Is 65 Too Late to Retire?
Understanding Retirement Considerations
Deciding when to retire is a significant milestone, and age 65 has long been considered a standard retirement age. But with life expectancy increasing and financial landscapes changing, it's important to consider if retiring at 65 is the best choice for you. Here are some key factors to evaluate:
Current savings and investments, including whether you have $85k in savings or more.
Social security benefits and when to start claiming them for maximum benefit.
Your health and how it will impact your retirement plans.
Retirement expenses tally and the comfort you seek in retirement.
Whether to invest more aggressively if retiring later.
Retirement Age: Is 65 Arbitrary?
The age of 65 is often seen as the target retirement age. However, many workers are considering working past this age due to various reasons, including financial security and personal preference. Here are some things to think about:
Living longer means potentially 30 years or more in retirement; consider how long you can expect to live.
Inflation can impact your income and savings over time.
Pensions and government benefits may not be sufficient alone.
Comfort in retirement requires a solid investment strategy.
Is 65 Too Late to Invest for Retirement?
If you're considering investing for retirement at 65, it's not necessarily too late. Many clients find themselves asking whether it's too late to invest at this age, but there are options available:
Adjust your portfolio to generate income and secure a financially stable retirement.
Consider a mix of mutual funds and certificates of deposit to diversify your investments.
Assess your situation with a financial advisor who can help you craft a tailored retirement investment strategy.
Compare savings accounts to ensure your funds are working for you.
The Bottom Line: Making the Right Choice for You
The question is not whether 65 is too late to retire, but rather how you can make retirement work for your circumstances and goals. Whether you decide to continue to work, invest more aggressively, or rely on a strong retirement savings plan, it's crucial to evaluate your options carefully. Here’s what you need to do:
Assess your financial security and retirement savings.
Consider how healthy you are and how that impacts your retirement plans.
Decide if working past 65 aligns with your personal and financial goals.
Plan for the remainder of your years without relying solely on social security benefits.
We're Here to Help
At Neuse Consulting Group, we understand that every client is unique, and age 65 doesn't have to be a hard stop. Our team is here to guide you through your retirement considerations, helping you select the right policies and investments to ensure a financially secure retirement. Whether you're at the age of 62, 67, or even 70, it's never too late to start planning.
Ready to take control of your retirement journey? Call us today at (984) 263-3254 or visit our Wake Forest, North Carolina location to discuss your retirement goals with a knowledgeable advisor.
