A lot of people are curious about when they will actually
retire. They want to know a number, an age that they can look forward to.
Unfortunately, however, there’s no one “number” that’s accurate for everyone.
When a person can retire is highly dependent upon how much money he or she has
saved and the level of comfort and income the person requires to live out his
older years. Plus, you also
With that said, the “standard” age for retirement is around
65. However, as a result of the recession and a trend toward poor financial
planning, average Americans have been retiring well beyond that age in recent
years. In fact, a survey conducted by SunAmerica Financial Group reveals that
the average person in today’s world won’t retire until the age of 69!
While some people hate the thought of working through most
of their 60s, others embrace the idea. No matter how you feel about it, know
that waiting does have some benefits. For one, it allows you to have a longer
“planning period” for your retirement, which can be useful if you need to catch
up in terms of savings. Those who retire later in life also have more years to
contribute to their retirement accounts. Waiting can increase social security
benefits as well.
Even if you’re planning on being one of those “late life”
retirees, however, that doesn’t mean you can slack off on financial planning.
To begin with, even though you may think you’ll retire later in life, that’s
not always within your control. You could lose your job and have a hard time
finding a new one due to your age, or you could fall ill or have to care for a
sick spouse. With so many uncertainties
and possibilities, you can’t really just take your chances. You have to save
and invest adequately so that, no matter what happens, you’ll be able to make
it.
By all means, set a goal for when you want to retire, but
don’t build your savings and investment plan solely based on the age at which
you’ll retire. A good financial advisor can help you to come up with a
foolproof retirement plan that works for you and that will continue to work for
you, no matter what life throws your way.
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