{"id":86535,"date":"2025-07-23T17:57:12","date_gmt":"2025-07-23T17:57:12","guid":{"rendered":"https:\/\/www.europesays.com\/us\/86535\/"},"modified":"2025-07-23T17:57:12","modified_gmt":"2025-07-23T17:57:12","slug":"why-retiring-at-67-may-not-be-realistic-and-why-that-could-be-a-good-thing","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/86535\/","title":{"rendered":"Why Retiring at 67 May Not Be Realistic \u2014 and Why That Could Be a Good Thing"},"content":{"rendered":"\n

The full retirement age for Social Security<\/a> benefits is 67 for those born in 1960 or after \u2014 but that doesn\u2019t mean every American will be able to retire comfortably by that age.<\/p>\n

Read Next: I Asked ChatGPT How Much Money I\u2019ll Need To Retire in 5 Years: Here\u2019s What It Said<\/a><\/strong><\/p>\n

Learn More: These Cars May Seem Expensive, but They Rarely Need Repairs<\/a><\/strong><\/p>\n

But retiring later than that might not be a bad thing. Read on for more details about the potential benefits of retiring later<\/a>.<\/p>\n

A full 64% of workers worry about running out of money in retirement, per a 2025 survey by HireClix<\/a>. And worry they should. The Fed\u2019s latest Survey of Consumer Finances<\/a> found a median retirement savings<\/a> of just $185,000 for pre-retirement workers aged 55-64.\u00a0At a 4% withdrawal rate, that would generate a paltry $7,400 in annual retirement income.<\/p>\n

Catherine Collinson, CEO of retirement research organization Transamerica Institute<\/a>, added some historical context: \u201cBaby Boomers were already mid-career when 401(k)s were introduced. When Gen X entered the workforce, 401(k)s were gaining traction but relatively few workers were offered one.\u201d<\/p>\n

According to a 2025 survey by F&G Annuities & Life<\/a>, 70% of workers over 50 either plan to delay retirement or are considering it. But is that such a terrible thing? Many financial and aging experts make the case that later retirements<\/a> aren\u2019t the nightmare that workers fear.<\/p>\n

Check Out: David Letterman\u2019s Top Reason To Rethink Retirement: Do Experts Agree With His \u2018Myth of Retirement\u2019?<\/a><\/strong><\/p>\n

The later you start taking Social Security benefits, the greater the monthly paycheck.<\/p>\n

Every year that you delay taking benefits<\/a> after 67 adds another 8%. If you wait until 70, you\u2019ll collect 32% more than you would have at 67. That\u2019s a huge bump for just waiting a few extra years.<\/p>\n

The earlier you retire, the longer you need your retirement savings to last you \u2014 and the less you can pull out every year.<\/p>\n

If you want your nest egg to last for 30 years of retirement, Charles Schwab<\/a> recommends withdrawing no more than 3.8% of it each year. That comes to just $19,000 a year for a $500,000 nest egg.<\/p>\n

But if you need your portfolio to last you only 20 years, you can withdraw 5.4% ($27,000 a year for the same nest egg). And if you just need it to last 10 years, you can withdraw 10.3% ($51,500).<\/p>\n

The greatest risk to your retirement portfolio<\/a> is a market crash in the first few years of your retirement. It\u2019s called sequence of returns risk \u2014 that an early crash does more damage than the same crash later in your retirement.<\/p>\n

Story Continues <\/p>\n

You can reduce that risk by continuing to earn money, even if it\u2019s not much. \u201cMore people are choosing flexible or phased retirements, working part-time, consulting, or pursuing meaningful projects that still bring in income,\u201d said Peter de Silva, CEO of IRALOGIX<\/a>.<\/p>\n

If the stock market crashes, you can pause withdrawals and lean more heavily on your active income to wait out the correction.<\/p>\n

For many workers, their job doesn\u2019t just provide a paycheck. It provides them with meaningful work, social interaction, challenge and engagement.<\/p>\n

In fact, the HireClix study found that 41% of workers worry about being bored or unfulfilled in retirement<\/a>. \u201cThe notion that workers want to just flip a switch from working full time to doing nothing is an antiquated concept that needs modernizing. For many, staying professionally engaged, even in a reduced or flexible capacity, helps combat isolation and reinforces a sense of identity,\u201d said Neil Costa, CEO of HireClix.<\/p>\n

More From GOBankingRates<\/strong><\/p>\n

This article originally appeared on GOBankingRates.com<\/a>: Why Retiring at 67 May Not Be Realistic \u2014 and Why That Could Be a Good Thing<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The full retirement age for Social Security benefits is 67 for those born in 1960 or after \u2014…\n","protected":false},"author":3,"featured_media":86536,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[64,255,696,711,67,132,68,22171],"class_list":{"0":"post-86535","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-personal-finance","10":"tag-retirement-savings","11":"tag-social-security","12":"tag-united-states","13":"tag-unitedstates","14":"tag-us","15":"tag-workers"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114903845652321556","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/86535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=86535"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/86535\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/86536"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=86535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=86535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=86535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}