Essay Tips- Retiring at 62 Pros And Cons –

Retiring or retirement refers to when a person in their lives chooses to leave behind the workplace permanently. In the United States, the traditional retirement age is 62 or 65 in some cases. While in many developed countries, some national pension or benefits system exists to supplement retired income.

In the


, SSA has been offering retires monthly social security income benefits since 1935.

Understanding the concept of retirement:

Age 62 is usually considered as early age of retirement. It is also regarded as the earliest age when an individual can collect social security retirement benefits. While on the other hand, full retirement age is when an individual can collect the maximum amount of social security benefits.

Moreover, when it comes to saving for retirement, a disciplined plan of socking even a tiny amount of savings each month can add up over time. Whereas many brokerages offer no-fee retirement accounts let individuals automatically make monthly deposits of $50 or $25.

Project Retirement Savings needs:



needed retirement needed eggs, individuals might look at the following things:

-Likely retirement ages and income needed to maintain one standard of living based on the annual expenses and targeted retirement age

-Estimated value of one social security benefits and the estimated value of one employer’s pension plan

In this article, we will look at the

pros and cons

of retiring at 62.

Pros of retiring at 62:

Quitting at 62 pros is as under.

Are you able to dive into retirement soon? Depending on the type of profession, your early retirement may be at the age of 62. Debt-free living and a healthy savings portfolio can give you a solid retirement platform.

And you will get the chance to spend decades of your life in leisure which pushes you to even closer taking the plunge—just like any other choice in life, retiring at 62 also tradeoffs. You pay in opportunity costs for whatever you gain in rest as you evaluate your financial stance for a retirement age of 62, how these pros and cons help to take the final decision.

It comes with the opportunity to invest in family and personal relationships:

If you are in a retirement position at the age of 62, the chances are that your hard work would cost you time away from family and loved ones. Retiring at an early age allows you to spend more time with family and personal relationships that you are in. It would also give better parent-children throughout their teens and early childhood.

You can also reconnect with your spouse, who ran the household. It also allows you to pull long hours at the office. Thus investing time in personal relationships and family also pays dividends for the entire home.

The opportunity of fresh start leading to a new beginning:

If you put brakes on your full-time career does not mean that you have slowed down completely. Many retire persons are working more than throughout their retirement span. Many take part-time jobs in an entirely different field. While others may work on consulting roles in the native area.

Retiring at 62 affords you the chance to work because you want to work. It depends maybe on your fresh start lie in a slightly different field with a new educational degree. In such kinds of cases, personal accomplishment becomes the motivator, not compensation.

Travel actively after retiring at the age of 62:

Which person’s retirement plan does not include some travel? Whether your vocation involves calming beaches or active adventure, both are opportunity and time-bound. The early retirement age of 62 also affects good health, agility, and stamina. Bucket list experiences and adventure-based vacations involve rock climbing, extended hiking, water rafting, and much more.

It is easy to dream about the adventures that retiring at 62 might comes up with. But have you thought about its costs?

Chance to start your career:

If you ever dream of switching your field or simply starting a new business of your own, then retiring at 62 serves your need. More years you have ahead of you, you will be a more desirable candidate for many of the employees.

If you envy being your boss, then you can kick start your new venture off the ground. You can still launch your business if you retire at 62, and that will be the start of your new career.

Cons of retiring at 62:

Retiring at 62 also has many cons.

1) Retiring at 62 comes with the cost of healthcare:

Medicare coverage does not come in at the age of 62. If you are reaching your retirement age in good health, you are a fortunate person. You cannot also forgo the health insurance coverage that comes up with serious risk to your nest egg.

Today few employees are providing post-retirement health plans, and it is observed that the Small business council of America reports for businesses that also include retires. The employer pays a large amount of the annual premium, and the early retiree reinsurance program defined by the affordable health act care assists employees who retire at the age of 72.

If you have promised retirement coverage, then there is no guarantee of continued coverage.

2) Comes with the opportunity cost of your benefits packages:

Be aware that the earlier you retire, the fewer benefits you will be able to access. Social security administration will reduce your benefits packages if you retire earlier at the age of 62. Getting early retirement means you will need to forgo up to as much as about 30 per cent of the overall benefits.

Employer-paid pensions are not immune either, and civil servants face a yearly reduction of about 2 per cent for any retirement annuity payments drawn at the 62. Private pensions are designed to receive total payments at the age of 62 and earlier retirements mean a reduction in retirement payments.

3) Might get bored and miss working routine:

Many retiring people at the age of 62 faced a tough time making the transition from the daily routine of full-time jobs to the unstructured life of retirement. They may also miss their colleagues and may have wished to go back to work. In this way, they may get bored and cut the workforce left behind.


Listed above are the pros and cons of retiring at the age of 62.