With increasing age related problems, the concept of retirement age requires to be re look into. Their is no point in working till 60 when there shall be limited scope of enjoying the retired life after that.
It's best it stays at age 65 because North America life expectancy is slightly shorter.
Although in Canada they are going to raise the old age pensions to age 67 because they want to steal more money.
I was fortunate enough to retire at age 58, receiving a performance related bonus plus a lump sum from my pension fund at the end of a fixed term contract. I started to draw my State Pension in addition to my employment pension at age 60. The age at which UK citizens can draw their State Pension has crept up and will be 67 for men and women by 2028. My advice to young people is to save as much as possible in a private investment fund and to retire whenever they feel willing and able after the age of 55 - there are always new opportunities for a better quality of life, if not standard of living, on the horizon.
I retired a few years early because I was tired of traveling internationally for my job, and because I felt I had put away enough that I could at least live frugally.
Now, over a decade later and knowing what I know now, I always tell people that there are two overriding conditions that they need to consider, and that is their HEALTH and their FINANCIAL situation.
I have gone through some health situations that have totally changed my post-retirement plans, and I ended up needing a really good supplemental health insurance policy,
Sure, i am doing what I want now, and I make a few bucks at it, but my retirement situation is nothing like what I had so carefully planned for.
But, I Keep Waking Up, and I enjoy every day I do so.
Have a great day,
I am in a similar situation, financially. But I'm happy and at least here in the UK we have the National Health system (at least for the time being!) should I get sick. For me, quality of life has always been more important than money - as long as I have enough to live on. Hence my decision to divorce when my children were small - if I had stayed married I would be considerably better off now
Glenn - Like yourself, I write when i can; Books, articles, short stories and recently here on HP niche-centric RV articles for those owners who have no idea how things work in an Rv, or what to do when something stops operating properly.
With the recent Google changes, my income there dropped dramatically, so I am now looking at my other options??
Have a great Day,
I would like to propose a different take to this.
The correct age to retire is when you have the correct amount of money, a bucket list of things to do and no responsibilities.
Financially speaking the best age to retire is when you have made enough money to be able to sustain your remaining life. Remaining life here would be 20 years more than the average lifespan in your country. So, if you have made a fortune which is enough - you can just retire.
Retire does not mean not to do anything. It actually means to do all those things that you love to do but were not able to do because you had a responsibility (towards yourself or your family) to earn and provide for sustenance. If you have the money and the list - you can just retire.
Fulfilment of responsibility means that you do not have any dependants and no liabilities. If you have the money, the list and are free - you can just retire.
The problem usually faced by individuals is that they really do not have a list of things that they love to do. Thus, they end up remaining workaholics or creating a lifestyle where their responsibilities would never end.
I have made my plans for retirement and keeping an eye on my retirement fund. I also have my bucket list ready. I am waiting for my responsibilities to get over.
I am an entrepreneur aged 40 running a eCommerce portal GiftstoIndia24x7. According to my plans, I should be able to have a sustenance fund ready in 5 years. My daughter will finish school in 7 years and I believe that my external liabilities will be repaid in 8 years. Thus at 48, I would have fulfilled the criteria to retire.
Think about it and do let me know if you agree to this take on retirement.
by Kieron Walker 8 years ago
When is the best time to retire?
by SP Greaney 9 years ago
What age should you start saving for your pension?
by nifty@50 12 years ago
What is your likely retirement age?
by prettydarkhorse 10 years ago
What is the ideal age for retirement 60, 65 or beyond that?Most people do retire when they are 65, while some still work beyond that age. In some companies here in the US which are regulated by the government there is mandatory age of retirement. If there is no mandatory retirement, do you see...
by H C Palting 9 years ago
At what age do you plan to retire?Will you be financially comfortable or do you plan on retiring at all?
by Grace Marguerite Williams 6 hours ago
How would you define the quality of life? How can civilizations retain the highest quality of life imaginable? How does the correlation between socioeconomics & population to quality of life?
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