What age do you plan to retire? Will you be prepared?
At age 65, the average person can expect to live two more decades, according to the Social Security Administration. Will you be able to afford to live such a long time without working? It takes a lot of money.
When do most workers retire?
Many workers retire before they reach age 65, some with little choice because of their health or a loved one needing care. Job loss can be another reason.
A recent analysis by MoneyTalksNews found that 64 is the average retirement age nationally. Two states – Alaska and West Virginia – have the nation’s lowest average retirement at age 61. The most common average retirement age among U.S. states – shared by 15 – is 65. Only in three states – Hawaii, Massachusetts and South Dakota – and the District of Columbia do a majority of residents work past age 65.
Age 63 is the third-lowest average retirement age by state, with Missouri being among a dozen. The average retirement age in Illinois and 10 other states is 64.
Age 62 is when most people claim their Social Security benefits, the earliest they can, which is not always the best strategy.
Need professional financial advice? We can help.
Meet David Weis, our knowledgeable CFS* financial advisor.
Creating a retirement plan and making the most of your resources can be difficult to do on your own. A trusted, knowledgeable financial adviser can help you.
With more than 11 years of experience helping clients with their retirement strategies, our CFS financial advisor, David Weis, will provide impartial advice to help you make informed decisions and develop sound solutions for your retirement, generating income, or protecting your assets through insurance. You can reach him at 314.919.1058 of firstname.lastname@example.org.
Non-deposit investment products and services are offered through CUSO Financial Services, LP (“CFS”) a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS for investment services.