Want To Retire Early? 5 Reasons It May Not Happen For You

Many people seek our financial planning services to get a better handle on their over all financial situation and to better understand what they need to do to better meet their future goals.

A very common goal is to retire early and lead the “easy, good life”! Normal retirement age is defined by Social Security as the full retirement age for those born after 1960 would be age 67. Many of these folks are disappointed to learn that an early retirement may not be in their future and here are the 5 most common reasons:

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

 

 

The average retirement age in every state

Choosing the right retirement age is as difficult as it is important. Retiring too early could leave you short on savings years into your retirement. A premature retirement can also cost you a chunk of your annual Social Security income.

SmartAsset's free retirement calculator can help you decide when to retire.

On the other hand, if you wait too long to retire, you may miss out on some of the experiences you have planned for your golden years. Sticking with your job once you're ready to retire can be stressful and exhausting.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

Instead of full retirement, many opt to ‘phase out’ of work

Seven years ago, Steve E. Norwitz, who was then a 61-year-old executive at the Baltimore mutual fund group T. Rowe Price, proposed a scaled-down work schedule that would reduce his duties.

“I didn’t figure it would go beyond two years,” said Norwitz, who started working at T. Rowe Price in 1977. In fact, “10 years ago, I thought I’d retire at 60.”

Continue reading source article here.

Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

 

When Is the Ideal (and Actual) Retirement Age?

The ideal age to retire falls somewhere between the ages of 60 to 65, according to a new Allstate/National Journal Heartland Monitor Poll.

The ideal age to retire falls somewhere between the ages of 60 to 65, according to a new Allstate/National Journal Heartland Monitor Poll. Retiring then works best, poll respondents say, because it's the sweet spot for both age and finances. People are young, healthy, and financially secure enough then to enjoy their time.

Continue reading source article at NationalJournal.com.

Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755