General Facts about Retirement
Here are some general facts about retirement:
Retirement age: In the United States, the full retirement age for Social Security purposes is 67 for those born in 1960 or later. However, you can start receiving reduced benefits as early as age 62, or delay receiving benefits past full retirement age to receive an increased benefit amount.
Retirement savings: It is recommended that individuals aim to save enough money to cover at least 80% of their pre-retirement income in order to maintain a similar standard of living in retirement.
Retirement income sources: Common sources of retirement income include Social Security benefits, pension plans, individual retirement accounts (IRAs), and personal savings.
Life expectancy: Life expectancy continues to increase, meaning that people may need to save enough money to last for 20-30 years or more in retirement.
Importance of planning: The earlier you start planning and saving for retirement, the easier it is to reach your financial goals. It is also important to regularly review and adjust your retirement plan as your circumstances and the financial market change over time.