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When To Retire: Pros and Cons of Different Ages
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Deciding when to retire is a personal question that depends on your health, life expectancy, financial needs, and individual circumstances. Different benefits and retirement plans have key dates tied to your age, such as Social Security benefits and required minimum distributions.
The National Bureau of Economic Research found that "retirement improves both health and life satisfaction" but the age at which you retire impacts the quality of your retirement.
Key Takeaways
- Social Security benefits can be claimed as early as 62, but with your benefits reduced by 25%-30%.
- Depending on the year you were born, postponing taking Social Security until age 66 or 67 will allow you to receive full benefits.
- Retirees at the age of 65 qualify for Medicare benefits.
- As part of SECURE 2.0, Congress raised the age at which retirees are required to make minimum distributions on select retirement accounts.
The required age is now 73 years old.
Early Retirement
By the time employees rea
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