Posted On: November 3, 2021 by First Option Bank in: Financial Wellness
U.S. Census Bureau data shows that on average, men in the United States retire at age 65 and women at age 63. There is a discrepancy between that reality and the expectation that younger Americans, aged 18-29, predict they will retire earlier at 63 years old.
No matter your age or your expectations, the best time to start planning and saving for your retirement is right now.
There are different strategies and vehicles to help you jump into your golden years. Visit the First Option Bank financial wellness center to learn about topics including:
- The difference between 401K plans and IRAs
- What an annuity is and its role in retirement planning
- The Financial Independence Retire Early (FIRE) Lifestyle and how it can lead to financial independence and early retirement
- How timing impacts Social Security benefits
Sources:
Center for Retirement Research at Boston College. " Average Retirement Age for Men and Women, 1962-2016," Accessed Dec. 5, 2019.
Gallup. "Snapshot: Average American Predicts Retirement Age of 66," Accessed Dec. 5, 2019.
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