Reply to Why do people think Retirement Age is 65?

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[quote=Anonymous][quote=Anonymous]I've always considered 59.5 to be the target retirement date because that is when I can withdraw from IRA/401k without penalty, but I see your point, especially for people who are relying on SS and Medicare.  Public policy is basically pushing for a 65-year-old retirement date, but incentivizing people to start SS withdrawals at 67 and not forcing RMDs until 75.  Probably because our SS system is underfunded, and raising taxes is not a popular solution.  [/quote]

This. SS is not factored into my retirement calculations so we've always looked at 60 as target date. We have one kid who won't finish college until I am 61, so I may work an extra year just for that. But I'm not really thinking about SS. We have substantial savings as well as a government pension. We also have access to employer based healthcare plans even after leaving that job (union benefit) so if we really wanted to, we could retire tomorrow and still have healthcare coverage until Medicare kicked in.

I don't even think about SS. I remember my parents decided to take it early even with the diminished payment, I think my uncle who is a CPA ran the numbers and said it likely resulted in more money in the long run. Since my parents were also not living off SS, it made sense to take the earlier, lower payments and just bank/invest them. I think a lot of people with good retirement savings do that. But they aren't relying on the payments to pay their bills.[/quote]

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