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When Should You Retire?

About half of Americans retire between the ages of 61 and 65. Among today’s retired households, a traditional pension or retirement plan appears to be one of the differences between a high- and low-income lifestyle. That’s because among the 41 percent of retirees whose annual income is less than $25,000, only 21 percent receive income from a pension or retirement plan. Of those who receive $50,000 or more, 80 percent enjoy this form of income stream.

For many people contemplating retirement, the question isn’t, “When should I retire?” but rather, “When can I retire?” The answer may be whenever you can afford it. This means that your combined retirement income sources should provide enough for you (and your spouse) to live on for up to 30 years, depending on health and the family gene pool.

The percentage of retirees who claim Social Security before full retirement age has declined recently. That is seen as generally good news because the longer you wait to begin receiving benefits, the more you’ll get. In fact, monthly payouts increase by as much as 6.5 percent to 8 percent a year between ages 62 and 70.

 

The content provided here is designed to provide general information on the subjects covered. It is not, however, intended to provide specific legal or tax advice. Contact us at info@securedretirements.com or call us at (952) 460­-3260 to schedule a time to discuss your financial situation and the potential role of investments in your financial strategy.

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Danielle Christensen

Paraplanner

Danielle is dedicated to serving clients to achieve their retirement goals. As a Paraplanner, Danielle helps the advisors with the administrative side of preparing and documenting meetings. She is a graduate of the College of St. Benedict, with a degree in Business Administration and began working with Secured Retirement in May of 2023.

Danielle is a lifelong Minnesotan and currently resides in Farmington with her boyfriend and their senior rescue pittie/American Bulldog mix, Tukka.  In her free time, Danielle enjoys attending concerts and traveling. She is also an avid fan of the Minnesota Wild and loves to be at as many games as possible during the season!