Tanza Loudenback, provided by Published 10:19 am CDT, Thursday, March 28, 2019 Business Insider Hero Images/Getty America’s official retirement age — when a person can start claiming Social Security benefits — is between 65 and 67. But in many cases, Social Security won’t be enough to cover all expenses in retirement. Most people need income from savings and investments, too. One common rule of thumb suggests having enough money socked away to start withdrawing 4% from a portfolio during the first year of retirement, increasing that withdrawal each year to cover inflation for 30 years. To find out how much you need before you can retire, use a calculator to estimate Social Security benefits, then subtract that number from expected annual expenses and divide by 4% . Retirement isn’t one size fits all. Some people hustle to retire in their 30s, while others work well into their 60s and 70s before leaving full-time work for good. America’s official retirement age — when workers can begin to claim their full Social Security benefits — is between 65 and 67, depending on birth year. Medicare benefits kick in at age 65. Delaying Social Security benefits increases the eventual monthly payout, but Social Security… Read full this story
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