What age constitutes early retirement?

[hunniebun]

I know I have seen a post on this already, but can't find!  For me Early retirement is anything under 48,  48 to 55 to me seems like the norm and 55-65 or beyond is late.  I actually don't know a single person over 65 that is still working...so don't even know if they do my town! LOL!  My mom retired at 51 and my dad at 55.  I am planning to retire at 52...which I wouldn't consider early, but rather more average.  Thoughts? 

[velocistar237]

https://en.wikipedia.org/wiki/Retirement_age

Somewhere 55-68 is considered normal retirement age, depending on context. Any time before that would be early to one degree or another.

[nereo]

Where are you located?
According to Gallup survey data, the average (median) retirement age has slowly gone up over the past 15 years from 60 to 62 years.  Our tax-code has some underlying assumptions written into it that suggests 59.5 years is the earliest that 'normal' people retire (read into that what you will).  According to the same survey, on average Americans are hoping to retire at age 66, suggesting many are thrust into retirement by illness or job loss.*
I've lived in many places, including DC, San Francisco, Boston and now Quebec Canada and I know scores of people who are still working in their late 60s and 70s. I even know a few octogenarians who are reporting into work (all of them because the love it - hey, add Warren Buffett and Charlie Munger to that list).
To be fair, I work in academia, and it seems like a lot of people in academia don't ever retire (the joke is professors never retire, they just become emeritus).

Also, odd that you would peg the number at exactly 48.  Any reason for that?
For me, it's a sliding scale.
50-55 = slightly early
40-49 = early
35-39 = very early
30-34 = extremely early
29 or before = really??  Well done!  And how the hell did you pull that off?

This of course incorperates my own biases where I am 33 and I feel like most of my cohort are just beginning their professional careers.  When you don't finish school (PhD level) until your late 20s retiring in your 30s is hard, even with super-mustachianism tendancies and/or high salaries.

*here's the link: http://www.gallup.com/poll/168707/average-retirement-age-rises.aspx

[r3dt4rget]

IMO, anything before age 59.5 is early retirement. That is the earliest you can make normal withdrawals penalty free from retirement plan. According to the social security admin 67 years old is the normal full retirement age. 62 is when you can begin to collect benefits, but they are reduced and SSA considers that early retirement.

[2Birds1Stone]

With so many civil service positions being eligible for pension after 20-30 years, I think anything under 50 is early retirement. 50-60 is earlier than average but not anything noteworthy.

[Eric]

Anyone who retires before me is early.  Anyone after me is late.

[nereo]

Anyone who retires before me is early.  Anyone after me is late.

Woot!

[arebelspy]

Anyone who retires before me is early.  Anyone after me is late.

Poor Eric, he will never get to early retire.

[hunniebun]

Anyone who retires before me is early.  Anyone after me is late.

LOL! So true!

I was just thinking generally of people in my community and I think OOOooo...retiring at 45 is young...but when I hear some retiring at 49 or 50...I think that is just how it should be.  It is amazing the difference a few years makes in my mind!

[hunniebun]

For me, it's a sliding scale.
50-55 = slightly early
40-49 = early
35-39 = very early
30-34 = extremely early
29 or before = really??  Well done!  And how the hell did you pull that off?

This of course incorperates my own biases where I am 33 and I feel like most of my cohort are just beginning their professional careers.  When you don't finish school (PhD level) until your late 20s retiring in your 30s is hard, even with super-mustachianism tendancies and/or high salaries.

*here's the link: http://www.gallup.com/poll/168707/average-retirement-age-rises.aspx

I like your breakdown.  And retirement before 35 is really superhuman/extreme badassity...but I suppose it can be done with a low cost living and solid income! 

[Cookie78]

For me, it's a sliding scale.
50-55 = slightly early
40-49 = early
35-39 = very early
30-34 = extremely early
29 or before = really??  Well done!  And how the hell did you pull that off?

I like your scale too. Makes me want to work extra hard to make sure I FIRE by 39!

[Mississippi Mudstache]

I'm on board with nereo's scale. Hoping to fit into the "very early" category.

