What’s The Best Age To Retire?
The country’s retirement age of 65 is sadly no longer realistic for most Americans. This change, first confirmed in 2010 where a survey revealed most would be working past 65, has gotten even more of an extensions, as currently it is thought that anything up to 37% now needing to work past retirement age.
In fact, this is so significant, that only around 26% of employees are retiring at 65; down a staggering 49% on 1995.
Notably younger workers predict that they will have an earlier age, however many believe that this is no more than wishful thinking, as many fail to plan for the future and organize their investments.
Working After 65… For The Hell Of It
However it must be noted that there are a significant amount of people that continue working after retirement age despite being able to retire and live a relatively comfortable life. This figure is thought to be anything up to 40%, so for them, it seems that there is no ideal retirement age.
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The Ideal Age
Whilst it is an impressive figure that wishes to continue in work for the enjoyment of it, the fact remains that most do want to retire, which is all rather unsurprising.
6 Tips For An Earlier Retirement
Ok the title of this section is a bit of a misnomer, far from here being extensive tips to help you retire in your 30s, there is one single key to earlier retirement, and that is early investment and ongoing wise investments. The following tips will help you to prepare for a early retirement to start a unoccupied life traveling around the world, going on road trips, enjoying outdoor life or at least have more time with family.
To this end you should follow these guidelines:
- Have a diverse portfolio, this will help spread the risk of your investments; your retirement investments are long term, not over night get rich quick.
- Consult a professional; this will help anyone and everyone, whether there a seasoned market pro, or a newbie investor, gaining some professional advice is vital for making the right decisions.
- Be aware of what retirement packages your employer can provide, by taking full advantage of work related pensions you could boost your pension income.
- Know how much you need; on average, an America will take 45 years to save for his or her retirement, so it is vital that you do some research (and a fair few calculations) if you are to determine a reasonable plan for your retirement savings.
- Consider the value of alternative investments; retiring isn’t all about 401ks and IRAs, in fact there is a huge range of investment opportunities out there. One you should be taking advantage of is Real Estate, a house in retirement is a god send, as people look to down size they increase their bank balance by a sizeable amount.
- Lastly you should remember that even if you can only make small contributions, that something is better than nothing, an that $5 today may have 45 years worth of growing to do.