Understanding Retirement Ages: When Do Most People Retire?
Discover the common retirement ages and tips for planning your financial future effectively.
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Most people retire between the ages of 62 and 67, with 65 often being the traditional age due to Medicare eligibility in the US. Early retirement is feasible but needs careful financial planning to cover extended years of living expenses without employment income. Consider Social Security benefits, savings, and health insurance options when planning your retirement age.
FAQs & Answers
- What is the average retirement age in the US? Most people retire between the ages of 62 and 67, with 65 being common due to Medicare eligibility.
- How can I plan for early retirement? Planning for early retirement involves thorough financial planning, including savings, investments, and understanding Social Security benefits.
- What factors influence retirement age? Factors include financial stability, health, family obligations, and eligibility for benefits like Social Security and Medicare.
- Is early retirement financially viable? Yes, early retirement can be feasible with careful financial planning and ensuring you have enough savings to cover living expenses.