Unfortunately, the answer is no. The earliest age you can begin receiving Social Security retirement benefits is 62. There is a catch. You will reduce your benefit amount if you take Social Security benefits before reaching your new standard retirement age.
If your goal is to retire at age 55, Fidelity recommends that you save at least seven times your annual income. That means if your annual income is $70,000 a year, you need to save $490,000.
41-45 years old is the optimum retirement age range because you've put in your dues and still have enough energy to do something new.
Now, keep in mind, if you are planning to retire at 55, you will (heaven willing) need to have enough saved for 20 years or more. Using the formula I just shared, that means you will be living on $40,000 per year or half of the salary you were accustomed to ($800,000 over 20 years).
The rule of 55 is an IRS provision that allows workers who leave their job for any reason to start taking penalty-free distributions from their current employer's retirement plan once they've reached age 55.
When they looked at the sample of 2,956 people who had begun participating in the study in 1992 and retired by 2010, the researchers found that the majority had retired around age 65. But a statistical analysis showed that when people retired at age 66 instead, their mortality rates dropped by 11%.
Here's how to tell if you're ready to retire: You are financially prepared. You have eliminated debt. You have a plan to cope with emergencies.
A 65-year-old can expect to live another 19 to 21.5 years, on average, according to the Social Security Administration. What's more, the government agency says a third of 65-year-olds will hit age 90, and 1 in 7 will live beyond age 95. Those numbers show a significant improvement in life expectancy over time.
Experts say to have at least seven times your salary saved at age 55. That means if you make $55,000 a year, you should have at least $385,000 saved for retirement.
By age 50, retirement-plan provider Fidelity recommends having at least six times your salary in savings in order to retire comfortably at age 67. By age 55, it recommends having seven times your salary.
But if you can supplement your retirement income with other savings or sources of income, then $6,000 a month could be a good starting point for a comfortable retirement.
In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.
Age 62 (Early Retirement)
And, for some retirees, this is the best choice. If you have few other sources of income, for example, and Social Security will put food on the table, then you might have little choice than to claim early. Others choose age 62 because they want to get checks for as long as possible.
A 2015 study of 83,000 older adults over 15 years, published in the CDC journal Preventing Chronic Disease, suggested that, compared with people who retired, people who worked past age 65 were about three times more likely to report being in good health and about half as likely to have serious health problems, such as ...
“Continuing to work for as long as possible will absolutely give you more choices and financial freedom in retirement,” Duran explains. “Working for a longer period of time not only gives you more savings and builds your safety net, but it also provides health benefits which you don't have to pay for personally.”
There are many good reasons you may be considering going back to work after retirement. Increased fulfillment, physical activity, additional income, and social engagement can all provide improved quality life, not to mention mental stimulation. You may also simply need to return to work for financial reasons.
Posted in Assisted Living. In the United States it is generally considered that a senior citizen is anyone of retirement age, or a person that has reached age 62 or older.
AARP and Senior Associations
At the age of 50, you're considered a senior to the AARP. Even though you may not be part of the retirement community, you can become a member of the AARP as an American citizen and get access to every senior discount available.