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Premature retirement is a goal for millions of Americans. For many of them, they do not want to spend their entire lives working at a job they don’t love, for one reason or another. They have other goals and tasks that they would like to focus on. We believe that these men and women need to embrace planning and research where to live in order to have the best chance of enjoying a successful retirement.

Legal federal retirement age in the USA


For many people, when they think of claiming Social Security for retirement income, age 65 is a common age to start. While you can start claiming benefits as early as age 62, age 65 will allow you to receive more in benefits. If you claim earlier, you will receive a percentage of your benefits at 62 (the “new” early retirement age) and much more if you wait until age 70. In our experience, a significant number of Americans do not have enough saved to start taking their much smaller benefits package at 62. Instead, they may want to wait until 65 or even 70 to start taking these funds as of the most recent laws surrounding the retirement age for Social Security.


The start date for taking Social Security does not necessarily mean that a person cannot retire until that retirement age in the USA. Many people retire years before they start taking Social Security. They have saved and invested enough so that their nest egg pays for their bills in the interim. On the other hand, millions more Americans cannot retire until many years after they start taking Social Security. One key difference is that the financial math becomes easier once a person starts taking payments because they have several hundred dollars more in income than they did before.


Retirement in states


Retirement age in the USA can be different depending on the state in which a person lives. Retirement age in California or retirement age in Florida can vary widely due to differences in state law. Income taxes are lower in Florida which means that a person’s money may go further and their retirement age in Florida may be lower. California has different programs designed to help seniors that may aid a retiree’s bottom line. Since these factors help offset higher taxes, the retirement age in California may not be that much lower than in other states.

It may also have pension rules and retirement accounts that states like Florida do not have. Some states are particularly attractive to seniors because of their climates and financial situations. This attraction does not mean a senior cannot retire happily and comfortably in Nebraska or Rhode Island. But the state a person lives in should be seen as one of many factors in preparing for retirement. It should be part of their calculations and their understanding of where they should live in retirement. The financial benefits of some states should be weighed against what exactly a person wants to do in retirement and where they want to live in relation to large cities and their family members. This research can ensure that they will have the best premature retirement possible.