What Is the Best Age for Retirement?

While everyone has different views and opinions on the right age for retirement, it is really a personal matter. Several factors need consideration before determining the best age for retirement.

Obviously, retirement is a financial issue; however, there are many other factors involved in the process of preparing for and thinking about retirement.

Health Matters

The typical age for retirement is somewhere around the ages of 62 – 67. However, you need to consider your health into the equation as well. Many older folks tend to suffer from common ailment such as:

* Arthritis
* Impaired vision
* Heart disease
* Memory loss

These are just to name a few. If you are planning to work as late as possible, then maintaining proper health is an important requirement to retirement planning.

The decision to take good care of your health is never too late. Taking good care of your health will ensure that you will be able to work longer, earn more, and put more away for your golden years.

You will also be able to collect more Social Security the longer you work. In addition, keep in mind that the longer you work, the longer your health insurance will stay in place.

Finances

Of course, finances are one of the biggest parts of the equation for retirement. You need to plan, plan, and then plan some more when figuring out your financial situation for retirement.

If you have begun to save early, then your retirement age will come earlier. If you are a late saver, then it stands to reason that your retirement may be put off until a bit later.

1. Seek advice from a professional - If you have not already started, seek the advice of a financial planner. You may think you know how much you need to retire, but that figure may be way off from what you will really need to maintain your standard of living after retirement.

2. Take advantage of being over 50 – If you have any tax deferrable accounts, look into the possibility of contributing more dollars for fewer taxes. Speak to a professional about this option.

3. Get comfortable with being a senior citizen – There are financial benefits to being older, such as eligibility for tax grievances, senior discounts on dining, parks, and even travel.

Think Ahead

Think ahead about what retirement means to you. If you are perfectly fine with retiring at an average age and just kicking back and relaxing, then retiring at a later age might suit you just fine.

However, if you plan to be actively engaged in sports and physical activity, retiring at an earlier age may be a better fit.

Handy Retirement Tips: Things to Think About for Retirement

When planning for retirement, the first thing that probably comes to mind is setting up your finances. And while this is obviously one of the most important, there are many things to take into consideration when thinking about or facing retirement.

Retirement that is well planned is a retirement well spent. A little knowledge and information goes a long way in helping to make your retirement plans and dreams come true.


Where Will You Live?

If you are fortunate enough to have planned well enough financially for retirement, the next biggest thought should be where you want to live. Have you thought about moving to a warmer climate? If so, where will that warmer climate be?

There are many ways you can explore new areas before you are faced with the actual date of your retirement.

* Take smaller road trips as you approach retirement. Plan short weekend trips to explore new areas close to or just a short distance away from where you are living now.

* Make sure that your vacations are well planned. Time vacations with time-share opportunities to explore new communities. Include real estate tours in your vacation time.

* Use the internet and gather as much information from others that have relocated to get their advice and opinions.

* If you find a place that you like, make sure that you visit during all seasons to see if this is really a good fit for you.


Will You Downsize or Keep Your Family Home?

For many retired couples, the thought of giving up their family home is unbearable. If this is the case for you, make sure that you have the necessary help through family, friends, and neighbors, or the financial security to pay someone in order to help you maintain your home.

You will need to keep in mind several things:

* Repairs are often unexpected; make sure that you have a plumber and an electrician handy at all times.

* Cleaning a larger home may be a difficult and cumbersome task later on in life.

* The older you home gets, the more repairs it will need.

* Do not forget about seasonal maintenance such as shoveling snow and mowing the lawn.


How Close or Far Do You Want to Be from Family

For some older folks, being away from family is a rewarding experience as they feel that they have raised their children and it is now their time to enjoy life.

However, for some the thought of being away from grandchildren and children is unbearable. Keep in mind that once you make a move, especially a big move, moving back can prove stressful.

These are just a few helpful tips to consider before retiring.

What’s your biggest issue? How do you handle it – or can you think of any additional tips you can share with others if you don’t have an issue with this in your life?

Share them with us in our Comments – or share this blog post on Twitter or Facebook or wherever you feel it could help someone you know.

Cheers, Helene Malmsio

Related Reading: https://www.discoveryhub.net/how-to-retire-in-comfort.html

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