3. Retire at the age of 65
If this might sound weird, you need to know that this is also one of those retirement myths. Because it’s probably well-known that a lot of people actually dream about the day when they will be 65 and quit their job for good.
Aaah… the good ole’ retirement days! Because of this inflation issue, a lot of seniors actually want to work for even longer periods of time.
In an ideal world, you might be able to afford to quit at 65, but in 2023, it may not be a good idea. You will start to notice that your health isn’t that strong anymore and, oh man, how expensive has everything gotten?!?
Start thinking about saving more and if you are healthy and able to work for a couple more years, please do!
Retiring can be a pretty complicated matter, especially if you are not well prepared for it! To help you get started or aid your retirement planning, we recommend you take a look at this book: Retirement Planning: 401k vs Roth 401k, IRA vs Roth IRA.
4 Responses
I retired and my husband passed away three months later. He was self employed and did not believe in retirement planning. I am so happy that I did. Every point made in this article is true. I work two part time jobs and receive Social Security and retirement.
Everything in the article is true. I pray people aren’t so quick to stop working because they turned 65. You are going to need Social Security, pension and/ or another form of income depending on your financial situation. Remember, always take care of yourself.
Most of this does not apply to me e.g., I did retire when I wanted to, am living fine on my soc sec check (so, not working; thought I would work part-time), have plenty of time to myself (in spite of being grandma’s taxi service for 2 teens), etc.. I did wait until 72 to retire because I loved my job and was healthy enough to do so.
I’m one of those who were forced to retire to make way for the young. (Another myth… there’s no such thing as ageism.) Wanted 2 more years to pay off house and go out on my own terms. Oh well, that’s life!
Fortunately, we’re pretty good retirement-wise. SS, Pension & 401k & IRA. AND we will liquidate and move to smaller house down south.