Question
Should i retire at 55?
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11th Nov 2009 by Daniel Cross, ChFC
Deciding when you want to retire is a decision best accomplished by talking with a financial adviser who can look over your assets and figure out what age works best for you. 55 is usually the earliest age that people can retire. Many pension plans allow early retirement although it will reduce your overall benefits. Remember that 62 is the earliest in which you will be able to draw off of social security so make sure you have enough in savings, 401k's, and/or IRA's that will cover that gap in income. Another concern is health insurance. COBRA benefits only last a maximum of 18 months and Medicare isn't available until 65. This alone deters many would-be early retirees.
Deciding when you want to retire is a decision best accomplished by talking with a financial adviser who can look over your assets and figure out what age works best for you. 55 is usually the earliest age that people can retire. Many pension plans allow early retirement although it will reduce your overall benefits. Remember that 62 is the earliest in which you will be able to draw off of social security so make sure you have enough in savings, 401k's, and/or IRA's that will cover that gap in income. Another concern is health insurance. COBRA benefits only last a maximum of 18 months and Medicare isn't available until 65. This alone deters many would-be early retirees.
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10th Nov 2009 In Retirement
1 Answers | 80 Views
Subjects: retire,