Most Americans think 63 is the ideal retirement age, and they’re wrong. Here’s the big number to bet your retirement on

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When it comes to retirement, timing is everything.

If you permission the workforce excessively early, you could summation the chances of outliving your savings. And if you discontinue excessively late, you whitethorn find yourself much exposed to age-related wellness risks with little clip to bask your aureate years.

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According to the 2024 MassMutual Retirement Happiness Study, astir American retirees and pre-retirees see 63 to beryllium the perfect property for status (1). With an mean status property of 62 — which coincides with the earliest property for claiming Social Security benefits (2) — today’s retirees are coming adjacent to that mark, but aboriginal retirees whitethorn find it much hard to discontinue successful their aboriginal sixties.

In fact, Generation X, who are betwixt the ages of 45 and 60 today, are mostly unprepared for status (3). A study from the Retirement Income Institute’s Alliance for Lifetime Income (ALI) showed that Gen X volition beryllium “entering status little unafraid than immoderate procreation earlier them.” Women successful this property radical person mean status savings of $6,000 and men person $13,000. Moreover, lone 14% of this procreation person entree to accepted pensions.

According to the MassMutual survey, much than a 3rd of pre-retirees (35%) study that their status savings are abbreviated of wherever they would request to beryllium to comfortably discontinue astatine an perfect age. Meanwhile, 34% of pre-retirees judge there’s a decent accidental they could outlive their savings, with 22% of retirees sharing this concern. To enactment this successful perspective, a Northwestern Mutual survey recovered that the mean American thinks they’ll request $1.26 cardinal to comfortably participate their aureate years (4).

Put simply, retiring astatine 62 oregon 63 mightiness beryllium popular, but this whitethorn not beryllium perfect erstwhile you see each the factors that find status success.

If you’re looking to maximize your chances of occurrence successful retirement, the property of Social Security eligibility is lone the extremity of the iceberg. Your fiscal sustainability, wellness attraction and longevity should beryllium considered earlier deciding erstwhile to retire.