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Is There A Right Early Retirement Age?

Sep 8, 2008
Have you ever considered retirement at an early age? There are many people who long to be free from the burden of meeting the demands and requirements of their careers day after day. Instead of spending most of your time taking care of someone else's business, those who take early retirement feel free to follow their desires and objectives. However, people do not know what the right age for early retirement is. There are as many reasons to retire as there are people in the world, but the most important things to consider before you retire is if the money you are going to get is going to be enough to make a living after you leave your job, among other things.

A very important aspect: pension

Never forget to check and make all the necessary calculations in order to be sure that the money you have saved for your retirement will be enough for you to live comfortably during your retirement life. Always keep in mind that your salary will be lower than the one of those who retires at the legal age. For instance, you could use your IRA money, as long as you are 59. Otherwise, you would lose a great amount because the taxes that were skipped would be applied if you took that money before the established age. However, there is an advantage to pension, its steadiness, predictability, and you will always want to have a fixed income monthly to be secure.

Do not forget about social security

If you are 62, you will be able to enjoy the benefit of social security to add onto your income. However, as you reach the established age, the benefits are not as many as they used to be. Besides, if you are 62, you are not at an early retirement age. Be cautious about retiring too early because the social security benefits are calculated according to your best annual income for the 35 of the years you have worked. Therefore, if you wish to work only for 20 years and then retire, do not expect a high social security income.

Would you take a job after retirement?

Many retirees do not feel like leaving the active lifestyle they had while they worked, but want to relax a little bit. Therefore, they take part-time jobs as they retire. There are several advantages to this: first, you add extra-income to your retirement income; second, you can get a job you have always wanted to have. In addition, you do not work long hours, and you avoid laziness. Anyway, you can do whatever you want, but never forget to consider how you will be getting your income, which will help you determine your appropriate early retirement age.
About the Author
Cindy Heller is a professional writer. To learn more about early retirement age, please visit home retirement plan.
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