[arebelspy]

*here's the link: http://www.gallup.com/poll/168707/average-retirement-age-rises.aspx

The MMM poll of when people expect to hit FI:
http://forum.mrmoneymustache.com/welcome-to-the-forum/age-at-estimated-financial-independence-point/

Also, odd that you would peg the number at exactly 48.  Any reason for that?
For me, it's a sliding scale.
50-55 = slightly early
40-49 = early
35-39 = very early
30-34 = extremely early
29 or before = really??  Well done!  And how the hell did you pull that off?

Has different age bands than yours though, so hard to compare apples to apples.   But only 15% or so (less, actually, since that band in the poll includes 54 and 55) fall above your "early" categories.  In other words, almost everyone here thinks they will hit FI (or did hit it) before 56, and will be in one of your "early" categories.

[Gone Fishing]

IMO, anything before age 59.5 is early retirement. That is the earliest you can make normal withdrawals penalty free from retirement plan. According to the social security admin 67 years old is the normal full retirement age. 62 is when you can begin to collect benefits, but they are reduced and SSA considers that early retirement.

Don't forget about the potential for 401(k) withdrawals at 55.

[seattlecyclone]

By "normal" standards, I'm sure anything prior to 55 would be considered "early." Around here, nereo's scale sounds about right to me.

[nereo]

*here's the link: http://www.gallup.com/poll/168707/average-retirement-age-rises.aspx

The MMM poll of when people expect to hit FI:
http://forum.mrmoneymustache.com/welcome-to-the-forum/age-at-estimated-financial-independence-point/

Thanks for the link.
To be clear, the Gallup poll comments on when the average American expects to retire and what the median retirement age actually is (62).  I was using this to address the OP's comments that 48-55 'seems like the norm and 55-65 is beyond late.'
If he/she was talking about the MMM community, then I tend to agree, but if those comments were about the broader public, then the data doesn't back up those observations. 

[arebelspy]

*here's the link: http://www.gallup.com/poll/168707/average-retirement-age-rises.aspx

The MMM poll of when people expect to hit FI:
http://forum.mrmoneymustache.com/welcome-to-the-forum/age-at-estimated-financial-independence-point/

Thanks for the link.
To be clear, the Gallup poll comments on when the average American expects to retire and what the median retirement age actually is (62).  I was using this to address the OP's comments that 48-55 'seems like the norm and 55-65 is beyond late.'
If he/she was talking about the MMM community, then I tend to agree, but if those comments were about the broader public, then the data doesn't back up those observations.

I agree, OP's experience doesn't match the norm.

[EscapeVelocity2020]

I'm also confused about why OP chose '48'?  Going by what I have seen, most people IRL don't consider people under 50 'retired' even if they say they are.  As such, to me at least, anyone under 50 that is FI and doing what they choose with their life meets my criteria for 'early retired' and hitting that at 50 and beyond is a more normal retirement path. 

People can strive for bonus points by hitting FI/ER well below 50, but there are also lots of gray areas in there when people claim to be ER but have a spouse working, are active landlords, have a substantial income producing 'hobby', etc. (which makes their definition of FI a bit gray to me, harder to tell if they are doing what they love whether they'd get paid or not).   

[nereo]

People can strive for bonus points by hitting FI/ER well below 50, but there are also lots of gray areas in there when people claim to be ER but have a spouse working, are active landlords, have a substantial income producing 'hobby', etc. (which makes their definition of FI a bit gray to me, harder to tell if they are doing what they love whether they'd get paid or not).

Sounds like another sighting of the Internet Retirement Police!!

But seriously, "retired" means a different thing to different folks, and many are quick to yell "he's not truly retired!!" if any income is being earned.

[EscapeVelocity2020]

People can strive for bonus points by hitting FI/ER well below 50, but there are also lots of gray areas in there when people claim to be ER but have a spouse working, are active landlords, have a substantial income producing 'hobby', etc. (which makes their definition of FI a bit gray to me, harder to tell if they are doing what they love whether they'd get paid or not).

Sounds like another sighting of the Internet Retirement Police!!

But seriously, "retired" means a different thing to different folks, and many are quick to yell "he's not truly retired!!" if any income is being earned.

Yeah, I know, but being called some fictional thing like Internet Retirement Police when the real world commenters keep saying it makes us look like the weirdos...

[davisgang90]

Since arebelspy is -999 I'd guess he will win the award for the earliest ER ever when he retires.

