The average retirement age in the U.S. is 62, coinciding with Social Security eligibility. However, retiring at 55 could be beneficial for many Americans, providing more years of good health and freedom. Early retirement allows for tax efficiency and lifestyle changes that can save money in the long term. While there are financial and psychological benefits to retiring at 55, it’s crucial to ensure you have enough savings to last through retirement. Consider consulting a financial advisor to create and stress-test your early retirement plan. (Source: MassMutual, YouGov, CDC, WHO, IRS)

In a 2024 survey, nearly one in five adults expressed a desire to retire at or before age 55, highlighting the appeal of early retirement. Retiring at 55 can offer a range of benefits, from increased quality of life to potential cost savings. Considering factors like health, taxes, and lifestyle changes can help determine if retiring early is the right choice for you. It’s important to carefully evaluate your financial situation and consult with a professional advisor before making any decisions about early retirement. (Source: MassMutual, YouGov, CDC, WHO, IRS)

Read more at Yahoo Finance: Here’s why you should seriously think about retiring at 55, even if you’ve planned for 62 (you can actually save money)