Retirement: Embracing Identity, Savings

This is a news story, published by Yahoo Finance, that relates primarily to AARP news.

personal finance & financial education news

For more personal finance & financial education news, you can click here:

more personal finance & financial education news

Yahoo Finance news

For more news from Yahoo Finance, you can click here:

more news from Yahoo Finance

About the Otherweb

Otherweb, Inc is a public benefit corporation, dedicated to improving the quality of news people consume. We are non-partisan, junk-free, and ad-free. We use artificial intelligence (AI) to remove junk from your news feed, and allow you to select the best business news, entertainment news, world news, and much more. If you like personal finance & financial education news, you might also like this article about

retirement plans ASAP

. We are dedicated to bringing you the highest-quality news, junk-free and ad-free, about your favorite topics. Please come every day to read the latest retirement planning news, retirement savings news, personal finance & financial education news, and other high-quality news about any topic that interests you. We are working hard to create the best news aggregator on the web, and to put you in control of your news feed - whether you choose to read the latest news through our website, our news app, or our daily newsletter - all free!

comfortable retirement

Moneywise

•

Business

Business & Economics

I'm 62, and I haven't set a retirement date yet. How do I know when it's the right time to pull the trigger?

Summary

Nutrition label

68% Informative

AARP found that 20% of Americans ages 50 and over have no retirement savings.

The median retirement account balance of households of those ages 55 to 64 was only $185,000 as of 2022 .

A 65-year-old who retired in 2023 can expect to spend $ 165,000 in health care and medical expenses throughout retirement.

Only 10% of retirees retired later than planned, with the most common reasons being to increase their wealth during retirement ( 41% ) and satisfaction with their job ( 38% ) The decision to retire is a very personal one.

If you love your job and are someone who thrives on being busy, then you may not want to retire in the next year or two .

Similarly, if you feel your savings could use a boost, working a bit longer could help pad your nest egg.

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive