Many of us are looking forward to that final day of our careers. You can finally come home and not have to worry about the alarm anymore, working under tight deadlines, or endless meetings. It’s finally time to focus on the passions you care about the most and working on your schedule.
But when do you put that date on the calendar?
According to a recent study, the most common retirement age for Americans to shoot for is age 66. While this may come as no surprise to most reading this, there’s good reason behind this age. Currently, the age for full Social Security benefits is age 66 for those born after 1955.
But what if you don’t want to, or can’t, wait until full retirement age to retire?
If you’re not willing or able to wait until you reach your full retirement age, you have options. You can start receiving your Social Security benefits at age 62, but keep in mind there will be a reduction in the amount you receive before reaching your full retirement age. Of course, there are plenty of retirement calculators online you can use to help discover your full retirement age.
Of course, you may want to retire before you reach 62. This is just when you start receiving your Social Security benefits, which was never intended to be your entire retirement plan, but around 70%.
To discover more about when you should retire and how to prepare, you may benefit from seeking help from a financial professional. Take the first step in your retirement planning journey by registering for a course with American Retirement Institute. Our classes are hosted by seasoned financial professionals who are able to help you explore your options. Click here to find a class in your area today!