More and more individuals are finding it challenging to retire by age 65. A survey conducted by the American Association of Retired Persons (AARP) on 1,026 adults age 35 and older shows longer expectancy of employment beyond traditional retirement age. Most participants were full-time workers who simply could not afford the cost of living if they retired by age 65. Financial uncertainties as well as health factors creates great stress for many adults working in later stages of life. As noted by AARP, “Indeed, 11 percent of these respondents say they expect to keep working into their 80s or beyond.” Employees and business owners are remaining in the workforce past retirement age in attempt to support health and living expenses. Consequently, retiring by age 65 is becoming less popular for older adults in today's society.

There are numerous factors to consider when planning for retirement. Preferred living arrangements, employment opportunities, and income are some of many examples. Although finances are often the driving force in determining retirement age, health is also a major element to consider. According to the Health and Retirement Study (HRS), older people’s ability to work can be influenced by health status. The HRS goes on to share, “More than half of men and one-third of women who left the labor force before the Social Security early-retirement age of 62 said that health limited their capacity to work.” When mapping out your plan consider lifestyle factors influencing health and future retirement.

You invested years and energy into your occupation of choice and the time to retire is drawing near. It may be months or years before retirement, yet ample preparation is essential to yield optimal results. Ideally retirement planning should commence early in your career or at least 10 years prior to leaving the workforce. Financial advisors and professionals coaches offer ample resources and guidance, which can prove beneficial. For starters it’s key to consider housing plans, as this will likely influence other major decisions.

You’ve invested years into the workforce and are now considering retirement. What factors drive some people to retire sooner or later in life? Is there a specific age-range that’s best to retire? Planning for retirement is unique for each individual’s situation and goals. Optimal timing for retirement depends on the person’s needs, aspirations, and financial position. It’s important to maintain flexible and open to new possibilities when planning for retirement. 

With a shortage in social security pensions and weak 401(K)’s, many seniors are compelled back into the job-market. Fortunately, there are vast resources available for retiree’s seeking a suitable occupation. Organizations such as Senior Job Bank, American Association of Retired Persons (AARP), and Retiree Workforce, provide job-listings and other valuable tools for pursuing employment.