you could then retire at 43. For financial reasons, or just because of boredom, most people get another job. You could even work that other job for another 20 years, and retire from it, at 63.

Many employers used to give pensions. Nowadays, many do not. Government jobs still do. These include military, law enforcement, teaching, working for the city, state, or county. Private companies expect you to keep and manage your own 401K, and they usually contribute some money towards that.

If you start saving when you are young, and always increase the amount whenever you get a raise, it's a lot easier than waiting until you are about 40 and realizing you should have been saving all along! However, everything in moderation. Take some time to enjoy life along the way, for you never know what the future holds!

Adding to Alexandra's excellent answer about Social Security: One of the biggest factors that keeps people working longer is the need for medical insurance. Currently, a person becomes eligible for Medicare at age 65. If you decide to retire at age 62, you will need to find a way to provide for your healthcare until you turn 65. Some employers provide retiree insurance. Some don't.

Hope this helps!
Kim


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Alexandra’s Answer

Hi Brandon,

If you are born in 1960 and later the "Normal Retirement Age", as defined by the social security administration is 67. This can vary by year of birth. The normal retirement age is the age where your benefits will not be reduced due to retiring early or increased for delayed retirement. However, you can start receiving retirement benefits at the age of 62.

Retirement in general, I believe it is okay to say you can retire at any age but you would need to make sure that you are able to fund your lifestyle upon retirement, if you have not reached the age to draw benefits.

If you have saved money accounts such as IRAs and 401k, then you can officially draw your money from those accounts at the age of 59.5 without being penalized. If you draw before then there will be a penalty that results in you losing money.

If you are between the ages of 55 and 59.5 you can withdraw from a savings without penalty if you no longer work for that employer.

I hope this information helps and answers your question.

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Jerry’s Answer

Hi Brandon !

That's a good question !! Traditionally, in the United States, the retirement age has been 65. However, due to changing governmental and company policies, the "general" retirement age has increased to 66 years of age or more. Some "agencies" now use 70 as the age of retirement.

When most people think about retirement, the 2 issues that come to mind most often are Medicare (health insurance) and Social Security (a minimum monthly income). Adults who have worked many years for an employer or other public entity have made regular contributions through their paychecks over the years. When they reach the age of 65, 66 or 67 (at the current time), they become eligible to benefit from these 2 social government programs. The Medicare program is fairly straightforward. Social Security benefits are more complex and have more "moving parts". I strongly suggest that everyone attends one or more free seminars, or reads a good book, about Social Security.

The most important thing, by far (as far as I am concerned), is for every person to start saving and investing money on a regular basis in preparation for retirement !!! The "appropriate age of retirement" depends upon how much money you have saved and, thus, the question becomes "When can I AFFORD to retire ?" I know people who are in their 60s who tell me that they will never be able to retire, because they have not earned and saved enough money to pay their bills if they do not continue to work. They plan to work until they die.

So, work hard, save as much money as you can and learn how to invest your money wisely !! Hopefully, you will be able to retire with enough money saved that you can live comfortably and enjoy your later years ! I also suggest that you think about the retirement age as being 70 years old. If you have saved enough money to retire earlier than age 70, that will be a bonus for you !!! Good luck !

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