Q

What’s the retirement age?

A

There isn't an official retirement age.

This is a bit of a trick question, since there is no official retirement age here in the US. There are, however, some very significant dates that will likely influence when you decide to join the early bird shuffle board club. At 55, you’ll be able to access your 401(k) savings with no penalty. Then, at 59 ½, the same will go for any IRAs you have, be it traditional, Roth, or SEPs. Sixty-two is the earliest age you can start receiving Social Security benefits, but we advise you to hold out until you’re 67, when the government will deem you to be the minimum age for full retirement. (But those who hope to fully exploit Social Security may want to hold out until 70, when you’ll be eligible to receive the maximum monthly benefits.)

If you wanted to take your when-to-call-it-quits cues from the government, you might hold on until you’re 70 ½, the date after which you’ll be required to begin taking RMDs, or required minimum distributions, from your IRAs.

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