Your Retirement Age: What’s The Best Time To Stop Working

Your Retirement Age
Written by Peace

More often than not, retirement, especially in the civil service, is something most civil servants do not want, but it is not only peculiar to the civil service.

Being actively employed could be one of the best things to happen to anyone. It comes with all of the perks – prestige, honor, and of course, a lot of financial emoluments.

But of course, being human, there is only so much we can take before our strength and agility begins to wane.

when we humans begin to wane, it brings the question – what should be your retirement age and what time to stop working ?

There are many factors to note in determining this. We hope to give our opinion in this article based on these factors, and probably there will be helpful to you. 

Read on.

When Is The Best Time To Retire?

This question is based on your needs and circumstances, not to mention your plans for what you will do instead.

Everyone has days when they wish to submit their resignation letter to their boss and live the good life of a retired person.
However, while leaving a job early may sound like paradise, it can be a big mistake if you are not financially ready to live independently.

At What Age Can You Retire?

The age of retirement and the time you collect Social Security benefits are not the same. For example, although you are eligible for Social Security at the age of 62, you are not qualified for the full amount of your monthly benefit until a few years later.

Age 65 is considered the average retirement age, but what if you want to retire early.

Retiring early is not a bad idea, it is actually the wish of everyone but are you financially prepared to retire as early as you want or would you rather retire and face financial problems at retirement. Either way, it is all up to you.

Why Age 65?

The question is, why 65? 

The age of 65 has been considered the average retirement age for a long time because of the rules regarding Social Security benefits. In 1940, when the Social Security program began, workers could receive unrestricted retirement benefits from 65.

From 1983 to 2000, the laws changed to gradually increase the full retirement age of Social Security to 67.

Currently, the full retirement age of Social Security is 66 for those born between 1943 and 1959 and 67 for anyone born in 1960 or later. And the age requirement for Social Security is not the only thing that has changed.

For example, in 1940, anyone who retired at the age of 65 spent 12 years retiring. Today, with the advent of health care, that number has steadily grown and will continue to increase. It is therefore essential to incorporate these tendencies into your retirement plans.

Late Retirement Age:70 And Above

Late Retirement Age:70 And Above

Some people love their job so much that they tend to work more than the normal retirement age.

This is an advantage to those that love their job so well as they will happily work even longer. In addition, it has other benefits as you will have more time to save more money for your retirement.

Benefits increase on average until you reach the age of 70, which is 132% of your total value if your date of birth is between 1943 and 1954 and 1960 or later, your benefit will increase by 124%.

If you plan well, you will have plenty of money to do the things you love, and you will have fewer worries about living on your own.

If you stay healthy, you will still have many years to enjoy the freedom of retirement. Of course, delaying retirement is not always a choice for various reasons. 

Avoid Wasting Your Money.

No matter your retirement age or when you choose to retire, you do not want to worry about wasting your money.

Spending too much at retirement could mean you are ready to struggle if you do not have any other financial support.  Fortunately, there are ways to help avoid it.

Save more now: If you need to keep working because you will not have enough savings, take steps to increase your savings. Offer the highest amount in your employer’s retirement plan and any retirement accounts (IRAs).

Pause to collect Social Security benefits: Each year, you wait past your retirement age to select benefits, earning delayed retirement credits. Credits can increase your monthly income by about 8% per year up to 70 years.

Reduce your retirement spending: Many financial experts recommend that you tap more than 4% to 5% changed annually for inflation of your nest egg each year to help keep your money stable.

Ages To Consider For Retirement

There are a few essential years to keep in mind as you approach retirement:

Age 55: You can withdraw retirement savings without penalty if you leave your job or retire.

Age 59: You can withdraw money from eligible programs / IRAs without IRS penalty, as long as the program allows.

Age 62: The first year you can start collecting Social Security.

Age 65: You are entitled to Medicare benefits.

Age 66-67: Social Security full retirement age, depending on when you were born

Age 70: Recent years to begin receiving Social Security benefits.

Age 72: You should start the minimum required distribution (RMDs) in your retirement plans.

Whenever you plan to retire, you must start making your plans now. A financial professional can help you set and work toward a specific retirement age by reviewing your situation. 


The best time to stop working depends on the individual. Many older people cannot wait for the day when they finally quit their jobs and retire. Still, worrying about finances is not the best way to retire.

This is why it is important to consider when to retire rather than focus on the appropriate age to collect retirement benefits.

Before you decide, make sure you have the resources to take full advantage of this new phase of life.

Hopefully, this article was helpful. Please kindly share this post and drop your questions below in the comment section.

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