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 ...
Government workers are special because the products they produce are the best.
“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.”
That was my calculation as well, thus my retirement at 62...also driven by increasing awareness of the value of my time vs. money. In addition, I was skeptical that if I did make it to 80, I’d actually GAS about the extra income I’d get at 81 (or perhaps even be aware that I was getting it). On top of all that, I most definitely didn’t “love my job”.
I looked at the difference in SS from 62 to 67. It would take me 15 years to make up that difference so retirement at 62 was a no brainer.
I work for a company that is quasi governmental so don’t pay into SSN. I do have my quarters in & just recently became eligible to retire at 62. Our financial advisor recommended me retiring from my current job and going to work for a company that takes out SSN because it’ll improve my benefits when I turn 67.
“Retirement” can come from different perspectives. One form of retirement is to cease all work. Another form of retirement would be to quit your stress inducing occupation and switch to something that does not make very much money but is more fulfilling and not as stressful.
I retired from the USAF at 40 and retired again from the Department of Energy at 60. It has worked out just fine.
I am retiring next year at 62. 35 years as a Navy civilian.
My husband retired from the Navy (early out/retirement in 1998). He then retired as a Navy civilian last December. He is 65 and taking SS. I will be taking it at 62.
Why didn’t you put the answer in the first post like a normal person?
All the government workers make Northern Virginia the best place in the world to live.
I retired at 61, but waited to 68 to collect SS. I was going to wait until 70, but when my niece died at 55 I decided that I should start and get some while the getting is still good. .
“It’s only boring if you don’t have a life.”
You can say that again. I wonder how I ever had time to work.
Public servants deserve live in those exclusive venues.
We say that ALL the time! We’re over scheduled with hobbies, church, volunteering, helping elderly neighbors, family events...
A lot of people are being forced out early by their companies who broke the faith with their employees.
Its sad that companies that make bad business decisions and ruin things, for their employees. I have seen so many hard working people get shoved out the door. And the companies end up closing their doors anyway.
I retired when my wife qualified for Medicare.
We have enough money, and would rather spend it on enjoying ourselves rather than handing it to nursing homes.
Currently doing grandparent day care for our grandchildren.
Exactly. You get higher monthly payments at 67, but you also get them for fewer months. Just to break even where you receive more total benefits when you start at 67 rather than 62 generally takes until you are 78 or 79.
Any number of "financial advice" articles say that waiting is like earning 8% per year, but this ignores the little issue with fewer overall payments. Remember, your end date is the same either way.
It's probably not a coincidence that the government benefits from people not understanding this, because the later people file on average, the more die having received no benefits at all.
‘Most People Expect To Retire at 67’
Strange, I retired at 85. And still helping my little village. (had a few extra people for the weekend for the Mothman Fest) I helped herd the invasion.
Yes it is worth the wait.
Truth! I retired at 59, moved to a rural area, and I am ❤ ❤ ❤ it!! Living simply and still don’t have time enough to pursue everything that interests me.
There’s no boring retirement...just boring people!
My dad was a fed nor Mil. He loved his job. Moved us all over the country every 3-4 years to make his life. Retired at 55. WTF. Then they moved down the street from me.
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