Complete Retirement Savings by Age Chart

A man holding up his hand

The best age to retire may differ in different countries. While some countries allow people to retire at the age of 59, there are others which allow a person to work until 65. Some people take voluntary retirement even before. If you want to plan your old age well and want to know about the best age to retire, then read the below-mentioned factors. 

Ideal Age to Retire in America

A person in a green park bench sitting on top of a wooden fence

The best age to retire in America for men is 65 and 63 for women. This new trend to work longer came into existence since the 1990s. Many factors such as Social Security and pension eligibility, decline of retire health insurance, etc have lead to the change in the retirement age in America. Earlier, people used to get pension eligibility at the age of 50 and had plenty of retiree health benefits. This made people retire early, but now, the age has increased to 63 on the whole. Earlier women could retire early, but nowadays, due to the increase in workforce participation and equality, women can also retire by 63. Soon, the ages of retirement for both genders will be same.

Retiring at the Age of 20 to 30

A person wearing a hat

This is not an ideal age to retire at all, even if you have a lot of money. If you are retiring to be an entrepreneur, then its fine. Else, wasting your time to do your hobbies and not using your productive energy anywhere else can be wrong.

Retiring at the Age of 31 to 35

This is the peak period of your working career, when you gain the maximum confidence to work and get promotions. Retiring at this age could be a big loss for your company. From 20 to 30, you have gained maximum knowledge and experience and now is the time to leverage your experience into your company so that it gets profitable. Unless you retire to do other productive work, you should not retire at this age.

Retiring at the Age of 36 to 40

At this age, more money and power comes to you and you can do really well in your work. At this age, you are still young enough to try something new and yet old enough to change your path completely. You probably have kids and expenses at this time and so, it is wise to continue what you are doing with greater vigor and zest.

Retiring at the Age of 41 to 45

You can choose to retire now if you have made a lot of money and have sources of passive income. But at this age, you are quite used to getting a good earning and living a comfortable lifestyle. Retiring now should be done only if you have other things to do before you get old and worn out. Else, you could continue for a few more years in work and earn more. 

Retiring at the Age of 46 – 50

Now that  you are nearing 50, you will realize that you are more injury prone and your speed has also become less in life. At this age, most people consider retirement so that they can spend more time with their children. But you still manage to drag on until 50 and that is equally wise to do.

Retiring at the Age of 51 to 60

Now is the time to finally retire if you always wanted to do something meaningful in life. Do not waste any longer if you have a plan in mind. If you wanted to quit your job long back and do something else, then do it now.

Retirement eventually depends on your income sources and your bank balance. But if you have something in mind, then the best age to retire is 50.

Subscribe to our monthly Newsletter
Subscribe to our monthly Newsletter