Study Shows More Americans Want to Retire Early

Have you thought about your intended retirement target age? For most people, turning 65 means leaving the workforce at least in a full time role, but that has been shifting over recent decades as more people stay longer in their positions for financial reasons or just not wanting to leave the workforce.

But a new trend is impacting potential retirement numbers and savings amounts: more Americans want to retire early. Studies show that one-third of employees under age 54 want to retire by the time they reach 55. Hearts & Wallets found that nearly 40 percent of consumers of all ages want to retire before 65.

Households closing in on that target age of 55 for their own retirement have some characteristics more likely to make them successful. They spend less on housing, are open to financial advisor, use investment products, and have lower student debt amounts owed. But these are hindered by things like high credit card debt and low savings rate.

Behavioral changes in this area could help them get back on track, but this is just as important as engaging with a team of experienced professionals to ensure that these pre-retirees have covered all their bases.

From a financial advisor to an elder lawyer to a CPA, there’s a lot to think about as you approach older age. Both from the perspective of enjoying this chapter of your life and making sure you have safeguards in place to protect you, you need a holistic plan that takes all these unique facets into consideration.

For more help, schedule a consultation with an estate planning lawyer.