Posted on 09/22/2024 11:21:53 AM PDT by ChicagoConservative27
Many plan to work well into their 60s or even 70s, thinking they can compensate for years of undersaving. But according to recent surveys, retirement may come earlier than expected for many Americans – whether they're ready for it or not.
The average retirement age in the U.S. is about 62 years old, even though most workers expect to retire around 67. In fact, more than 56% of retirees left the workforce earlier than they planned, according to a Transamerica survey. So, what's causing this gap between expectations and reality?
(Excerpt) Read more at benzinga.com ...
Is it worth the wait?
Imma guess 62.
She’s been at the company for 42 years. The only job she’s ever had. She said she could wait
Work for the federal government and retire at 55 like my Dad.
I retired at 65. 9 months later, I decided to go back to work and start tomorrow. Retirement is boring.
Nice work, if you can get it.
Millennial here. What is this “retirement” thing?
I retired at 56, my Wife at 54. That was in 1991.
I received a Special Early Retirement from Ford Motor Company and signed up for Social Security at age 62.
We are doing great and we are greatful for our good health and financial security.
“Retired” at 67. Working part-time since 68. I’m 72. I’m hoping to work for at least one more year. When my contract ends, I might go nuts.
It depends. Break even point it around 80 years old if you wait from 62 to 70 to take it. So if you anticpate dieing before 80, take it at 62 or full retirement age.
A second factor is what you need to maintain your lifestyle. By holding off, your lifestyle in retirement will be higher. But if you have $3 or $4 million in a 401k, a few thousand a month less in social security benefits might not be anything to worry about.
I was 60. Retirement is wonderful. It’s only boring if you don’t have a life.
God bless
Its not the age you retire at, its the reason.
Was it health related
did you lose a good job
etc
I know people who retired when the pandemic shut everything down, it wasn’t their choice.
Yeah, I’m waiting on my dog to pass and then I’m gonna wander the world for half a decade or so.
I was 65, had to wait until I could get Medicare. But you are right, it IS wonderful, and I feel lucky that I was smart enough to save as much as I could over the years, as it helps make retirement (so far) to be less stressful.
I have done mortgages for several older folks.
It seems several likely retired too soon. Some live on very little.
But everyone is different , it just depends on if you can have a solid income stream and little debt
Yep.
Had to take early retirement in a downsizing. Figured I had enough to get by, got bored and took what I thought would be an intermittent job. Turned into full time, and a couple of promotions later, boredom isn't an issue.
Unlike everyone else, I don't really need the job. So stress levels are significantly reduced.
Unsure, however, how the article would classify me - an early retiree, or someone working past retirement age. Both fit.
The breakeven point is 80 if you spend all the money as it comes in. If one can invest the money and make 10% return per year, then there is never a breakeven point. If one can get just 5%, that delays the breakeven point to almost 90. Of course, one has to take tax considerations into account which may vary from person to person.
Many plan to work well into their 60s or even 70’s.
Indeed my kid can’t retire until she’s 72.
The cash box is locked
Hillary Clinton
Democrats kept dipping into it until it was all gone.
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