SOLUTION FIVE
While the right retirement age can vary, the time to prepare for it is always the same: right now.
What Age Should I Retire? It’s usually 65. Two reasons 65 is commonly associated with retirement: generally people begin receiving Social Security. Most of our parents called it quits on their career at this point.
If that’s the case, then the numbers on the new Gallup poll are eye opening and illustrate the dangers of not starting to save for retirement soon enough. The Gallup poll stated that 76% of employees say they’ll keep working past retirement, and 35% of those people will do so because they have to.
Just like there is no one-size fits all career, there is no mandatory retirement age or income. This depends on factors related to the desire of the person to continue working (or not), the lifestyle post-career that they want to have, their health, if they plan to downsize or stay in the same home, if any kids are living in the home, and so on.
The next chance you get, sit down with your spouse and develop a “golden years” budget. An experienced US Annuity Institute Advisor can help you determine the income level your investments will generate and whether it will support the lifestyle you’d like to have when you leave your career. Don’t use 65 as a benchmark; you are ready to retire when you can live comfortably on the income provided by your total retirement savings.
While the retirement age can vary, right now is the best time to prepare. Waiting until later to begin improving your financial situation might mean having to save more or work longer, which is still doable. It all comes down to the numbers. At US Annuity Institute a licensed advisor can help you figure out when you can retire, how much you will need each year and how to get there. Call for a consultation or click the link below.
