Retirement Age

Retirement age is something many of us who have been in the workforce for decades look forward to. A time when we do what we want, when we want. The retirement age keeps on increasing. For a lucky, few they have enough money and retirement resources to take an early retirement. This is common of those in the military and high ranking political officers. The rest of us have to work until at least retirement age, sometimes longer if we don’t have enough money saved up.

The average retirement age is 62 because this is when an individual can start drawing against their social security benefits. Some people choose to retire sooner or later depending on many factors including their age, health, financial situation, and if they enjoy their job. It also depends on their retirement plans. Some people would rather work than sit at home all day. Others want to retire to see the world traveling or spending more time with their family and on their hobbies.

There is a great deal of debate over the Social Security Administration and retirement age. The way the program is designed now individuals have to work longer than ever before to reap the benefits of their retirement. An individual who chooses to take early retirement generally gets a lower percentage of their Social Security and a lower amount of any work attached retirement plan. Check with your employer to find out the terms and conditions of the retirement plan they offer.

For individuals born after 1937, the full retirement age is 65. The retirement age increases over time due to the economic status of the country and due to people living longer now than ever before. Anyone born after 1960 won’t be able to take full retirement benefit until the age of 67. For someone who entered the workforce at a very early age, this give great potential for quite a large retirement package.

This gives you plenty of time to put money away for when you retire. You want to have enough to live on and to enjoy life. Make sure you take care of your health as well. You want your retirement years to be a time when you get to enjoy more freedom and do what you want rather than being held back by chronic health issues. Eating a balanced diet and staying active will help ensure you have plenty of energy and vitality to enjoy life when you hit retirement age.

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Obama tells elderly he will protect retirement (Reuters via Yahoo! News)

Democratic presidential nominee Barack Obama warned the elderly on Saturday that Republican rival John McCain would put their retirement income in danger.

Retirement account rules catch many unaware (San Francisco Chronicle)

There's some sentiment that a government rule that forces retirees to withdraw money from their IRAs and 401(k) accounts when they turn 70 1/2 may need to be changed. That's because people are living longer and need to keep as much of their retirement money...

Retirement distribution tips (Miami Herald)

Here are tips from Chad Terry, director of retirement solutions at Principal Financial Group, for making sure you don't miss minimum distributions from retirement accounts, which are required by the government at age 70 ½:

Saving for retirement is for women, too (The Kansas City Star)

More women than men outlive their savings, partly because they tend to live longer. But women's work histories also set the stage for financially pinched retirement years.

Start planning your retirement (Asbury Park Press)

Q: When should I start planning my retirement?