How old are for colleaque here to be on retirement 60years or 65 years?

Answer 1

There seems many "Retirement Ages" thrown around in the media, all of which are fairly meaningless; Deciding when to retire is a very personal decisions, usually only guided by circumstances of finance, health, and inclination.

However, usually finance is the most important factor, and since, particularly in the US, access to several revenue streams are dictated by law, certain milestones are brought up. For example, to access Individual Retirement Accounts or 401k (employer sponsored) retirement accounts without penalty, you have to be 59 1/2 years old. One can beginning receiving Social Security benefits at 62, but must wait (currently) to 66 in order to receive benefits without being penalized for any other earned income you may be receiving. And one must start withdrawing money from these accounts, even if still working full time, by 70 to prevent other penalties.

So, the origin of the oft-mention "retirement age" of 65 is a little mysterious, but mostly because there is not real universal "retirement age. " Like marriage and other important milestones in one's life, it purely a personal decision, hopefully arrived at by ample reflection of once's ability and goals.