Retirement reality

[disneysteve]

many people retire unexpectedly due to downsizing, illness, physical limitations, or other reasons.

So true, which makes starting early and saving aggressively even more important because you might not get to 65 or 62. You might find yourself retired at 59 or 57 or even sooner.

[LivingAlmostLarge]

Is it considered retiring early at 57? That's my next question.

[corn18]

Is it considered retiring early at 57? That's my next question.

Sure. I think anything prior to FRA (67) is considered early.

[disneysteve]

Sure. I think anything prior to FRA (67) is considered early.

I'd say anything earlier than 65 at least as that has always been the classic retirement age.

Right now I'm hoping to be done at 60, or down to PT at the very least.

[LivingAlmostLarge]

I feel like our 54 and 56 year old plan is old. Early to me is like prior to 50.

[disneysteve]

I feel like our 54 and 56 year old plan is old. Early to me is like prior to 50.

Ouch. Are you calling me old? LOL.

Seriously though, it's quite rare for people to be able to retire that early unless you're talking about government folks who have 30 years in by then and a full pension. As for regular folks who are self-funding retirement, that's certainly not the norm. And even the ones who retire with that pension, many or perhaps most move on to a 2nd job after that.

I would have liked to have been done before 60 but staying in Family Practice as long as I did made that not feasible. Had I switched to what I do now sooner, I could have retired sooner for sure.

[Fishindude77]

I retired at 57. Most all of my friends are still working.
I suspect most will work to 65 due to health insurance costs.

[disneysteve]

I suspect most will work to 65 due to health insurance costs.

That is what keeps most people working (along with lack of savings). I should be financially prepared for a comfortable retirement by age 60 but I may stay on part time for just that reason. Or I might go per diem. I could just work a few days per month and earn enough to cover insurance costs. I'm fortunate to have a job where that is an option. Two 8-hr days/month would earn me about 27K gross which should be close to what insurance would cost.