Retirement Timing is Everything
When it comes to transitioning into retirement, timing really is everything. The age at which you retire can have an enormous impact on your overall retirement income situation, so you'll want to make sure you've considered your decision from every angle. In fact, you may find that deciding when to retire is actually the product of a series of smaller decisions and calculations.
Your retirement: How long should you plan for?
The good news is that, statistically, you're going to live for a long time. That's also the bad news, though, because that means your retirement income plan is going to have to be sufficient to provide for your needs over (potentially) a long period of time.
How long? The average 65-year-old American can expect to live for more than 19 additional years.1 Keep in mind as well that life expectancy has increased at a steady pace over the years, and is expected to continue increasing.
The bottom line is that it's not unreasonable to plan for a retirement period that lasts for 30 years or more.