Roughly 51 percent of Americans retire between the ages of 61 and 65, with another 13 percent sneaking out between ages 55 and 60, and 22 percent leaving between ages 66 and 74


Many believe that because you work, and work hard… retirement will promise a life of ease, and it could and in fact, should!

Here are some questions we believe that you should be thinking about, and prepare to answer.

  • Do you have an estimate of your retirement income?
  • Do you have a plan for retirement including Medicare and Social Security?
  • Do you know how taxes will affect your retirement income?
  • Do you really need to hire a financial advisor?

Things to Consider if you Retire Early

  • Health care – not until 65
  • Social Security at age 62 with a permanent reduction
  • Outliving your retirement savings – A shocking 21 percent of Americans have nothing at all saved for the future, and another 10 percent have less than $5,000

(Source: Northwestern Mutual’s 2018 Planning & Progress Study)

Things to Consider if you Retire on Time

  • Assuming age 67, to get full Social Security benefits
  • Access to Medicare
  • Take up a hobby, travel, volunteer… expenses considerably drop when you are no longer paying FICA/FUTA, into your retirement plan, your working tax rate.

Things to Consider if you Retire Late

  • Retire at age 70 and you’ll see up to a 32% increase in your social security – the highest benefit


  • Less risk of running out of money
  • Although most financial planners say to wait until the age of 70, only 2 percent of men and 4 percent of women wait until 70

(Source: Center for Retirement Research, Boston College)

Social Security Statistics

63 million people receive benefits

Nearly 9 out of 10 people age 65 or older receive benefits

By 2035, the number of people 65 or older will increase to 79 million, from 49 million today

In 1940, the life expectancy of a 65-year-old was almost 14 years;

today it is about 20 years

48% of married couples and 69% of unmarried persons receive

50% or more of their income from Social Security 

36% of the workforce has no savings for retirement and

50% has no private pension coverage

Social Security offices receive 480,000 calls and 180,000 visits per day, with an average wait time of 3 hours in 2016

(Source: Center for American Progress, Cato Institute, 2013;, 2017; 2019 Social Security Change Fact Sheet.)


This information was developed as a general guide to educate plan sponsors but is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.