When it comes to retiring, 67 seems like the perfect age. If you were born in 1960 or later, you are old enough to collect full Social Security benefits, plus, because you’re over 65, Medicare has already kicked in.
At 67, you’re still young enough to enjoy life. If you’ve been saving over the years, you likely have a decent nest egg to live off of. Even if you don’t have much saved, by having waited until age 67, Full Retirement Age (FRA), you won’t have to worry about a reduction in your Social Security benefits.
It’s also likely that other people around your age are preparing to retire or have already left the workforce. This factor can help with the social and emotional side of retiring.
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But that doesn’t mean you have to follow suit unless you are completely ready. After all, it will be difficult to return to work, at least in the same capacity and with a similar salary, once you retire. Plus, you may find that you are bored at home without your job for fulfillment.
On the flip side, you may love your newfound freedom and wish you’d done it sooner. Either way, before you retire at 67, make sure you are ready by taking our quiz first.
If you answer yes to these five questions, it’s smooth sailing ahead for your next chapter. If you answer no to most of them, you may want to hit the brakes, at least for now.
