Retiring at 65 feels like the sweet spot. Medicare officially kicks in, and if you were born in 1967 or later, you're just two years away from collecting your full Social Security benefits.
So what are you waiting for? Why not retire now and get busy living your second act?
While retiring at 65 is feasible, several factors should be considered. For starters, you either have to fund those first two years of expenses on your own or take a lifetime pay cut in your Social Security benefits.
Beyond that, you have to be certain your nest egg is enough to go the distance and that you know where you'll live and how you'll spend your days.
Despite all those hurdles, 65 remains a very popular retirement age. Roughly 4.1 million people will turn 65 this year, and 4.1 million more will follow in 2027. Many of those people plan to retire. If you’re thinking about joining the exodus, take our quiz first to see if you are ready to retire at 65!
More on Retirement, from the Kiplinger team:
- Should You Retire Now or Work Five More Years?
- My Wife Wants Us To Retire at 65 To Get Medicare, but I Want To Retire Now at 62 so We Can Start Enjoying Life. Who Is Right?
- 5 Reasons You Should Claim Social Security at 70 (And 5 Reasons to Claim It Earlier)
- The 'Florida Flip' for Roth Conversions: How to Use a No-Tax State to Lower RMDs
