What is the best age to retire?

Everyone's retirement goals, plans, and preparations are different, so your "best age" to call it quits probably will differ from family members and friends. Employment history, health, spending and saving habits are the basics but how you define "best" is possibly the most important factor to consider when deciding to call it quits.

And because of the many factors at play, it's possible you could have more than one "best age" to retire. To maximize savings and investments, you might have to work until you're 67 or longer. Or maybe you should quit when you're 62 and still healthy and active. If getting Medicare means everything to you, 65 is a good age to consider.

How much time do you have before you might retire? Is it right around the corner, in say, five years, or 10? 30? And as you weigh what will impact your best age, remember that life-altering events (such as health issues and U.S. economy) can change your timeline without warning. That's why a regular review of your financial plan with a Huntington financial advisor can help avoid, prepare for, and mitigate financial surprises.

What determines the best retirement age

Many of the financial factors to consider when deciding your best retirement age are known quantities, while others not so much. Do you have college debt; will you shoulder the same for anyone else? Do you have a mortgage or an auto loan? Don't forget everyday expenses such as utilities and groceries, and of course that one certainty, taxes!

Other related issues are:

• How much do you earn, and do you expect to earn the same or more? A great deal more?
• Have you been investing in an employer-sponsored 401(k) or other retirement plan?
• How much debt do you carry now and expect to carry?
• What are your spending and saving habits now and will those continue after retirement?

On the other hand, less tangible concepts to think about can be just as important as your finances, or more so:

• Do you love your job or would it be easy to walk away?
• What will you do with your free time, and will you be able to afford it?
• Will you miss the social interaction and mental stimulation of a career?
• Is longevity a family trait? Note that men and women who reach 65 now can expect to live another 16 and 19 years respectively^†

Let's assume your retirement age is all about financial security

There are more issues you'll have to mull over when thinking about when to retire, but let's narrow it down to when you might be the most financially secure in retirement.

Unless you're a high-net-worth individual (having liquid assets of at least $1 million) or ultrahigh-net-worth individual (often defined as those who have $30 million or more in assets), Social Security and healthcare will play an integral role in retirement. Plus, Medicare could lighten some of your healthcare load.

Nuts and bolts about Social Security

• For the average worker, Social Security can be granted as early as age 62, but that amount would be only 70% of what you'd get if you waited until your full retirement age of 67^‡.
• According to a GoBankingRates study, waiting to apply for Social Security until you're 70 could result in more than $182,000 than if you applied at 62^#.

For those who'll rely substantially on Social Security for much of their income, waiting until full retirement age may not be possible. However, if Social Security will only supplement (as intended) your savings and investments, then perhaps the wait for full retirement age won't be an issue.

What may also be news to you is that if you have fewer than 35 years of working the Social Security Administration will include $0.00 income for each year without earnings when they calculate your benefits^¶.

Just as comprehensive planning and preparation will help determine your "best age," early and consistent saving and investing can help make it happen. With retirements that can last 20 years or more, it's as important as ever to get the most out of your hard-earned money.