[hunniebun]

[/quote]
Thanks for the link.
To be clear, the Gallup poll comments on when the average American expects to retire and what the median retirement age actually is (62).  I was using this to address the OP's comments that 48-55 'seems like the norm and 55-65 is beyond late.'
If he/she was talking about the MMM community, then I tend to agree, but if those comments were about the broader public, then the data doesn't back up those observations.
[/quote]

I am Canadian and I don't know if the stats vary here. From my own community of people thinking of the hundreds of people I know,  I would estimate that 60% of people are retired at 55 or less, 98% of people are retired by 60 and like I mentioned, I don't know of anyone nor have I seen anyone in my working life or out at large shopping etc. that appears to be over 65 working.  Not even Walmart greeters!  That is why I am baffled when stats show that 62 is the median age for retirement.  Many people I know at 62 have been retired for a decade already.  Perhaps I live in a wonderful bubble...and likely know many people who had jobs with pensions etc...that combined with OAS and Canada Pension maybe makes it more comfortable? 

[Cookie78]

Thanks for the link.
To be clear, the Gallup poll comments on when the average American expects to retire and what the median retirement age actually is (62).  I was using this to address the OP's comments that 48-55 'seems like the norm and 55-65 is beyond late.'
If he/she was talking about the MMM community, then I tend to agree, but if those comments were about the broader public, then the data doesn't back up those observations.

I am Canadian and I don't know if the stats vary here. From my own community of people thinking of the hundreds of people I know,  I would estimate that 60% of people are retired at 55 or less, 98% of people are retired by 60 and like I mentioned, I don't know of anyone nor have I seen anyone in my working life or out at large shopping etc. that appears to be over 65 working.  Not even Walmart greeters!  That is why I am baffled when stats show that 62 is the median age for retirement.  Many people I know at 62 have been retired for a decade already.  Perhaps I live in a wonderful bubble...and likely know many people who had jobs with pensions etc...that combined with OAS and Canada Pension maybe makes it more comfortable?

I'm curious where in Canada you are and if stats are different in different areas. Also in Canada, I know a few people in their early 60s who are still working, but many who are gearing down, and some who are retired. I'm also a really bad judge of how old someone is and I could be way off.

Found this article that says average is 60 years

http://retirehappy.ca/when-is-the-best-time-to-retire/
While everyone wants to retire early, the fact is the average retirement age is about 62 for men and 58 for women. The average retirement age has been hovering around 60 for a quite a few years.

[brooklynguy]

FYI, on the subtopic of retirement age statistics, here's a thread where we tried to determine the percentage of "extremely early retirees" (in the US population, at least), which also includes some discussion on the broader topic of what age constitutes early retirement:

http://forum.mrmoneymustache.com/welcome-to-the-forum/how-many-extremely-early-retirees-are-there/

[EscapeVelocity2020]

FYI, on the subtopic of retirement age statistics, here's a thread where we tried to determine the percentage of "extremely early retirees" (in the US population, at least), which also includes some discussion on the broader topic of what age constitutes early retirement:

http://forum.mrmoneymustache.com/welcome-to-the-forum/how-many-extremely-early-retirees-are-there/

Which generally boils down to what I said, the US population starts to retire in significant numbers in their 50's.  Anything before 50, and you're in the 1%, aka 'early retiree'...

Also, we can claim that this trend is growing, but if you look at the numbers before and after the 2008-9 downturn, the 'trend' is quite ambiguous.  This reminds me of a recent conversation that comes up frequently with my coworkers - why are so many children now diagnosed with allergies, ADD, ADHD, etc.  Where were all these issues a generation ago?  And no-one seems to have a good, complete, satisfying answer.  Maybe we are just more aware, but trying to define things down to specifics only makes the problem bigger, in that case and in this case too...

[arebelspy]

Since arebelspy is -999 I'd guess he will win the award for the earliest ER ever when he retires.

Heh. Well I will (just barely) hit the "really???" category on the scale.

Which generally boils down to what I said, the US population starts to retire in significant numbers in their 50's.  Anything before 50, and you're in the 1%, aka 'early retiree'...

Many more than 1% retire before 50.

Also, we can claim that this trend is growing, but if you look at the numbers before and after the 2008-9 downturn, the 'trend' is quite ambiguous.

