What is Your Ideal Retirement Age ?
Retirement is a thought many people have in the back of their mind. Many of us think about the age at which we want to retire and the lifestyle we want to maintain. But, few often prepare correctly for that. Bankrate.com looked into the age at which people think they should retire. From millennial to the silent generation all agree the best ages to retire are between 61 and 65 years old.
Theres absolutely nothing wrong with having a strong retirement plan, but the execution is the part a=many people struggle in. The key to having a easy retirement and your ideal age is to start saving as your as you can. Set money aside for the future right now! Ample planning and saving will be your biggest ally seeing as how analysts predict out of pocket health care cost will take up half of social security income by 2030.
Having a retirement plan takes effort and management, depending on your economic standpoint you need to think about the best way to prepare for those later years. While there are lots of rules of thumb, the real number depends greatly on your particular situation and how much you’re projected to have from Social Security and pension benefits, when you plan to retire, how much you’ve currently saved, along with a few other things. If you’re unable to save the amount you need, consider slowly increasing your retirement savings over time. Investing is a great way to increase your funds and put it towards your retirement and is highly considered by many experts. You may want to invest in your employer’s retirement plan, an HSA, a Roth IRA, and a taxable account all differently. Diversifying your options and measure out your risk tolerance, there are many retirement calculators out there that will help give you the answers you need.
Its a tricky game to play but one that is needed in order to live a easy and well planned out life. Retirement is something every one needs to think about out and plan for. Investing in your future will never go wrong and making sure you have a comfortable one will only benefit you. So whether you want to retire at 50 or 65, make sure you have a pan set in place and execute it as early as possible!