Choosing when to retire is one of the bigger life decisions you will make. As an experienced wealth and investment management advisor, AOG Wealth Management recommends researching the pros and cons of retiring at different ages before making your decision. You need to carefully consider your financial situation, your level of job satisfaction and your life goals.

Pros and Cons of Early Retirement

Early retirement can allow you to travel, take up new hobbies and live without the stress of work for a longer time than people who retire at age 65. There is also research suggesting that early retirement can lead to better mental and physical well-being.

However, early retirement is not for everybody. You need to have the financial resources to support your extended retirement. In addition, you’ll only get partial benefits from Social Security until you reach your 60s. You need a large nest egg to supplement these funds and pay for health care. Furthermore, you need to consider what you’ll do with all your spare time and whether leaving the work force will truly make you happy.

Pros and Cons of Regular Retirement

The 65-70 age range is considered the best time to retire for many people. By this age, many people have built a good financial reserve and are still young enough to enjoy their retirement. With suitable wealth management planning, you can have a roadmap in place that can help you to pursue the things you love during your retirement years. In addition, waiting until your mid-60s allows you to get your full Social Security payment and makes you eligible for Medicare.

Pros and Cons of Late Retirement

Late retirement is perfect for individuals who truly love what they do for a living. If you plan on retiring late, then you’ll be able to increase your savings much more and you’ll be able to get the highest-possible Social Security payout. By the time you reach age 70, the payout will be 132% of the full amount. With proper planning, you will have much more money to do the things you want to do in your retirement years. The downside, of course, is you’ll be older when you enter retirement and may not be as active as you were in your 60s.

AOG Wealth Management is a local wealth management advisor providing highly personalized and responsive client services, rigorous diligence for all investments and exceptional intellectual capital. We can assist you with all your financial goals and help you create your roadmap to retirement. We serve many areas, including Ashburn, VA and Washington, DC. Call us at (866) 993-0203 to receive a complimentary consultation and to learn more about wealth management and retirement planning.