Before you decide when to retire it is important to take your time and learn as much as possible. Many of the retirement decisions you will have to make are irrevocable decisions, such as when and how to collect Social Security, or deciding on your pension options. The links below take you to specific content that can help you choose your retirement age
If you want to retire at 50, you've got your work cut out for you. It is possible, but unless you get lucky, it means you're going to have to live like a miser to save enough to make it happen, or start working at twenty and and put in thirty years at a job that offers a decent pension. I admire those who have been able to accomplish this. For more ideas on how to retire at 50 click on the link above.
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Retiring at 55 is an achievable goal for many. But there are things you need to consider before you do it. You have to think about longevity, health insurance, and find passions and interests that will keep you fit and mentally alert for many years. If you are thinking about an age 55 retirement the article at the link above will give you a solid overview of what you need to plan for.
If you are near 62 and trying to decide if this is when you should retire, check out this article. It covers things you need to know about taking Social Security early, Medicare, IRA rollovers, consolidating accounts, and required minimum distributions, (which start at age 70 1/2). The most important thing to know: retiring at 62 does not mean you have to take Social Security at 62.
At age 65 Medicare begins, which may make it a little easier to retire at this age rather than earlier. Still, there is a lot to know. You need to list all sources of retirement income, and make a retirement budget. You also need to realize that you may not yet have reached Full Retirement Age as defined by Social Security. Learn more in this article.
With longer life spans, 70 is quickly becoming the new 60. I think a lot of people ought to consider delaying full retirement until age 70. At 70 1/2, your required minimum distributions from retirement accounts begin, and 70 is also the age where you can get the maximum amount of Social Security benefits. One option: perhaps you can use a part-time work scenario to ease into retirement between 60 and 70.
No matter when you retire, you must take these five retirement planning steps to be prepared. Don't procrastinate! Who cares if some of the steps sound boring. Accomplishing them will put you in a positive mental state. The sooner you work your way through these five essential steps, the sooner you'll be able to retire, and feel good about it.
Access to your retirement money and benefits is frequently tied to your age. Different rules apply to different ages, Different age related rules apply to different types of plans. This article walks you through a timeline from age 55 to 75, so you can see which rules apply at which ages.