When Should You Retire?

May 20, 2019
There's no one retirement age that's right for everyone, but what are the factors that can help you make your own decision?

Please note: This content may contain outdated information about RMDs and retirement accounts due to the SECURE Act 2.0, a law governing retirement savings (e.g., among other provisions, the SECURE Act 2.0 will raise the age at which individuals must begin taking required minimum distributions (RMDs) from their retirement account to 73, beginning in January 2023). For more information about the SECURE Act 2.0, please read this article or speak with your financial consultant. (0323-3N8G)

Please note: This content may contain outdated information about RMDs and retirement accounts due to the SECURE Act 2.0, a law governing retirement savings (e.g., among other provisions, the SECURE Act 2.0 will raise the age at which individuals must begin taking required minimum distributions (RMDs) from their retirement account to 73, beginning in January 2023). For more information about the SECURE Act 2.0, please read this article or speak with your financial consultant. (0323-3N8G)

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After you listen

  • Deciding when to retire is one of the biggest decisions of your life. It makes sense to talk to an expert. Discover our range of investment advice options at schwab.com/advice.
  • You can also find more information about timing your own retirement decision at schwab.com/retire.
  • Deciding when to retire is one of the biggest decisions of your life. It makes sense to talk to an expert. Discover our range of investment advice options at schwab.com/advice.
  • You can also find more information about timing your own retirement decision at schwab.com/retire.

After saving up your whole life, is it finally the right time to retire? It's a complex decision with a lot of variables. In this episode, Mark Riepe examines how affective forecasting and optimism bias could hinder you from making the best decision. Mark talks with Robert Aruldoss, a senior research analyst for financial planning at the Schwab Center for Financial Research, about how much savings you should have, when you should sign up for Medicare, when you should take Social Security, and other factors influencing your decision of when to retire.

  • You can read more about the rising costs of health expenses in retirement from the Employee Benefit Research Institute.
  • Working longer and delaying retirement can be a powerful strategy. Read more about the benefits in this study.

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The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

Investing involves risk including loss of principal.

Past performance is no guarantee of future results.

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