The Escapade

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Use our retirement calculator as a guide. Similarly the target goes down for a later retirement age. This Is The Most Important Number In Your Retirement Plan Taking Retirement Account Withdrawals Now or Later. Retire at 67 . If your full retirement age is 67 then youll take a haircut of about 30 if you claim at age 62 rather than waiting until age 67. However you can withdraw funds before this age and sometimes for tax reasons it makes sense to do so. It depends on your marginal tax bracket and your other sources of income. These are called Required Minimum Distributions or RMDs. The 45 income replacement target assumes a retirement and Social Security claiming age of 67 which is the full Social Security benefit age for those born in 1960 or later. If you delay taking your benefits from your full retirement age up to age 70 your benefit amount will increase. Notice how small changes in investment return or inflation can have a huge impact on retirement expectatio