What to Know Before You Choose Your Retirement Age

 Effective vs. Official Retirement Ages by Country

The official age of retirement and effectiveage of retirement are two different things, and they vary from country to country. The official age of retirement would be the age at which government retirement benefits kick in. The effective age would the age people choose to retire, even if benefits are not yet available. Interestingly enough, some countries have much lower effective retirement ages than others.

 What Rules Apply at Which Age?

This retirement age timeline tells you what retirement planning events are triggered at specific ages, and what you need to do as you near each age. The key ages are 55, 59 1/2, 62, 65, 70, 70 1/2, and 75. Before you choose your retirement age you will need to become familiar with the rules. There are action items you’ll want to take as you near each age.

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