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The official retirement age for Social Security is 67 for those born in 1960 or later, so retiring at 70 instead of 67 or 65 can go a long way toward boosting your retirement nest egg.
Given an increase in life expectancies, it's not a bad idea to aim to retire at age 70 instead of planning to do in your mid- or even late 60s. In fact, retiring at age 70 offers a number of benefits.
Wyoming. Annual cost of a comfortable retirement: $61,127 Retirement savings needed at 60: $1,222,532 Retirement savings needed at 70: $611,266 John Csiszar contributed to the reporting for this ...
So if you think you'll need $50,000 per year in retirement, your FIRE number would be $1.25 million. However, it's important to note that the 4% rule was only intended to help your savings last 30 ...
For example, if you work until age 70 instead of age 67, you might only need 8X your salary to retire — unless you plan to travel extensively or move to a place with a higher cost of living, in ...
How Much Does the Average 70-Year-Old Have in Savings? According to data from the Federal Reserve’s most recent Survey of Consumer Finances, the average 65 to 74-year-old has a little over ...
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