Retirement age in us: With the average age of retirement rising and the cost of living continuing to skyrocket, retiring has become a subject that troubles many.
The same applies to those who are looking forward to retirement as well.
The trouble, however, comes from all the conflicting advice there is on the subject.
Some sources tell you to retire as early as possible if you want to live happily ever after; others say that you should work until you drop if you want financial security in old age.
How do we know which advice is right? What is the ideal age to retire so that you can enjoy your later years without worrying about money?
This guide will explore everything you need to know about how and when to retire so that your golden years are nothing short of amazing.
How to Retire at the Right Age and Live Happily Ever After
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Thinking about retirement? Maybe you should. According to the AARP, the average age of Americans when they retire has increased from 62 in 1985 to 66 in 2018. And while that may seem like more time than most of us had expected — and probably not enough time to save for a comfortable life after work — it’s a reality you need to plan for. For most people, retirement is an extended period when income from savings and investments no longer comes from an employer or as wages from working. A good retirement means feeling fulfilled and being able to do the things you enjoy without sacrificing your standard of living. The following brief guide can help you get there sooner rather than later.
Decide When You Want to Retire
The first thing you need to do is decide when you want to retire. If you’re already employed, this might seem like a scary thought, but it’s a crucial first step toward retirement planning. Your age, health, financial situation, and career goals will all be factors in determining how long your career will last, and how much you’ll need to save for retirement. Figuring out when you want to retire will help you determine how much you’ll need to save and how much you’ll need to earn each year to create the retirement fund you want.
Know How Much Money You Need to Retire
Next, you’ll need to figure out how much money you’ll need in retirement. Your age, health, and lifestyle will all impact how much money you’ll need to retire. A good rule of thumb is to plan for about 80% of your current income. Different financial sites like Bankrate can also help you determine how much you’ll need to retire and how much you’ll need to save each year to make that happen.
Choose the Right Investment for Your Retirement Plan
The next step is to choose the right investment for your retirement plan. A mix of equities and bonds is still your best bet for healthy retirement savings. A higher risk investment, like equities, may have a higher potential for growth, but can also have greater risk of loss. A strategic mix of equities and bonds can help to reduce the risk of losses without reducing potential gains. Diversification is key to successful investment. When choosing among different types of investments for your retirement plan, remember to include mutual funds, exchange-traded funds, stocks, and bonds. A mix of stocks and bonds will help you reduce risk without reducing potential gains.
Diversification: Don’t Just Have Equities
Diversification: don’t just have equities. A mix of stocks, bonds, and other types of investments will help you reduce risk without reducing potential gains. Indeed, a balanced investment portfolio can even help you beat the market. As you get closer to retirement age, you may want to consider increasing your bond holdings to reduce risk.
Stay on Top of Investment Strategies and Tools
Finally, stay on top of investment strategies and tools that can help you keep your investment on track to suit your retirement goals. Use a retirement calculator to keep track of how much you have saved and how much you will need to retire. You can also consider using a financial advisor to help you stay on track with your retirement goals.
Retirement planning may seem daunting, but it doesn’t have to be. By following these steps, you can be sure to have a successful retirement plan. Now that you’ve read all about how to retire successfully, it’s time to put your plan into motion! Start saving as early as possible, diversify your investments, and keep up with your savings. With a little planning and effort, you can make sure you’re ready to retire whenever the time comes.