Retire (2024)

FAQs

What is the meaning of to be retire? ›

to leave your job or stop working because of having reached a particular age or because of ill health, or to cause someone or something to stop being employed or used: [ I ] He worked in television after retiring from baseball. [ I ] I'll be retiring soon.

Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job for health reasons.

When asked when they plan to retire, most people say between 65 and 67. But according to a Gallup survey the average age that people actually retire is 61.

The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960 until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67.

A 3 percent withdrawal rate works better with larger portfolios. For instance, using the above numbers, a 3 percent rule would mean withdrawing just $22,500 per year. In this case, you may need additional income, such as Social Security, to supplement your retirement.

You can retire at age 55 with at least five years of service credit.

You can retire at 50 with $500,000; however, it will require careful planning and budgeting. As the table above shows, if you have an annual income of either $20,000 or $30,000, you can expect your $500,000 to last for over 30 years. This means you will run out of retirement savings in your 80s.

The early retiree then experiences peak levels of happiness from ages 55-to-75 until their health starts to fade. Early retirees may also experience a greater level of happiness during the end of life due to having less regret.

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

Surviving spouse, at full retirement age or older, generally gets 100% of the worker's basic benefit amount. Surviving spouse, age 60 or older, but under full retirement age, gets between 71% and 99% of the worker's basic benefit amount.

Can I draw Social Security at 62 and still work full time? ›

You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefits. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

to withdraw from one's career, occupation, or office, usually because of age: to retire at the age of sixty. to withdraw, or go away or apart, to a place of privacy, shelter, or seclusion: He retired to his study.

retired (adjective as in having been withdrawn) Strong matches. detached isolated removed retreated secluded separated sequestered withdrawn.

(rɪtaɪəʳd ) 1. adjective [usually ADJECTIVE noun] B2. A retired person is an older person who has left his or her job and has usually stopped working completely.

The difference between retirement and quitting is that you would typically need to reach a certain age and be with the company a certain length of time (60 years of age and 10 years with the company is a fairly common one). You also typically need to provide the company with advance notice, e.g., six months.