Like many baby boomers, you’ve probably been told by more than one person what your ideal retirement age should be – there are even policies that dictate when you should retire!  Since the average retirement age is 65, many baby boomers like yourself believe that’s when the career should be hung up and life as a luxurious retiree should begin.

Or should it?

Turns out, many people are unable or simply unwilling to retire at the age of 65.  With more baby boomers than ever taking out part-time work to supplement their retirement savings or for personal fulfillment, many financial experts are discovering that when it comes to your ideal retirement age, it’s not so black-and-white.

So when is the right time to take up your retirement?

In order to identify your ideal retirement age, you need to look at several factors, including the health of your savings and investments, how fulfilling your current career is and when you’d like to retire altogether.  For some baby boomers, 65 is the perfect age to retire, since they’ve devoted their whole lives to working and now just want to kick back and relax.  For others, their careers are an important part of their identity, and will therefore want to retire later.  How attached are you to your job?  If you’re required to retire at 65 or simply don’t want to, you can take out part-time work in your career field so as to continue enjoying the job you love.

Additionally, you’ll need to examine just how much you’ve saved up.  An important part of retirement planning involves saving up enough money for that target age of 65.  If you’ve been particularly savvy with your retirement savings and can retire sooner, then go ahead.  If, however, you got a late start on your nest egg, then you may need to retire later in order to enjoy a financially secure future.  Unfortunately for some, retirement savings will dictate the ideal retirement age. 

The point is that there is no ideal retirement age.  You can choose to retire at 65, work longer or retire at a young age – whatever the case, when you retire is a personal and financial decision that should be partly made based on the advice you receive from your investment advisor.

For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401K experts!

Authored by Kenneth Himmler, Sr.