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What is the ideal retirement age?

Woman sitting on a couch opening a box.

Most people have an idea of their perfect retirement. It could be relaxing poolside or spending your days as a volunteer. Maybe it’s a bit of both. But not everyone has a clear vision of when they plan to retire. What is your ideal retirement age? Here’s some quick advice to help pinpoint yours.

When will you receive Social Security?
Many Americans approaching retirement age don’t already have enough saved for a glamorous life after retirement. Knowing your estimated full Social Security benefits can help you plan your retirement age. However, if you are planning on relying heavily on Social Security, you will be forced to wait until you’re 65 or older (depending on when you were born) to leave the workforce.

The better plan is to set your own retirement age. When you have enough saved to live the lifestyle you want, and not outlive your money, you may be ready to retire. If that’s at 45, good for you. If you’d rather keep working well into your 60s, that’s also great.

There is no set retirement age
It all depends on how much you have saved toward retirement, how you plan to live in retirement, your overall health, and how well you can manage your money. If you saved diligently and had $1 million in savings, you could be ready to retire at any time. On the other hand, if you’re buried in credit card or other debt, you might need to keep working into your 70s – if you can stay in the workforce.

When Americans actually retire
According to a retirement confidence survey conducted by the Employment Benefit Research Institute (, quite a few Americans predict that they will work well into retirement, but the actual numbers don’t add up. While 48 percent of workers expect they’ll retire after 65, only 19 percent actually do. According to the survey, 62 was the median retirement age.

Besides financial realities, other things that may impact your retirement age include your health or the health of a family member, forced retirement, downsizing, or other work-related reasons.

For a list of full Social Security benefit determinations and calculators, visit To start calculating your retirement age and what you will need, check out our financial calculators on savings and retirement. Then, when you’re ready to have a conversation and make a plan for yourself, talk to the Financial Advisors at Addison Avenue  to ensure you’re on track to being retirement ready.

Registered address: 1011 Sunset Blvd, Rocklin, CA 95765 │ 855.744.8585

Financial Advisors offer securities through Raymond James Financial Services, Inc. Member FINRA/SIPC and securities are not insured by credit union insurance, the NCUA or any other government agency, are not deposits or obligations of the credit union, are not guaranteed by the credit union, and are subject to risks, including the possible loss of principal. First Tech Federal Credit Union and Addison Avenue Investment Services are not registered broker/dealers and are independent of Raymond James Financial Services. Investment advisory services offered through Raymond James Financial Services Advisors, Inc.