The average retirement age is 65 for men and 63 for women, up from 63 and 60 in 2001. Factors include increased life expectancies, higher age for full Social Security benefits, healthcare costs, and more. A nest egg of $500,000 to over $1 million is often needed for retirement lasting 15-20 years.

Investor Joseph Drups left the Air Force in search of passive income. He found small business investing as a way to break the chain between time and income. Drups aims to scale his strategy with other investors for recurring income and hire managers.

Financial Samurai Sam Dogen advocates for passive income like stocks and bonds over small business investing. He warns that businesses like vending machines require too much work for little return. Dogen combines various passive income sources for financial independence.

Dogen cautions that if saving and investing doesn’t hurt, you’re not saving enough for retirement. It’s important to forecast your retirement needs and happiness to plan and invest properly. Refine your retirement strategy based on your target retirement age and passive income goals.

Read more at Yahoo Finance: As the average retirement age continues to rise, will passive income be the solution?