Tony Robbins shares what he believes is “far more important than just a number called retirement age”

America doesn’t have an official retirement age. Some people opt to retire at 62 because it’s the earliest point to sign up for Social Security. Others retire at 65 because that’s when they can get health coverage through Medicare. And for some people, age 67 is ideal for retirement because it’s full retirement age for Social Security purposes (meaning, the age at which you can claim benefits without a reduction).

But then there are those people who opt to retire early — in their late 50s, mid-50s, or even sooner. And the reality is that neither approach is wrong. But rather than plan to retire once you reach a certain age, you may want to retire once you reach a certain level of financial confidence.

Don’t just focus on age

There are clear benefits to waiting until your 60s to retire. In addition to Social Security and Medicare eligibility, you get penalty-free access to your 401(k) or IRA once you reach age 59 and 1/2.

But author and financial coach Tony Robbins says it’s best not to get too hung up on a specific retirement age. Rather, he says, “Financial freedom is far more important than just a number called retirement age.”

His advice is worth listening to. The reality is that it makes more sense to end your career once you reach a point of being financially independent and you have the freedom to live your life the way you want to.

And to be clear, there’s no single dollar amount that gets people to that point. It really boils down to the individual.

You might feel as though you’ve attained financial freedom and stability with $2 million in assets. Someone else might require $7 million. Another person might get there with $400,000 in the bank.

There’s no right or wrong answer. The key is to think about how you feel about your financial situation, and then let that dictate when you decide to take the leap into retirement.

Or, don’t retire. Work less or work differently. The choice is yours, and it should be about what makes you happy and helps you feel fulfilled.

How to set yourself up for a secure retirement

It’s not a bad thing to want to retire at some point in time. And the best way to secure that outcome is to start saving money and investing it at a young age.

The upside to investing early on is that the more time you give your money to grow, the more you can benefit from compounded returns in your portfolio. As just one example, if you were to invest $10,000 at age 25, a portfolio generating an average yearly 10% return could grow that sum into about $450,000 by age 65. Wait 10 years, and your $10,000 investment only gets to grow into $175,000 by your 65th birthday.

If you’re not sure how to get started on your investing journey, talk a qualified financial advisor. They can help you put together a portfolio that’s positioned for long-term success based on factors that include your age and appetite for risk.

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