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In some countries, one's year of birth determines their age of retirement. For example, in the United States as of 2024, while a person born before 1955 can retire with social security benefits at the age of 66, those born after 1959 must be 67. Each year between 1955 and 1959 adds 2 months. [13]
Retirement is the withdrawal from one's position or occupation or from one's active working life. [1] A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job for health reasons. People may also retire when they are eligible for private or public pension benefits, although some are forced to retire when ...
Under the Constitution of the United States, a person must be aged 35 or over to serve as president.To be a senator, a person must be aged 30 or over. To be a Representative, a person must be aged 25 or older.
If you're 62 years old and were born in 1962, your full retirement age is 67. Filing for Social Security as soon as you retire means slashing your monthly benefit by as much as 30% for life.
While you might be familiar with the age-old advice to save 10% or 15% of your income for retirement, if you want to retire at age 30, you’re looking at saving more like 75% of your income.
If you’re 53 years old, it means you’re not yet old enough to tap an IRA or 401(k) without facing a 10% early withdrawal penalty. Usually, you have to wait until age 59 ½ to access money in ...