How many years do you have to work in order to retire?

Question

How many years do you have to work in order to retire?
Started working in year 2000 at age 18. I imagine I can retire in my 50's. Setting up a life plan.

Answer 1

you can retire at age 65.

Answer 2

If you stay at the same job or COMPANY you are with now--and get raises through promotions, and SAVE lets say at LEAST 10% of your salary PER YEAR, you'd have a pretty good "nest egg" by the time you were in your 50's and 60's--however, WHEN you CAN retire is at the discretion of your company--in some places (like the State of NY) you can retire with benefits at 55 IF you entered the workforce before 1973... if NOT, you cannot retire and get BENEFITS until 62. The more years you WORK for a specific company, the better your retirement benefits will be... for example---person A works for your company from 1970 until 2005 (35 years of work) and is age 55 and ABLE to retire with benefits... Person B works for your company from 1990 until 2005 (15 years of work) and is 55 ---Person B will take a PENALTY on his benefits because he did not get hired by 1973 which puts him in a different TIER and not in the TIER that was hired before 1973 so person B shouldn't be retiring until he is 62... In this case, Person B would get MUCH less in his retirement checks then Person A. If you were to save 10% of your salary for 35 YEARS... @ an average of say $5000 a month salary...you'd have $210.000 PLUS INTEREST saved in the bank for retirement---PLUS your retirement checks...

Answer 3

If you live in the US, keep imagining. Most companies are giving retirement packages at age 72, who the hell wants to work until they are 72, you retire at 72 and then you die at 72 and 2 hours. It ain't worth it. That's right set up a life plan, put money away and again if you are in the US, you know you won't be able to rely on social security. But there is still hope for you. God Bless.

Answer 4

Depends on the job---some jobs offer early-retirement at the age of 62---Do your homework on your employer so you can know wether or not to stay.

Answer 5

Depend on how much you save and how much you want to have when you retire.