Retirement when is the right time

Insurance products and plan administrative services provided through Principal Life Insurance Co. Securities offered through Principal Securities, Inc. Retirement rules: Why 65? Ready to get started? Log in to principal. First time logging in? Get started here. Favreau Personal finance blogger. Each person has a perfect time However, picking the best time to retire also means coordinating your choice with that of your partner.

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Let's be honest, leaving your nine-to-five job can have some nice perks. By the time some workers reach their 50s and early 60s, they're starting to feel burned out, so retiring before the traditional age of 65 can feel invigorating.

Men retire at an average age of 64, while for women, the average retirement age is So whether it's traveling, taking up new hobbies, or simply finding a part-time job with less stress, it's your opportunity to recharge. While there is research to show that working longer keeps you healthier and happier, there's also evidence for the opposing view.

The National Bureau of Economic Research, for example, found that "retirement improves both health and life satisfaction," in part by factoring in the number of people who are forced to retire due to health issues. However, there's a major caveat here. Relatively few people have the financial resources to support an extended retirement. While you do become eligible for Social Security at age 62, you don't actually qualify for your full monthly benefit amount until a few years later—for those born between and , it doesn't happen until age The benefit for your spouse takes a hit as well.

Chances are that you'll need a large nest egg to supplement your Social Security funds, especially if you hang it up very early. The traditional thinking is that you'll need 25 times your annual expenses minus Social Security in order to avoid outliving your money. And the earlier you retire, the more you'll need. Keep in mind, too, that you won't be eligible for Medicare until you reach age 65, so you'll almost certainly face steep out-of-pocket costs if you have to get health insurance on your own.

To be well-protected, though, you also need to figure in your prescription drug coverage and perhaps Medicare Advantage. For many, the upper 60s is the golden mean of retirement timing—you're old enough to have built up a nice financial reserve and young enough to enjoy your job-free years.

The fact that you'll get your full Social Security payment at age 66 can make a huge difference, especially if you're relatively healthy and likely to have an average, or longer-than-average, retirement. Waiting also gives you a few extra years to shore up your tax-advantaged investment accounts.

Investors who are at least 50 years of age can make a catch-up contribution to their k or IRA. If you love what you do for a living, the advantages of working into your 70s are readily apparent. For everyone else, a protracted career might sound like the last thing you'd ever want.