By Arlenys Tabare
In the United States, the average age to retire is 65; However, you can request withdrawal at age 62 or even delay it until age 70. This will depend on the needs of the older adult, but Age plays a major role when it comes to collecting the monthly benefitsince by bringing forward retirement 30% will be subtracted from the payment.
However, taking this into account, in recent years the results of a survey conducted by the Research Institute of the Society of Actuaries revealed that more than 50% of seniors decided to retire earlyleaving the workforce much earlier than expected.
For its part, analysis conducted by Employee Relief Analysis Institute and Transamerica Heart for Retirement Reviews revealed that there is a stronger tendency to retire at age 62 than at age 65, since only 6% have waited the average age to request their retirement.
But what are the reasons that are motivating more people to retire early? According to the report of the Society of Actuaries, most of the reasons are related to health problems (31%), job loss (20%), job dissatisfaction (25%), change in family situation (19%), reaching their retirement savings goals ahead of schedule (16%).
In this regard, Timothy Geddes, managing director of Deloitte Consulting and co-author of the report, highlighted that “many of the reasons were less negative. Some high-income retirees said they had met their financial goals.so they stopped working, and that is not negative at all,” he commented.
However, Geddes pointed out that regarding workers who retire early for health reasons, “of course, they are not people who do it out of pleasure, they do it out of obligation.”
For his part, Craig Copeland, director of economic benefits research at EBRI, said that “people with higher incomes are more likely to retire early because it is their choice, while people with lower incomes usually have health problems or changes in the company that are outside their control.”he added.
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