What Age Can I Retire At? – What You Need To Know

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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:

Retirement issues:                                                                                                           retire time clock
what age would work best for you to retire
when to start receiving social security

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….
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                                                                                  th8EYYXBSD
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?

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  1. Mahmood

    Actually, I can’t imagine myself living without any kind of work. So, I think I will work till death 🙂
    However, it is very important to make plans for the future because getting old will limit my working options and possible working hours. So, I must plan to have a way to earn more money with little effort.
    It would be very comforting to have a plan that can diminish any stress that might come in my old days

    1. Angela (Post author)

      Wow, I like what you said about work till death, unfortunately some will be forced to do this. Retirement income planning and keeping the brain sharp…like they say, use it or lose it!

  2. Ben Clardy

    Retirement is tricky and depending on how you prepare for it while you are younger, it can either be stressful or it can be a time to look forward to. I agree with you that those that plan for the worst, are much better off than those who go through life not thinking about the future.

    1. Angela (Post author)

      Thanks for your comment. I believe people are not given the correct education and learning techniques when it comes to their money future. People are too busy trying to make a living each day. That is the purpose of this website, helping people to better understand their options in retirement and how to prepare for retirement. Things are not going to be handed to them, they will have to learn and investigate all avenues.

  3. HolisticJB

    Great article,
    Its actually a scary concept and one that we don’t even think of when we are younger.
    Ive always worked and had very high paying jobs, but the problem was I assumed I would always have time to start saving later.
    As it turns out that was a decision to live to regret.
    Due to an unfortunate situation that i wont bore you with I lost all my savings, completely beyond my control and in court now, BUT it proves your point.
    Had i started earlier and put it a strategy plan a lot of the money I lost would be safely secured and invested making money for my retirement…which currently will be another 40 years away…
    I hope people heed your advice and plan for their future and involve family in the decision making

    1. Angela (Post author)

      Thanks for your response, I too lost a decent paying job and lost my entire retirement account and all of my savings, so I now have to figure out what my retirement years will be like. Anyone else have a similar story?

  4. Sarah

    well, when i took a long vacation i got bored and gained weight 🙂 so i will work till the last moment in my life .. I hope.
    i agree with you that we all should start saving money from our first salary to our last one. even if you saved 1$ from your first part time salary you will gain its benefit later on.

    1. Angela (Post author)

      That definitely is the key — starting at a young age, but the problem is that life and bills get in the way and people think they will have time down the road to save for retirement and they keep pushing it back. I’m in that group that found out the hard way. Why didn’t I listen to my mother?

  5. Stacey

    Hi Angela,

    Really good article, you are absolutely correct in saying that everyone needs to think about it even from 20 years old.

    My husband thought I was crazy because even though we aren’t due to retire for at least another 30 years I think it’s a really good idea to start planning and finding a good retirement plan with someone and start organising ourselves. Least I say, I won the debate!


    1. Angela (Post author)

      That is wonderful! One of my goals is to get the younger generation in the right mind frame concerning taking control of their own future. How many individuals are doing absolutely nothing about planning retirement? Maybe they don’t know how or where to start? That’s what I am working on, so who wants to join me??

  6. stefan

    Hi Angela. Thank you so much for sharing your wise thoughts. I was not so worried about how my retirement years would be like until I reached my 30s. After that I started looking for a good strategy so I could have a peace of mind when I reach my 40s. I think its important to plan as early as possible and save as much as you can. Not only save but its important to do intelligent investments, keep learning and discovering alternative ways to earn money. As you said, we never know what could happen so the more options you have, the more security you get for your future. I am gonna have a look at the retirement calculator that you indicated, it looks really good. Again thanks for the valuable information.


    1. Angela (Post author)

      Thanks for sharing your valuable thoughts ! It all falls back on understanding and educating yourself on your own person needs for retirement. So how do we get the world to know about planning retirement??

  7. Fidel

    This is a thought provoking post. And you are right. I have on some occasions thought that I might never grow older. But reading your post has given me a reality check.

    And I think it is time to secure and protect my future for unforeseen situations. I will take your advice and start to make the necessary moves towards securing me future.

    Thanks for sharing this post

    1. Angela (Post author)

      You hit on exactly on what my goal is….getting people to get creative and find extra income, and it will also keep the brain sharp and thinking

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  11. William

    Hey Angela,
    This is a really good post as most Baby Boomers are facing this very real problem. Gen X is also going to have problems retiring.

    Personally, I don’t believe I will ever retire because I think working will actually prolong our lives because work provides us goals and challenges to keep our life purposeful. However, having to work for a living and wanting to work are 2 different thing altogether.

    I believe the key to retirement (if one choose to retire) is to have a constant flow of passive income. The key is to now (with urgency) convert as we go along our active income to passive income. As we age, we may rely more on our passive income instead of active income. After all, we cannot be going at the same pace when we become older.

    What are you thoughts on this?

    1. Angela (Post author)

      I agree that it seems that everyone, no matter that age group is having trouble with having enough money for retirement. Passive income would be a good choice if a person can select the proper opportunity to work for them. I will investigate more on passive income and let you and everyone else know what I find. Come back and visit again.


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