To millions of people getting older is either a scary thought or they have the notion that they will never grow old, or they can start saving money “later“. Yes we go through life with a tendency to push things out of our minds and not plan appropriately for the future. Which in turn leads everyone at some point to ask questions such as, What age can I retire at? Will I have enough money to retire? Will I need to keep working in retirement?
There are many issues that need to be looked at concerning when an individual or couple can retire, here are just a few:
calculating any personal retirement funds
Will total monthly income be sufficient for monthly expenses
Will there be any unexpected surprises
Will your funds run out
Is your health & family longevity, good or bad?
Are you planning on working during retirement
A few thoughts to keep in mind is that there will be constant adjustments concerning retirement living, financial needs will change and with life expectancy growing, your actual retirement years will probably be longer than you think.
What if the stock market collapses again, will you have to rebuild? Could you live on the after effects in your later years?
What if you and/or spouse gets sick, what will medical cost be like?
What if long term nursing home care will be needed
What if inflation balloons, will you be able to adjust your money situation
What if you retire at this age or that age?
What if you have little or no personal retirement money saved?
There are so many more what ifs. You need to figure out your own, plan for the worse and live for the best!
Estimating Social Security
Social security can give a good estimate of what you monthly benefits will average out over the span of your life, but just remember like the majority of people, you might be shocked when you realize how low you monthly benefit turns out to be, and realization hits you that you cannot live only on social security.
For example, if your full retirement age is 66 and your monthly benefit was going to be approximately $1,000, and if you decided to draw early at age 62, your monthly benefit will be reduced by 25 percent to $750. If you waited until age 70, you would increase your monthly benefit amount to $1,320.
You might get a smidgen cost of living increase but that will be totally wiped out by a never ending factor called inflation.
Going back to the question, What age can I retire at? Please realize that it takes time much effort and a clear understanding how everything works together, or how something might alter your lifestyle plans. Hopefully you do have plans.
Take Action Now:
Learn to build a life strategy plan
Learn to get help, empower the use of an excellent retirement calculator
Learn to incorporate detailed results and functionality that works best for you
Start saving early in life, get your kids involved in saving at an early age
Understand that due to life changes and social wellbeing, there will be a tremendous need to calculate your retirement plans on a regular basis and that there will be adjustments in your financials and your lifestyle. Once started, you will discover that calculating factors for your retirement can be easily achieved.
Realize that getting family members actively involved in your personal, financial, and health care needs is one of the most important decisions that will benefit you and will relieve stress and legal issues for your spouse and family.
All these factors will play an important part on the big question that millions of people ask every single day What age can I retire at? Yet they forget to ask, Am I prepared to travel down that road of retirement?