At What Age Do You Plan To Retire?

"A Reddit threat posted this question recently, and it's helpful to look at the answers provided to see how others make their choices. It's also important to remember, though, that you may not get to retire at your preferred age so you'll need to be prepared if you end up having to leave work sooner than you'd hoped."

"A number of people said they would retire once their pension kicked in or once they could start making penalty-free withdrawals from tax-advantaged retirement accounts at age 59 1/2. Several said they would retire at 65 when they became eligible for Medicare. Those who retired early said they left when they became financially independent - which was a goal they'd worked towards throughout their career by being frugal and saving aggressively."

"Many of the posters were guided by either their financial readiness, their concerns about enjoying their healthy years, or both. And, all of these are very valid reasons to pick a particular retirement age. While you may hope to work for a long time, you should plan for early retirement As you set your retirement goals, it's interesting to look at what other people are planning and why. This can help you get an idea of when your own ideal retirement date is."

Everyone should choose a retirement target date because retirement planning goals depend on that exit date. Responses range widely from late 40s to 70s, with common triggers guiding decisions. Common triggers include pension start dates, penalty-free withdrawals from retirement accounts at 59 1/2, and Medicare eligibility at 65. Early retirees often achieved financial independence through frugality and aggressive saving. Some people retire in their 60s while spouses plan earlier retirements in their late 50s. Decisions are driven by financial readiness and desire to enjoy healthy years, so planning should include preparing for possible early workforce exit.

Read at 24/7 Wall St.