Back in the day, the retirement age was 55 – or whenever you got your 25 years of service in to the same company you worked for your whole life. However, we are living longer and healthier lives, so when do YOU plan to retire?
The answers vary, depending on your financial situation, health, your job and more. Some people are working well past age 65 and loving it – and in some cases, people are working and working with no plans to retire in the future.
However, the fact remains: Most Americans clock out for good in their early to mid-60s. While that used to be solidly middle aged, most people don’t feel “old” at that time in their lives. After all, plenty of Americans are living well into their late 70s – and Medicare doesn’t even kick in until age 65.
So, what does it mean to “retire” nowadays? With retirement being revised, sometimes you don’t always have a choice about when to leave the work force. Health concerns, downsizing and layoffs and other factors can all play in.
A survey by Transamerica indicated that roughly half of Americans retired sooner than they had planned – with about 40 percent retiring when they chose.
The younger you are, the more control you believe you have over your retirement, but the numbers don’t lie.
There are a few lessons to learn:
- Plan early and save as much as you can for your retirement. That gives you more control over when and how you leave the workforce.
- Don’t assume you’ll be able to work as long as you want and have a realistic plan about when you will leave the workforce. And be flexible!
- Focus on your goals. Pay down your debts and mortgage and learn to live within your means.
Do you still have questions about retirement planning options?
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If you have other questions about retirement plan loans, email us or call 937.308.0758.
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