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HomeBlog BlogWill You Be Able To Retire At 67?
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Will You Be Able To Retire At 67?

September 12, 2012 by National Debt Relief

Smiling middle-age couple looking at calculatorAre you wondering whether or not you’ll be able to retire at age 67? If so, there’s an easy answer. All you have to do is go to a retirement calculator and enter your salary, details about any retirement accounts, the balances in your 401(k)s and information about your savings and how they are invested and the amount of your pay you intend to set aside each year over the course of the next 20 years.

The answer

After you enter those numbers, the calculator will quote the odds that your estimated savings, plus Social Security, will produce enough income to support you throughout your retirement years. If you’re fortunate, you’ll find that you’ll be able to retire at 67 and with something close to your current standard of living.

If you’re not as prepared as you should be

If you learn that you haven’t saved enough for a comfortable retirement, the most important thing you can do – and this won’t come as any surprise – is increase the percentage of you salary that you put away every year. You can use the retirement calculator to do some different situations with varying rates of saving. These will show you how much you need to increase your saving to improve the odds that you will be able to retire comfortably at 67.

What happens if the numbers don’t work out?

It’s possible that you’ll find the amount you can really expect to put away doesn’t match the savings level suggested by the retirement calculator. If this is the case, you’ll need to save as much as possible and then find ways to add to your savings effort with other tactics that could help you improve your prospects for a good retirement.

Number one on the list

At the top of the list is staying on the job for several more years. This would allow you to both fatten your savings and increase your Social Security check by as much as 25% or more. Here’s an example of what I mean. One study showed that if people stop working at age 66, only about 55% of them could retire comfortably. However, if they keep working until age 70, the percentage of households that can retire while still having the standard of living they enjoyed before retirement jumps to 86%.

Other ways to improve your outlook

Fortunately, there are a number of other things you can do to improve your retirement outlook. This ranges from getting a part-time job after you retire to pulling income out of your house with one of those reverse mortgages to moving to a city or town that has a lower cost-of-living. You might also be flexible about how you take money from your savings after you retire.

It’s all up to you

While these are some of the things that you could do in the future, your number one priority for now should be to give yourself a good retirement–readiness check-up as recommended in this article. You just can’t develop a plan that can improve your odds of retiring at age 67 unless you know where you stand today.

Getting rid of that debt

It is difficult to increase the amount of money you can save if you’re carrying a big load of debt. If this is the case, you need to get rid of the debt first because the interest you’re paying is all money you can’t save. You could choose to do this through a debt consolidation loan or a debt management plan. However, both these alternatives might require five years or longer to complete, which would be years you wouldn’t be able to save as much money as required. In comparison, our debt consolidation partners could help you get out of debt 24 to 48 months and with an affordable payment plan. We offer a 100% satisfaction guarantee so that you at any time you are unsatisfied with the plans your offered, you can walk away without paying a single cent.

Do you qualify for debt consolidation?

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National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
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Easy National Debt Relief Caller: Austin Transcribed WE 1/17/2021 Austin: Our call may be recorded. What led you to National Debt Relief and why did you choose National Debt Relief over a different company? CARA: Honestly, it was just kind of on a whim. I just saw a commercial, I think, and then looked it up. And we were just tired of living paycheck to paycheck and not feeling like we were getting anywhere with our debt. Austin: What were your thoughts and was wondering as far as like the enrollment process, what process or where are you at this point in the process? CARA: We are almost done. Well, they've paid off almost everything or we've paid off almost everything. We're working on our last credit card. So I think our last payment will be in December, so nearing the end. Austin: Do you remember the name of the negotiator? I'm sure you've probably worked with a couple of people, but what's the name of the negotiator that you worked with? CARA: Well, I didn't really, I guess really work one on one with like one negotiator. I don't think. We just got email saying, "This is where we're at with this. Do you agree?" you know, type situation. Austin: Do you feel that there's anything that maybe the negotiator did well or anything that they could have improved? CARA: No, I don't think so. Nope, I don't think so. We've been happy with everything so far. Austin: Have you seen any positive impacts from working with National Debt Relief, just to kind of notice any changes to your life? CARA: I mean, definitely less stress, and then we've just been able to be better about our spending and our budget and everything. It helped get us on track. Austin: How would you rate your experience with National Debt Relief on a scale of one to five, where five means you would recommend to friends and one means very dissatisfied? CARA: I'd say 5. Austin: Would it be okay if we shared your comments as a review on our public site with a first name and city only, they're for National Debt Relief and to help other consumers make good choices? CARA: Probably not. I live in a smaller area. If anybody were to hop on and say Cara from Beddington, they would probably know. Austin: We can definitely remove that 'cause we very much respect your privacy. So we can either remove the name and just do a ‘C’ or completely remove the city and just do like ‘Cara from the USA’ whatever -- mainly comments than identifying you, I guess would be important. CARA: Yeah, I don't care if you use like my name and just put USA. I just don't -- where I live, it's not a very big area. Austin: I can totally respect that. Not a problem at all. CARA: Yes, we are a little bit of ashamed of having to go this route, but it was what was best for our family at the time. Austin: Would you like us to email you a link to that review whenever it's published? CARA: Yeah, that'd be great. Austin: Our call may have been recorded.

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