Being Financially Secure Is The Key To Identifying The Correct Early Retirement Age

The prospect of taking early retirement seems most attractive to more than a few Americans mainly on account of retirees being able to spend time away from having to sweat and strain to hold down a 9 to 5 job. The idea of spending time not in worrying about someone else's welfare and business but to take care of one makes taking early retirement particularly attractive. The only trouble is that most people are not really sure about what the right early retirement age is.

Varied Reasons

The reasons why people seek to take early retirement are many and varied though obviously one reason that is given most importance is that of financial security during the retirement period. Still, there is no one age in one's life that one can sit back and say that it is the right or best early retirement age. It is really something that depends on what an individual feels in regard to retiring early.

The decider of course is that if you have reached a stage in your life when you can say with confidence that you have enough financial freedom to contemplate early retirement then that would be the right early retirement age for you. This in turn will require ensuring that your pension has resulted in the accrual of sufficient funds to allow you to receive enough money each month for the remaining years of your life.

The amount of payment that your Social Security will fetch you can also result in feeling confident enough to expect that you would be getting a steady and good enough income after retiring. And, this is enough reason to make you think that you have reached the right early retirement age. However, there is a rider in that for the Social Security benefits to come your way you must at least be sixty-two years of age; therefore, if you are relying solely on Social Security you can safely then assume that the right early retirement age has to be at least sixty-two years of age.

Another way of looking at early retirement age is to consider what the chances are for you to get work after having taken early retirement. If you think that chances are bright that you can make extra money to augment retirement benefits and the total income coming in is sufficient to retire gracefully, then this time in your life could easily be considered the right early retirement age.

The best way to ensure that retirement living is not a bother is to ensure being in charge of your life even after retiring and not giving up this charge till you breathe your last. In addition, planning ahead for your retirement will also ensure trouble-free times ahead.