Making the Most of Your Golden Years: A Comprehensive Guide to Retirement Planning

Nov 11, 2023

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The decision on when to retire is ultimately personal and depends on many factors, including savings and living expenses. The average retirement age in the U.S. is 61, according to a 2022 Gallup poll, but it’s been increasing as life expectancy rises. Financial experts suggest people calculate their annual expenses and multiply that by how many years they plan to be in retirement to get an idea of how much they’ll need – although they should also factor in a cushion for underestimated expenses or increased life expectancy. Regardless of when you plan to retire, it’s crucial to start saving early and consistently to ensure a comfortable retirement.

Retirement planning can be a complicated process with several key milestones to consider:

The age of 59.5 is when individuals become eligible to withdraw from tax-advantaged retirement savings accounts like IRAs and 401(k), s without incurring a 10% penalty tax from the IRS.

The age of 62 is when people can start receiving Social Security retirement benefits, albeit reduced.

The age of 65 is when people become eligible for health care through Medicare.

The full retirement age, when individuals can collect the maximum Social Security amount, is variable depending on birth year, but for those born in 1960 or later, it is 67.

Delaying retirement can also lead to larger Social Security benefits. For people born in 1943 or later, benefits are increased by two-thirds of 1% each month they wait past the full retirement age, or 8% annually, until the age of 70. This could see an additional 24% added to their monthly Social Security checks if they reach full retirement age at 67 but wait until 70 to take out their benefits.

Don’t wait another moment to secure the retirement you’ve been dreaming of. Start today. Plan, save, and invest wisely. Make every year, every month, every week, and every day count towards your financial goals. Embrace the peace of mind that comes with knowing you’re financially prepared for the future. Take the first step towards retirement freedom now.

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