When is the Best Time to Retire?

When is the Best Time to Retire?

This seems to be the age old question for many people these days.

Your whole life you were told that if you worked hard and paid into the system you would be able to retire at 65 (or 62 for older generations) and live comfortably on your social security benefits and pension.

However, over the last decade companies have closed, pensions have dried up and the government has struggled to keep funding necessary to pay for social security benefits.

So now retirees are faced with the challenging question of when is it really time to call it quits.

The defining factors for retirement are never ending.

The average person has to consider their lifestyle, earnings, retirement savings, and age before they decide to throw in the towel at their job.

Until recently it was common for people to decide that when they turned 65, it was time to retire. This was the point at which they would begin to collect their social security benefits.

With those benefits being in the network of $1800 per month, many elderly couples can live comfortably in a smaller home at that income level. This is considered the true retirement age.

Forced Early Retirement

Forced early retirement is another way of defining retirement age.

While this hard to accept, many employers choose to lay off elderly employees in favor of younger employees who can be paid less money to do the same work in the last time.

For the man or woman who has dedicated 20, 30, or 40 years in the same job this can be hard to you.

In many cases if a person is forced into early retirement they are offered a healthy benefit package and come station for the years that they would’ve worked. This is of course not the case in all scenarios. With the economic downturn that there have been millions of people laid off far before they ever plan to be.

With the nationwide unemployment rate reaching 15% it is becoming more and more difficult for elderly people to find good work at a decent pay.

When you are forced an early retirement you will have to make many difficult decisions.

These decisions include whether or not you are willing to train for a new job, take a job with more hours at lesser pay, or downsize everything in your life and to the lecture use that you once afforded.

Many elderly couples who have been forced an early retirement discover quickly that they do not currently have enough feeding or potential income coming in to last the full length of their retirement. The one important details her member about retirement is no one really knows how long it will last.

While science says that the average age for men is around 65 years old and the average each for women is around 70, there are still plenty of people living to be closer to 100 years of age before they pass.

If you retire at 65, you could be expected to afford your own lifestyle for up to 30 years or more.

For those men and women who have managed to save money throughout the years, hold jobs offer healthy pension plans, and invest their money in a way that afforded them many benefits an additional income early retirement is more likely to be an option.

Those members of society that are relatively wealthy have been known to retire as early as age 40.

In order to be able to retire at such an early age it takes ample planning as soon as you enter the workforce at age 18. On the other hand there also many people who cannot afford to retire at all. These people are often forced to work until they are medically in capable or pass away.

Social Security Benefits

Social Security benefits can begin being collected at age 65 but that does not mean you are required to retire at that point.

People are able to continue to work and collect their benefits at a supplemental income.

The only downfall is that each person is only allotted so much and benefit and if you choose to clutch her benefits before you officially retire you may risk not having the funds available to you at later times.

Retirement Planner

A retirement planner is available through the Social Security Administration website.

With this player you can determine when would be the appropriate age for you to retire. Many women are able to input the amount of income they earned over the years, the average of their cost of living, the amount of income they expect to have in the future, and a number of years they hope to retire for.

The retirement planner will then factor out all of the variables to determine if you have enough money to retire at your current age or how long you will need to wait.

It is also useful tool in identifying if it will be necessary for you to have an additional source of income outside of your pension, savings, and Social Security benefits when you retire.

The retirement planning software will also factor in the rate at which products will increase in cost over the next few years and determine how much income is going to continue to be available to consumers through their Social Security fund.


With the answer into within the economy the average age of the retirement is changing each year.

Finding employment in elderly years can be a difficult task.

Once you have opted to officially retire it may be necessary to take up menial jobs such as maintaining people’s lawns, walking their pets, or caring for their kids as long as you are able.

Each of these things is just a means to an end once you retire. Those who are fortunate enough to retire with plenty of money in the bank and a solid income each month will choose to spend their retirement in a warmer location and enjoyed many of activities that are afforded for senior citizens.

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