Retirement Age - How Long Until You Can Retire?

As far as 401k and IRAs are concerned retirement age is fifty nine years and six months of age

, but what does that really mean for you? How long until you can retire? That's up to you, and in large part, how well you've planned for the future.

You shouldn't stop working until you have enough saved to live on for the rest of your life. So the first thing you need to decide is how long you ideally want to live on this money. Of course, the first problem that comes up is not knowing how long you'll live. Unless you have some kind of condition that convinces you otherwise, it is strongly suggested that you plan on living to be ninety five years old, if not a hundred. It would be awful to be eighty and run out of funds.

Then you decide when you ideally want to retire, just make a hopeful guess. Then estimate how much you need to live on each year--consider if you'll still be paying off your mortgage, if you want to travel, etc. Once you've got that figured out do the math and see how much you need to have saved! Then do the math again changing the number of years you'll be in retirement, to get some numbers for what you'll need if you retire earlier or later in life. This gives you some estimations of how much you need to save (remember you'll get returns on your investments that will help with this) and how much of a difference earlier and later retirement points makes.

It would be nice to be able to say you can simply stop working when you reach this specific age, but the truth is it completely depends on how well you've planned your savings for this moment. If you have the money then hurray, you can go ahead and the live the dream! If not, well, then you're going to want to start looking at your plans and making some adjustments.

by: Jennifer Quilter

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