This Is Americans' Ideal Retirement Age -- and Why It May Be Problematic

When you're in your 20s or 30s, it can be difficult to nail down a retirement age, since that milestone is so far off. But once you get into your 40s, you may start to think about when you'll be ready to exit the workforce for good. And it's pretty common for people to try to narrow down a retirement age during their 50s if they haven't done so sooner.

The ideal retirement age for Americans across the board is 59.4, according to recent data from Coventry Direct. That age might sound good to you, too. But retiring before your 60th birthday could be problematic for these reasons.

1. You won't have Social Security

It's not a given that you'll need Social Security to retire. And if you save enough on your own, those benefits may simply end up being extra cash you get to enjoy.

But you should know that the earliest age to sign up for Social Security is 62. And even then, you're not getting your full monthly benefit. That won't be available to you until full retirement age arrives, which is 67 if you were born in 1960 or later. So consider that when trying to figure out when you should retire.

2. You may not have penalty-free access to your retirement savings

The IRS offers a host of tax breaks for contributing to an individual retirement account (IRA) or 401(k) plan. So in exchange, it maintains some pretty strict rules for these accounts.

One rule is that if you take an IRA or 401(k) withdrawal before reaching age 59.5, you'll generally face a 10% penalty on the sum of money you remove. So the problem with retiring at 59.4 is that you're just shy of the point of being able to tap your IRA or 401(k) penalty-free.

Now, you should know that there can be exceptions for a 401(k). If you leave the employer sponsoring your 401(k) during the calendar year in which you turn 55 (or later), you can generally access your money penalty-free before turning 59.5.

If you know you'd like to retire before 59.5, consider putting some of your long-term savings into a regular brokerage account. That way, you'll be able to take withdrawals without a penalty whenever you want.

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3. Your savings might need to last a really long time

The younger you are when you retire, the longer your nest egg might need to last. But that could put a lot of pressure on your savings.

If the idea of retiring in your late 50s sounds good to you, one thing you may want to consider is continuing to work on a part-time basis. You may be able to earn enough money to minimize withdrawals from your savings or even avoid them.

Another option? If you want to retire on the early side due to hating your job, find a new one. Take the opportunity to do something fun you've always been interested in, even if the pay is less. That way, there's still less strain on your savings.

It's interesting to see that Americans seem intent on retiring just shy of age 60. But there can be drawbacks to retiring at 59.4. Keep those in mind if you're at an age where you're ready to start firming up some of your retirement plans.