“I’ll retire between 65 and 70.” It’s a statement many of us have said or heard.
On the surface, it seems reasonable.
…but dig a little deeper, and you’ll find it’s a plan fraught with risk. In fact, it’s not just risky; it could potentially ruin your life.
Let’s break down why.
The Myth of the 65-70 Retirement Age
The notion of retiring between 65 and 70 is ingrained in our culture. But it’s based on outdated assumptions.
When Social Security was first established in 1935, the average life expectancy was around 71 years. Now, we’re living well into our 80s & 90s.
Isn’t it time our retirement plans caught up with this reality?
Three Assumptions That Could Ruin You
- Good Health Until 65: This assumes you’re fit as a fiddle to work up to that age. A survey by the Employee Benefit Research Institute (EBRI) revealed that 48% of retirees left the workforce earlier than planned due to health issues.
- No Family Emergencies: You’re betting that family needs won’t require you to step back from work. But life happens—kids need attention, parents age, and emergencies arise.
- Job Security: The belief that you won’t be laid off or have difficulty finding work later in life can be naive. A study by ProPublica found that 56% of workers over 50 are laid off at least once before they retire.
The Conservative Approach: Plan for Early Retirement
Instead of being optimistic, be conservative. Plan for early retirement.
Here’s why it makes sense:
- Flexibility: Early planning gives you the option to keep working if you wish, or retire early if needed.
- Financial Cushion: You’ll have a more robust financial cushion, just in case you need to retire earlier than expected.
It’s Never Too Late to Start Planning
Don’t know where to start? Use our easy-to-use retirement planning tool to build your custom plan. It takes the guesswork out of the equation, helping you create a safer, more secure future. Get started building your own, here
Conclusion: Don’t Gamble with Your Golden Years
Don’t roll the dice on your future. The stakes are too high. Betting on the 65-70 retirement age range is like playing Russian Roulette with your life’s savings and well-being. Start planning for an earlier retirement. Because in the game of life, it’s better to be safe than sorry.
So, what’s your retirement timeline? Why not aim for sooner rather than later? Share your thoughts by emailing us at email@example.com and let’s challenge the status quo together.