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.
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.
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.
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.
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.
Article by: Clem C. Benton, Jr.