The theme for this week is the best age to retire. The timing of your retirement is one of the most important choices you’ll make. Period. It’s a decision that has financial, psychological, and health consequences that could impact you for the rest of your life, so the decision about when to retire must be carefully considered.

Today I want to lay the foundation for our discussion this week by talking about when most Americans actually retire.

In the United States today, the most common age to retire is age 62. I don’t think it’s a coincidence that this is the same age when you can begin to collect social security, so many Americans leave the workforce in their early 60s and start collecting social security and stop collecting a paycheck.  

The typical age range for retirement is actually quite narrow - about ⅔ of Americans retire between the ages of 57-66.

While the statistics are helpful in determining a baseline, it’s important to consider your own situation when picking an ideal retirement age. Do you enjoy your work? Are you financially prepared for retirement and can you afford the retirement lifestyle that you envision for you and your spouse? What is the impact on your retirement portfolio and your social security benefits if you work an extra 1-2 years?

While understanding when and why people retire at the age they do is helpful, it’s ultimately your decision, and it’s a decision that should weigh multiple factors - not just whether or not you can afford to retire.

That’s it for today, Thanks for listening!

Tomorrow, come on back, because I’m going to share with you 3 signs that you’re ready to retire.

My name is Ashley Micciche and this is the One Minute Retirement Tip.

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