Contrary to popular belief, the ideal retirement age isn’t as soon as possible. Retire too soon and you may feel empty for never living up to your true work potential. Retire too late and you might always be left wondering what could have been if you changed courses sooner. Everybody’s situation is different.
For example, a 35-year-old couple making $400,000 might love their jobs. With two young kids under three, both parents might both want to work for 20 more years. This way, they can maximize their capital and support their kids through college.
Then you might have a 30-year old couple making a combined $200,000. They don’t have kids and don’t want kids. Instead of needing a 4-bedroom, 3-bathroom home, they are happy living in a 1-bedroom condo for much less. All they want to do is travel and lead a simple life. In their mind, the ideal retirement age is 40.
To minimize regret and maximize happiness, I believe the ideal retirement age range is between 41-45. Let’s go through why.
The Average Retirement Age In America
To get a baseline, as you can see in the chart below, the average retirement age for retirement is between 61-65. 63% of Americans retire between the ages of 61-69.
In a quest to live a better than average life, it’s logical to conclude the ideal retirement age should be below 61-65.
Average Retirement Age Trends
In terms of retirement age trends, women are working longer. Men are also starting to work longer again. Take a look at the