Government jobs are some of the most secure positions any working citizen could have. And naturally, none of those employees want to forfeit their comfort when they are prepared to retire.

The purpose of planning retirement meticulously is that certain benefits are restricted by age, and both expected and unexpected expenses can still occur during retirement. All federal employees want to know when they should retire and even more importantly, what precautions they need to take to secure their retirement lifestyle as well.

This article will unveil things to consider when deciding on the best age to retire.

3 Things to Consider When Selecting an Age to Retire

Generally, 55 years old could be considered an ideal age for early retirement. Besides, due to restrictions and penalties on withdrawing early from retirement accounts, 55 is the youngest a federal employee can withdraw from their retirement accounts without any penalties.

Some employees want more security during their retirement, but there are some limits to how long a retirement account can accrue interest without being touched.

In addition to age-based fees, there are other considerations a federal employee, or anyone else, should consider when determining their retirement age.

1. The Minimum Age to Receive Social Security is 62 Years Old

Social Security is a source of income all retired employees expect to have in some capacity. However, it does not automatically become available upon retirement for everyone.

Employees under the age of 62 will not have access to Social Security, and they will have to fund their retirement through their savings. This may seem like a miniscule consideration, but during retirement, most if not all active income will be exchanged for passive income. And while retired, spending more during any particular year can alter future spending budgets, which can have lasting effects.

2. The Minimum Age to Receive Medicare is 65 Years Old

No one plans on incurring massive financial expenses they cannot cover. But as people age, the probability of encountering one or more of these issues increases particularly regarding health issues.

Medicare is arguably the most crucial form of protection a federal employee can have upon retirement, yet it is only accessible to people over 65.

3. The Probability of Living to 90 Years Old

Another retirement factor to consider is how long retirement will last based on the age someone retires.

Overall, the probability of a 65-year-old, male or female, living to 90 is between 35% and 46%. As people continue to live longer and enjoy longer retirements, keeping the possibility of living to an advanced age in mind when planning for retirement as a federal employee can provide improved comfort during retirement.

Choosing the Best Retirement Age as a Federal Employee

The youngest a federal employee can retire is 55. But the best age to retire is from 62 to 65 as the retiree will be able to receive social security and Medicare, respectively, which when combined can minimize expenses during retirement.

Although it may seem prudent to allow a retirement account to gain interest long after starting retirement, the government has a maximum age of 72 – or 70½ for those born after July 1, 1949 – where a required minimum withdrawal from a retirement account will become mandatory.