Key Highlights
- For instance, a typical plan assumes you will retire at 62, which is the average retirement age according to MassMutual’s 2024 Retirement Happiness Study (1), draw down 4% a year from your portfolio, based on the golden rule developed by William Bengen, and have at least eight-10 times your annual salary saved up by the time you’re ready to quit work, according to Vanguard.
- (2) But if you’re one of the 18% of Americans who would like to retire before the age of 55, based on YouGov’s polling (3), these conventional rules don’t apply to you.
- In fact, some of them could actually be destructive for your financial stability in retirement.
- Here’s why.
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