How to Calculate Retirement Age

Phil Gleason | WIRL Project


Calculate Your Retirement Age

Early retirement? Normal retirement age used to be 65. With changes in pension benefits, health care expenses and other factors, there is no normal retirement age. Social Security was created in August 1935. It was intended to supplement other income sources for retirement.

What’s changed?

Everything. People are living much longer. In 1935, life expectancy was 61. Today it’s around 80. Many now count on something that was intended to be a supplement.

Here’s the factors to determine if you can retire:

1. How healthy are you?

Good health is now the number one factor as individuals consider retirement. Poor health can force a person retire, while good health can make your retirement.

Create a healthy life style:

1. Exercise Regularly
2. Eat Healthy
3. Drink Water
4. Reduce Stress

Healthcare costs continue to rise quickly. If you are currently 65 years old, you will need about $320,000 to cover health care costs during your retirement years. If you are 55 years old, in 10 years you will need $465,000. Either way, it’s a lot of money to cover health care.

“Better health is central to human happiness and well-being. It also makes an important contribution to economic progress, as healthy populations live longer, are more productive, and save more.”
– World Health Organization

2. How long will you live?

Find out what the life expectancy is in your family. It’s common to see previous generations living into their 90’s.

How can you live longer?

1. Exercise Regularly (+5 years)
2. Eat Healthy (+12 years)
3. Drink Lots of Water (+8 years)
4. Floss Regularly (+8 years)
5. Reduce Stress (20-30% healthier)
6. Don’t smoke (+8 years)
7. Drink Wine (+5 years)

Obviously it’s not a perfect science. However, your actions can greatly determine how healthy you are and how long you will live.

3. How much income will you need?

Estimate retirement income from all sources.

Determine what your annual expenses will be during retirement. You may have paid off your mortgage, but your health care costs could be a lot higher. Make sure you pay off all debt as quickly as possible.

When your income exceeds your expenses, you should be in a position to save. When your savings can generate enough income to replace your “work” income, you can retire.

About 3% of all Americans retire financially independent. That means they can replace 100% of their income when they retire. 97% lower their income at retirement.

4. How long will your income last?

That depends how on how you have your assets invested. If you are very conservative and have your assets in guaranteed investments, you’ll need a lot more saved. You need to do an evaluation of your asset allocation strategy and make sure it meets your long term needs. Your annual returns need to exceed inflation and taxes. Otherwise, you will not reach your financial goals.

To make sure you have enough for retirement save 15% of your income. Invest it in long term investments like stocks and do it for 30 years.


1. Live a healthy life style
2. Determine how much income you’ll need in retirement.
3. Invest properly so your income will last.

Start Today!

Other Options?

Save more than 15% and you can retire earlier.

Lower your current expenses.

Work longer.

Don’t ever retire.


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