As you move closer to the age of retirement, you’ve likely been involved in discussions about retirement planning. However, one of the most crucial parts missing from retirement planning chats is the target age of retirement.  

As of last year, the average age of retirement is 59.  For most people, it is a predetermined conclusion that 65 is the magic retirement number. However, the age of retirement varies from person to person for several reasons. Learn what the right age might be for you and then take steps to ensure you’re ready.  

Retiring early? 

Early retirement is usually between the age of 55-64 depending on the person’s career field and good financial stability or health concerns. Though retiring early is acclaimed as the ultimate goal, it can be more complicated than it seems. It may be right for you, but before you take the leap, make sure you evaluate your long-term financial situation.  

Pros of Early Retirement

• Stress reduction 
• Ample free time
• Ability to follow other passions
• Possibly healthier & longer retirement

Cons of Early Retirement

• Less time to grow savings
• Longer period to live off investments
• A possible loss of purpose

Delaying Retirement?

Late retirement is for individuals who wait until after 65 to retire. The reasons for late retirement are generally because the individual really loves his or her profession or simply wants more financial security.  

Pros of Late Retirement

• Added time to grow investments
• Increasing Social Security payments
• A continued sense of purpose

Cons of Late Retirement

• Work-related health issues
• Possibly shorter retirement
• Not transitioning to retirement with spouse or peers

What is The Right Age of Retirement? 

It all depends on how you fully understand your personal, health & financial goals. By weighing the consequences, you can come up with the right decision and retire at the age that is right for you.