21 of the Best Reasons Why You Should Retire (2024)

FAQs

What is the happiest age to retire? ›

The Average Retirement Age In America

63% of Americans retire between the ages of 61-69. In a quest to live a better-than-average life, it's logical to conclude the ideal retirement age should at least be below 61-65, the majority age range of when Americans retire.

About 67% of retirees who are 15 years or less into retirement said they're happier since retiring, and 82% said they're more relaxed on a typical day. While only 8% report feeling less happy in retirement, about a third said they're not more happy than they were before leaving the workforce.

The Most Common Reason for Retiring – Your Age

The most common reason for retiring is turning a certain age. For instance, slightly over 18% of Americans leave the workforce at age 62. Interestingly, this coincides with Social Security eligibility.

The normal retirement age is typically 65 or 66 for most people; this is when you can begin drawing your full Social Security retirement benefit. It could make sense to retire earlier or later, however, depending on your financial situation, needs and goals.

As a general rule, early retirement leads to a longer and happier life. The optimal age is your mid 50's, when you're still young and healthy enough to enjoy everything.

Many senior adults struggle with conditions like heart disease, arthritis, and diabetes. Retiring in your early 60s will allow you to focus more on your health and lower your risk of developing these conditions. Retiring at the early age of 62 is also beneficial to those who already have serious health concerns.

According to their table, for instance, the average remaining lifespan for a 65-year-old woman is 19.66 years, reaching 84.66 years old in total. The remaining lifespan for a 65-year-old man is 16.94 years, reaching 81.94 years in total.

The happiest retirees attend church on average once per week. Going less lowers happiness levels, whereas going more doesn't raise them. There was a bare minimum when it came to annual attendance. Happy retirees go to church at least twice a year.

Not having any additional people who rely on your income is a good sign that you could be financially ready to retire. Your Retirement Account Matches Your Budget: When your retirement accounts match up to your potential retirement budget then you might be ready to retire.

As you're trying to discern how to know when God wants you to retire, go to Him in prayer and ask. You don't always know the whole vision, but He will show you the next step. He may even give you a specific answer. If you don't have an answer, it may just mean to wait.

At what age do you get 100% of your Social Security? ›

The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960 until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67.

The literature on the relationship between retirement age and longevity is still developing. The findings are mixed. Most research shows that delayed retirement helps reduce mortality.

Key takeaways. If you claim Social Security at age 62, rather than wait until your full retirement age (FRA), you can expect a 30% reduction in monthly benefits. For every year you delay claiming Social Security past your FRA up to age 70, you get an 8% increase in your benefit.

You may have a long, long life ahead of you

A woman who retires at 55 will have to make her savings last for 28.6 years, on average, compared to 20.4 years if she retires at 65. A man who retires at 55 will have to stretch his savings for 25.1 years, rather than 17.8.

If you start receiving retirement benefits at age: 67, you'll get 108 percent of the monthly benefit because you delayed getting benefits for 12 months. 70, you'll get 132 percent of the monthly benefit because you delayed getting benefits for 48 months.