LIFE MATH: RETIREMENT Retire Early, Work Longer, or Wait? The Cost of Every Retirement Decision
At what age should you retire? 55, 60, 65, or later? The answer is not as simple as choosing a number. Retirement is about more than leaving employment. It is about understanding whether your savings, pension, investments and other sources of income can support the life you want after your salary stops. Retire too early without adequate preparation, and you may put pressure on your savings. Work longer, and you may strengthen your finances, but you also give up years that could have been spent with family, pursuing personal interests or simply enjoying life. This is where Life Math: Retirement comes in. The real question is not just when you should retire. It is what every retirement decision will cost you financially and personally. Should You Retire Early or Work Longer? Imagine two people approaching retirement. The first wants to retire as soon as possible. He has saved reasonably well and wants more time to enjoy life. The second decides to work for five m...