At What Age do you Plan on Being Partially & Fully Retired?
I wanted to gauge how all of you fine young professionals were feeling about retirement age.
Not the pie-in-the-sky estimate. I’m talking about when you REALLY think you’ll be able to retire (for reference, the average retirement age in the U.S. is between 63 and 64).
You know how I feel about retirement. If you don’t, check out my retirement is dead post. In it, I highlight how I think that traditional 65 and done retirement is a thing of the past and we’d all benefit by expecting and preparing for the “new retirement”.
So, three questions for you, and I’ll throw in polls for good quantitative measure:
- At what age do you expect to partially retire (the “new retirement”)? This is when you become financially independent and scale back from a full-time gig out of necessity to pursuing personal interests.
- At what age do you expect to completely retire? (No work at all)
- Where did you come up with those numbers?
I have a pretty ambitious goal of being able to hit “new retirement” by 35 – meaning, being financially able to pursue income in whatever way I’d like due to zero debt & significant savings built up. Where did I come up with that number? I’m close to being debt free right now, however, I have a lot of work to do in the savings department. Whether I do hit my goal of 35 remains to be seen and even if I hit that financial point, it doesn’t mean I’d quit my day job, only that that option would be made available to me if I decided to.
If it does, you’ll be the first to know…. well… maybe the second or third.
As far as fully retiring, I don’t think I would do this until my 70’s, if ever. I really think that in order to fully retire the U.S. would have to move to universal health care, or at least offer it to people above a certain age.
I’d love to hear everyone’s thoughts, and here are the two polls:
- Pensions vs. 401K’s
- The First Steps to Stop Dreaming & Start Retiring
- The Average Retirement Savings Per American