Retiring early generally means stopping full-time work and beginning to draw on retirement savings before the traditional retirement age of 65.
While there isn't a strict, universally agreed-upon age for early retirement, it's commonly understood as any age before when you become eligible for Medicare benefits, which is typically 65. Men, on average, retire around 64, and women around 62, highlighting that retiring before 65 is already a reality for many.
Here's a more detailed breakdown:
- Traditional Retirement Age: Often considered to be 65, especially due to eligibility for programs like Medicare.
- Average Retirement Age: Currently, this hovers around 62-64, indicating that many individuals are already retiring "early."
- Personal Definition: Ultimately, "early retirement" is subjective. It depends on individual circumstances, financial readiness, and personal goals. For some, retiring at 55 might be early, while for others, 62 may be the target.
Retiring early can be an exciting prospect, offering freedom and new opportunities. However, it's crucial to carefully plan finances and healthcare to ensure a comfortable and secure retirement.
