Here in the U.S. people retire at all ages. You read different articles on the subject of retirement and a lot of different ages may be mentioned. (Ex: 55 – 59 ½ – 62 – 65 – 66 – 67 – 70 ½ – 80)
I find that when I ask someone this question: …… What is the “official” retirement age ?
Most answer: Age 65 …… (As if there really is such a thing ?)
But let’s pause for a minute and ask ourselves: Is there really an official retirement age ?
Today the word retirement, too many of the “Baby Boomers”, means ….”To Re-invent”…… Yes, you’re entering a new phase of your life, …. But….. Not all, are calling themselves retired. These various ages mentioned above, may cause you to think of different things.
Age 55 - Withdrawing from my 401(k) without the 10% early withdrawal penalty.
Age 59 ½ – Withdrawing from my IRA without the 10% early withdrawal penalty.
Age 62 - I can begin Social Security ….“Reduced” benefits Though”.
Age 65 – I can begin Medicare.
Age 66 - I can begin Social Security ….. “Full Benefits and maybe creative strategies”.
Age 67 - If you were born in 1960 and later, this is your magic age for Social Security.
Age 70 ½ - I need to start taking Required Minimum Distributions (RMD’s) form my IRA.
Age 80 - Maybe then, I’ll use the word “Retired”…..... Maybe ?
What might your retirement age be ? …..WHO KNOWS ? …. WHO CARES ? …… My thoughts are: Live Life and Keep Pushing the Envelope!