Historically, most Americans have considered 65 to be their target retirement age. This is likely the result of past Social Security laws which allowed for a full benefit beginning at age 65. However, now most people will not get their full Social Security benefit until age 66 with the full retirement age continuing to increase in two-month increments every year until it reaches 67 for those born in 1960 or later.
Workers today, however, are retiring at earlier ages than in years past. In just the last few years, for example, the average age for retiring has dropped to age 63. And many younger workers are planning on retiring even earlier.
This trend towards retiring earlier is not without its costs. Here are a few of the financial results of early retirement which must be considered carefully:
Choosing when to retire is one of the most important financial decisions you will make. Consider your options carefully. Careful planning can help ensure you a happy and financially independent retirement.
Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary therefore, the information should be relied upon when coordinated with individual professional advice.