At What Age Do Most People Retire?

What’s the most popular retirement age? What’s the best age for you to retire and how do you determine it? What do the trends say and are you on track? We’re helping with that and more on this week's episode of the Wise Money Show.

Season 7 Episode 1

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Kevin Korhorn, CFP® offers securities through Silver Oak Securities, Inc., Member FINRA/SIPC.  Kevin offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. KFG Wealth Management, LLC dba Korhorn Financial Group and Silver Oak Securities, Inc. are not affiliated. Mike Bernard, CFP® and Joshua Gregory, CFP® offer advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.

Intro: (0:00) 
Segment 1: (0:11) 
Break 1: (9:30) 
Segment 2: (10:50) 
Break 2: (20:07) 
Segment 3: (20:47) 
Break 3: (30:09) 
Segment 4 (31:14) 
Outro: (44:09)

[davidforesto]

<Retiring from public services made me realise that I had no means to passive income and in 5 years I had only moved around in circles financially I needed to make investments immediately desperate retirement and that led me to this looking for ways out. I feel very accomplished every time I remember my journey and how I have been able to grow my Investment to a return of over 200% in less than 6 months. Mind-blowing experience really)/

[sunbird]

Some Americans get retired at young age buy a home in Mexico and with their SS check have a good life in Mexico or any other foreign country where their American Dollar has way more value

[bradleyvanzile]

I retired at 38 with a pension and on SSDI

[MaryOKC]

I planned on retiring when I turned 62 then I got the worst supervisor ever and was tired of moving so I retired 2 years sooner than anticipated…it was the best mental decision ever but financially not so good as I left a good paying position for less than a third of my income in retirement …. so now I’m selling everything and going to travel living in a teardrop trailer…I’m very excited for this new adventure!

[ael]

I had no plans on retiring. I'm 57, and the last 20 years of my working career I worked at Circuit City, which went belly up, and I worked at Bloomingdale's which closed it store in Santa Monica. I had 3 interviews while the store was closing, and after working there for 10 years did not get offered a job. I would love to continue working, but I find job offers at my age are not only low wages, but offer part time because they don't want to offer health care. Luckily I was frugal throughout my working life, and saved enough to retire.

[Robw]

Plan on being out June 2022 @62...can't wait!

[reversiontothemean]

I love listening to these type of podcasts. Five more years at age 55 is my plan right now. I have pretty much already maxed my future SS benefits and now want to work 5 more years maxing the HSA account for obvious reasons. Also, mortgage will be done. Right now I am spending some time understanding the 5 stages of retirement so I will be better prepared emotionally.

[shannonmills]

I am all ready retired at 48 but my stagety. Is to invest in something and still claim my money I have no new home a car I really would love to stay in school

[christopherhennessey]

I retired at 55 but I believe the largest single group retire at 62.

[donmountford]

1 quibble. He says no one lives on 50k in retirement. Average U.S. income is only 60k so clearly many people are doing ok on 50k. When in retirement with less commuting/working expenses, children are grown etc. 50k is likely fine for many (most?) Americans.

[mecheckraise]

What about the "enough is enough" idea?
I think most people work longer perhaps for their kids. We do not have any kids so I am thinking with $12k a month net rental income and over $1M in retirement funds the best option is to retire, but still at it and make way more this year then previous years since IRA up 68.7% YTD. We have no real debt or mortgages.

[Retired-jrqs]

If the research is correct, the average baby boomer has very little retirement savings.