While
everyone has different views and opinions on the right age for retirement, it
is really a personal matter. Several factors need consideration before
determining the best age for retirement.
Obviously,
retirement is a financial issue; however, there are many other factors involved
in the process of preparing for and thinking about retirement.
Health Matters
The
typical age for retirement is somewhere around the ages of 62 � 67. However,
you need to consider your health into the equation as well. Many older folks
tend to suffer from common ailment such as:
�
Arthritis
�
Impaired vision
�
Heart disease
�
Memory loss
These are
just to name a few. If you are planning to work as late as possible, then
maintaining proper health is an important requirement to retirement planning.
The decision to take good care of your health is never too late. Taking good
care of your health will ensure that you will be able to work longer, earn
more, and put more away for your golden years.
In
America, you will also be able to collect more Social Security the longer you
work. In addition, keep in mind that the longer you work, the longer your
health insurance will stay in place. Of
course, different countries have different rules and regulations about
pensions, health benefits etc. for retirees.
You need to check these with your relevant official offices/departments.
Finances
Of
course, finances are one of the biggest parts of the equation for retirement.
You need to plan, plan, and then plan some more when figuring out your
financial situation for retirement. If you have begun to save early, then your
retirement age will come earlier. If you are a late saver, then it stands to
reason that your retirement may be put off until a bit later.
1.
Seek advice from a professional - If you have not already started,
seek the advice of a financial planner. You may think you know how much you
need to retire, but that figure may be way off from what you will really need
to maintain your standard of living after retirement. If you have superannuation or similar you
superannuation representative will be able to help you with working some of
these things out.
2. Take advantage of being over 50 � If you have any tax deferrable
accounts, look into the possibility of contributing more dollars for fewer
taxes. Speak to a professional about this option. In some countries you might be able to have
tax offsets which will help with how much tax you pay, therefore, giving you
more in your bank account/take home pay.
Again you will need to check with your tax department about anything
like this.
3.
Get comfortable with being a senior citizen � There are financial
benefits to being older, such as eligibility for tax grievances, senior
discounts on dining, parks, and even travel.
Think Ahead
Think
ahead about what retirement means to you. If you are perfectly fine with
retiring at an average age and just kicking back and relaxing, then retiring at
a later age might suit you just fine.
However,
if you plan to be actively engaged in sports and physical activity, retiring at
an earlier age may be a better fit.
Lola Radnoti