What should be the ideal age for retirement.

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  1. financialguide profile image74
    financialguideposted 14 months ago

    https://usercontent2.hubstatic.com/14800505_f1024.jpg
    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.

  2. Castlepaloma profile image77
    Castlepalomaposted 14 months ago

    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.

    1. wilderness profile image97
      wildernessposted 14 months agoin reply to this

      America did that years ago.  While one can retire as early as 62, our SS payments (your pension) will be much less.  To receive full benefits one must be over 67 (not sure what the actual age is - 67 and some months now, I think).

  3. Glenis Rix profile image96
    Glenis Rixposted 12 months ago

    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.

  4. Don Bobbitt profile image95
    Don Bobbittposted 12 months ago

    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,
    DON

    1. Glenis Rix profile image96
      Glenis Rixposted 12 months agoin reply to this

      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 smile

  5. Don Bobbitt profile image95
    Don Bobbittposted 12 months ago

    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,
    DON

  6. Sumit Desai profile image60
    Sumit Desaiposted 10 months ago

    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.

 
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