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What Is The Best Age To Retire?

Looking down the road and wishing retirement would get here a little faster some may want to know, “What is the best age to retire?”

When to retire is something that each of us must decide for ourselves. The age that we are at retirement depends upon many factors that some of us have control over. What age is the best age to retire?

What is the best age to retire?

The best age to retire is when you are financially able to meet all of your living expenses without worry that you will not be able to make ends meet. When that age has been achieved you may be ready for retirement.

Some age related tips to prepare for retirement

At age 50 you may begin to contribute extra to your 401k to catch up to where you want to be as long as your employer’s plan will allow for that. Also you can do the same with an IRA.

Retiring at age 55

If you retire at age 55 and wish to withdraw from a qualified plan or from your 401k you may do so without paying the 10% penalty for early withdrawal. Taxes will be withheld at this time.

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It is possible to withdraw from your 401k at this time without penalty even if you stay on the job. This will depend on your employers plan. Again income taxes with be withheld.

What is the best age to retire?

You can begin to receive Social Security benefits at age 62, but waiting until full retirement age may be best so that you will be able to receive full benefits there. As you can see, the best age to retire really depends upon a lot of different factors. Make sure that you have studied all of them before you decide to retire.



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