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The traditionalretirement age in the U.S.is 65.
But people are living longer now, and staying in their jobs longer, as well.
That means that the average retirement age has gradually gone up over the years.
What is the right age to retire?
posed Rose Faye Niang, director of financial planning at Edelman Financial Engines.
But your situation could be entirely different.
It might be possible to retire early if youve saved aggressively or invested wisely.
Take a look at your retirement accounts.
Make a budget for how much youll spend each month after you stop working.
Will you still be paying off debt, like a mortgage or medical bills, when you retire?
It can also be tough to adjust to life without the routine your job gave you.
So its important to be emotionally ready for all these changes.
You wont be spending money on commuting or other work-related costs.
But other expenses, such as your healthcare, will probably cost more the older you get.
With inflation, the cost of living goes up over time, too.
So the money youve saved today may not stretch as far in the future.
It gets even more complex when you start peeling back the layers of the retirement decision, Niang said.
Build a plan that accounts for all these possibilities.
give a shot to have different sources of income, and have some emergency money saved for surprises.
Think About Retiring Gradually
Retirement doesnt have to happen all at once.
Sometimes people ease into it by gradually reducing their work hours or switching to a part-time job.
This can be a great option if youre not ready to stop working completely.
Thats why some people opt for a phased retirement plan, in which they gradually step back from work.
So, this can be a good strategy to ease into retirement.
You might be able to negotiate reduced hours or a consulting role.
Freelancing can also be a way to keep earning money while you begin retiring.
This way you’ve got the option to get the benefits of retirement without upending your whole life.
You stay connected to your work community, and your mind stays active.
Talk To a Financial Planner
Deciding when to retire shouldnt be done lightly.
Agood financial advisorcan help a lot.
They look at your specific situation.
They help you make a plan that works for you.
Talking to a financial planner can be one of themost important stepsto help ensure youre ready for retirement.
Look for someone who specializes in retirement planning.
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