{"id":132760,"date":"2023-05-23T12:34:18","date_gmt":"2023-05-23T12:34:18","guid":{"rendered":"https:\/\/businessyield.com\/?p=132760"},"modified":"2023-05-26T11:02:18","modified_gmt":"2023-05-26T11:02:18","slug":"when-to-retire","status":"publish","type":"post","link":"https:\/\/businessyield.com\/bs-personal-finance\/when-to-retire\/","title":{"rendered":"WHEN TO RETIRE: Guide on Retirement for Social Security, Men & Women","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
Most individuals think of retirement as being centered on having a big dollar amount and a particular age. However, only a few individuals recognize that retirement goes beyond just having a huge amount of dollars in their account and reaching the ideal retirement age. Retirement is much of an emotional transition. It is clearly a journey that includes different steps that must be well followed. It could make sense to retire now or later. However, it depends on your goals, lifestyle, needs, and financial situation. This piece will explore everything about when to retire from Social Security, how to know when to retire, and the best age to retire for a man and also for a woman.<\/p>
Generally, retirement means retiring before the normal or at the full-time retirement age. In other words, it is the action of leaving your job permanently with different sources of income to sustain you till the end of your life. <\/p>
It will make sense to either retire now or later, which one you decide on is up to you and your choice to make. There is literally no particular, specific, or magic formula for finding when an individual can retire. Research has shown that the typical or ideal time for retirement is at the age of sixty-five and sixty-six for most individuals. Finding the perfect time to retire depends on the above:<\/p>
The above mentioned are a number of things you must consider to find your perfect time to retire as an individual.<\/p>
As you approach retirement, things become more challenging and you start to feel nervous or excited. The best time to know when and how to retire is when you begin to feel tired from things you use to do without stress, it begins to drain your energy. Here are signs to know when to retire:<\/p>
Generally, the best time for retirement is at age sixty-five and sixty-six for most persons. Here are a few things you must know, that will guild you when not to quit:<\/p>
The eligible age as shown in many researches is age sixty-five to age seventy. At age sixty-five you become eligible for Medicare. At age sixty-seven to seventy, your social security will increase to eight percent that’s if you haven’t taken it. In essence, the more you delay the more it increases. However, if you decide to delay claiming your social security benefits, bear it at the back of your mind that you will lose up to four years of receiving the lower benefit. This delay could mean declining a total of $80,000 to $120,000 in your benefits at the FRA rate.<\/p>
Retiring before the typical or ideal age of sixty-five is considered too early. Be aware that you cannot claim any benefits on your social security and Medicare without getting age sixty-five to seventy of age. Full benefits only kick in at age sixty-six and more.<\/p>