When Should You Start Thinking About Retiring, and Why?

Ana Fajardo
4 min readSep 16, 2022


Several factors might prompt you to contemplate leaving your job earlier than expected. At the outset, the Social Security full retirement age ranges from 66 to 67 years old. These aren’t the only factors to think about; money is also an issue. Those in their fifties, for instance, may have lost their full-time jobs and a large portion of their social circle since their youth.

Typically, the best time to retire is between 41 and 45. However, this varies by occupation. Your ability to retire early from your career may depend on how much you enjoy it. The readiness to leave your work is not a given, even if you despise it. Whatever the situation, you should have savings equal to at least twenty years’ worth of your yearly salary. You shouldn’t stop working until you’re at least fifty if you want to retire early. You’ll be able to put more money into your kids’ university education.

You may begin constructing your real estate portfolio if you have enough money. Diversifying your holdings by purchasing different homes is a good idea. Another option is to purchase many properties in various locations. Apartment buildings in various locations are one potential investment option. This will allow you to spend more heavily in several different homes.

If born between 1943 and 1954, you could start collecting Social Security at the full retirement age of 66. Age eligibility will increase to 67 for individuals born in 1960 and after. Whether or not you can retire at your full Social Security retirement age is a function of your birth year and your retirement savings. If at all possible, retiring at a younger age is highly recommended. Moreover, men and women reach retirement age at different times on average.

If your spouse has made more Social Security payments, you may delay receiving your full benefit until they reach retirement age (66), even if you can start collecting benefits at age 62. A higher-earning spouse can get the full Social Security benefit for a lower-earning spouse if the lower-earning spouse passes away before the full retirement age.

It’s a good idea to consider retiring earlier than expected for several reasons. If you retire early, you may have more options for your future employment and be more marketable to employers. Additionally, it might buy you additional time to launch a new enterprise. It’s essential to be prepared for early retirement, regardless of the circumstances.

Ill health is another possible motivator for early retirement. Some chronic health issues, for instance, might develop over time, necessitating retirement earlier than planned. Job loss or a sudden health issue are two more common triggers for early retirement.

Money planning for retirement may be complex. One of the most challenging aspects of retirement planning is switching to living off your savings. A retirement plan is in place that considers all potential costs and income streams. Find a home with one floor, if possible, and research property taxes.

When planning for your retirement years, longevity is the most crucial consideration. Healthy people can retire at 62, but those with health problems may need to use their funds considerably earlier. The good news is that your savings strategy for retirement and investment return improve with each employment year.

Retiring homeowners may find it challenging to secure a mortgage. Though many financial institutions would not consider extending credit to retirees, others may be open to reviewing your application. Since retirement is a period when individuals typically gravitate toward being near loved ones, this makes perfect sense. However, your location can significantly impact your way of life, so think about the weather, access to medical care, and personal security.

To begin, it would be beneficial to converse with a loan officer or financial counselor about your requirements. After that, calculate how much money you’ll need each month to live comfortably. Before you pay off your mortgage, you may wish to pay off any other high-interest debts you have. For example, paying down your credit card debt, which is not tax-deductible, is another option for cutting retirement costs. On the other hand, if you have a mortgage and the interest rate is lower than the cost of a low-risk investment, you may choose to maintain it.

For many retirees in the United States, Social Security is the primary source of income in their golden years. However, you may want to diversify your income if it suddenly disappears. Pensions, annuities, property sale profits, and rental income are all examples. Even though these income streams are not always reliable, they can assist in supplementing your Social Security payments.

Many experts advise saving at least 10% of annual gross income. That sum, however, is not set in stone; it depends on factors like your current spending habits, your expected lifespan, and the age at which you begin saving. Still, I think this is a fantastic place to begin. You can also contribute to other retirement plans or your employer-sponsored 401(k) plan in addition to the predetermined amount you’ve set aside.



Ana Fajardo

Ana Fajardo is a highly skilled and respected financial specialist in Miami.