The answer to when is the appropriate age to retire is not easy for anyone to answer, but one of the most important things to consider as you evaluate this question is how you intend to spend your days. This will have a significant impact on how much money you will need and can help you target an age most appropriate for you.
As you attempt to figure out an ideal retirement age, think about how you’ll be spending your days not working. Will you be keeping busy at home? Or will you grow frustrated and restless without entertainment and travel? If you are concerned that you will not be able to fill your days successfully, you may wish to wait a couple of extra years to save enough money to sustain that lifestyle. If you are the type of person who finds themselves bored easily, you may even wish to postpone your retirement age even if you already have a substantial nest egg.
Too many retirees fall victim to depression, so working longer helps to serve as a social outlet and gives you additional motivation to wake up every single morning. It might make sense to delay your retirement age even if you don’t necessarily need the money.
This can give you additional assets to include in your estate plan and leave behind a greater legacy for your loved ones. If you intend to leave behind retirement assets that you do not expect to leave to your family members, it is an ideal situation to discuss with an experienced estate planning lawyer as soon as possible.