Robert Jain, as well as other minds in finance, can tell you that retirement is a complex topic. Look at the discussion of age and, more importantly, how old someone should be when they retire. Most people will probably say that when someone reaches 65 years old or so, it's time to call it quits. Does this logic apply to everyone, though? Hopefully the following information will help you develop a better understanding of retirement in this respect.
It's been said that 65 is the magic number when it comes to retirement. One of the reasons why this logic persists, according to names along the lines of Bobby Jain, is that people collect Social Security when they reach this age. It's also worth noting that many people feel comfortable leaving the workforce at this time, having saved up ample money in the past. While 65 years old is a target that many aim for, many people set their sights in other directions.
For many people, retirement isn't a possibility. This isn't necessarily because they're incapable of saving money, but instead they don't want to stop working. One of the most unique components of the human condition is the need to feel useful, which full-time work helps with. When you're able to complete tasks for employers, clients, and consumers alike, you feel like you can make a difference. For this reason, it's not far-fetched for someone to work well after their 60s.
It's also worth noting the unique personal responsibilities that people have. A married couple might have started saving up for retirement together, meaning that one won't be further along than the other. If they want to retire sooner, they might be able to do so by contributing to their separate accounts. This is especially true if they live modestly or don't want to start a family. Depending on how much they make, they may be able to retire in their 50s.
With all this information at hand, it's important to reconsider what age is best for retirement. Long story short, it's dependent on one's goals in life. There are many people that want to retire as soon as possible. On the flipside, many others would prefer to continue working until they are simply incapable of doing so. Retirement can be achieved by anyone, provided they save early enough, but to say that everyone has the same goal in this regard would be a lie.
It's been said that 65 is the magic number when it comes to retirement. One of the reasons why this logic persists, according to names along the lines of Bobby Jain, is that people collect Social Security when they reach this age. It's also worth noting that many people feel comfortable leaving the workforce at this time, having saved up ample money in the past. While 65 years old is a target that many aim for, many people set their sights in other directions.
For many people, retirement isn't a possibility. This isn't necessarily because they're incapable of saving money, but instead they don't want to stop working. One of the most unique components of the human condition is the need to feel useful, which full-time work helps with. When you're able to complete tasks for employers, clients, and consumers alike, you feel like you can make a difference. For this reason, it's not far-fetched for someone to work well after their 60s.
It's also worth noting the unique personal responsibilities that people have. A married couple might have started saving up for retirement together, meaning that one won't be further along than the other. If they want to retire sooner, they might be able to do so by contributing to their separate accounts. This is especially true if they live modestly or don't want to start a family. Depending on how much they make, they may be able to retire in their 50s.
With all this information at hand, it's important to reconsider what age is best for retirement. Long story short, it's dependent on one's goals in life. There are many people that want to retire as soon as possible. On the flipside, many others would prefer to continue working until they are simply incapable of doing so. Retirement can be achieved by anyone, provided they save early enough, but to say that everyone has the same goal in this regard would be a lie.
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If you would care for more financial advice, please contact Bob Jain today.. This article, The Perfect Retirement Age, By Robert Jain is available for free reprint.
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