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According to the Social Security Administration, a 55-year-old man can expect to live another 27.6 years, while a woman can expect 30.8 more years. Understanding what happens if you retire at age 55 is crucial for ensuring financial security across what could be a 30+ year retirement.
While the full retirement age for Social Security is currently 67 for those born in 1960 or later, many people wonder, “Is 55 considered retirement age?” The answer is more complex than a simple 'yes' or 'no' and hinges on a unique IRS provision known as the 'Rule of 55'.
According to the Social Security Administration, the earliest you can collect retirement benefits is 62, making a decision to retire eight years earlier a serious consideration. Asking, "Can I retire at the age of 54?" requires a thorough assessment of your finances, a solid plan for bridging income gaps, and a clear vision for your future.