What numbers?  Many are working longer, but they're the people who would have worked to 65 anyways, now saying they'll work to 70.  What makes you think the people ERing aren't ERing as they were?

[Citation needed.]

[EscapeVelocity2020]

Many more than 1% retire before 50.

This is where a citation is needed.

I was citing the Census Bureau's Current Population Survey in Brooklynguy's thread (which was in my statement).  More directly -  (https://www.frbatlanta.org/chcs/LaborForceParticipation.aspx)

When you state 'many more than 1% retire before 50', maybe you are lumping in disabled, unemployed, stay-at-home-caregiver, entrepreneur, property manager, etc. with 'retired'?  Brooklynguy's thread does a better job of quantifying my statement, but I'm happy to learn more about where you are getting your numbers :)

[brooklynguy]

Many more than 1% retire before 50.
[Citation needed.]

Also, I was citing the Census Bureau's Current Population Survey in Brooklynguy's thread.  (https://www.frbatlanta.org/chcs/LaborForceParticipation.aspx)

Maybe you are confusing disabled, unemployed, stay-at-home-caregiver, entrepreneur, property manager, etc. with 'retired'?

I'm looking on my phone so I may be misreading, but the census chart seems to say over 1.5% of the population between 46-50 are retired (which doesn't count any cohort below 46), so how did you conclude it's less than 1% for everyone under 50?

[arebelspy]

As brooklynguy points out, it's at least 2x, maybe 3-4x, what you claim.

(I see 1%, 1%, 2% for the cohorts below, but there could be rounding issues.)

Now your data for less people ERing recently?

[EscapeVelocity2020]

OK, so 45-50 y.o. retirees hit an all-time high of 1.5% in 2014 (which I would still consider closer to 1% than 'many more than 1%').  That still leaves me believing that under 50 is 'early retirement'.  Or are you saying that a big 0.6% jump up from the '0.9% retired before 45' means that 45 is the new 'normal' retirement age?  Again, look at the absolute numbers.  From 50 onward, people defining themselves as retirees really starts to climb.  In fact, not until 61-65 do we get to a more 'mainstream' 33% of people calling themselves retired.

Also, as to the trend, if you look at 51-55, the trend toward more retirees has been the opposite.  '51-55 yo retirees' was a high of 5.4% in 2001 and has been dropping steadily (to 4.1% in 2014).  This is why I say early retirement as a trend seems ambiguous.  Maybe people just have less stable employment nowadays than they used to...

[brooklynguy]

That still leaves me believing that under 50 is 'early retirement'.

Yeah, I agree with that - and it's consistent with nereo's scale, which I'm generally on board with.

[arebelspy]

OK, so 45-50 y.o. retirees hit an all-time high of 1.5% in 2014...

How does that jibe with:

Also, we can claim that this trend is growing, but if you look at the numbers before and after the 2008-9 downturn, the 'trend' is quite ambiguous.

Of course most people aren't early retirees.  Of course retiring under 50 is early retirement (I agree with brooklynguy's post right above this, as would most anyone).  The normal age is 65+.  No one is arguing that. We're talking about trends, and you're claiming the opposite of what the data shows.

Also I find your post-hoc editing of posts to change the spin on them (after replies have been posted) quite disingenuous.  =/

[EscapeVelocity2020]

Still waiting for your citation for 'many more than 1% retire before 50'....  or did you actually mean 0.5% more?

And I still stand behind my statement that the data is ambiguous.  If you look at the numbers in Brooklynguy's thread, the increase in retirement from 1998 - 2014 for those below 50 y.o. are a fraction of 1%, and the number of retirees 50 years and older has been steadily and significantly dropping (meaning more people are working past 50 y.o.).  I would attribute this more to instability of employment, people thinking they are retired or resigned to having to consider themselves retired.  Or maybe there are more stay-at-home parents that decide to re-enter the workforce when their kids get older...   Or maybe younger people just have a broader definition of 'retirement' these days...

(sorry for the edits, I sent you a PM)

[boarder42]

Still waiting for your citation for 'many more than 1% retire before 50'....  or did you actually mean 0.5% more?

And I still stand behind my statement that the data is ambiguous.  If you look at the numbers in Brooklynguy's thread, the increase in retirement from 1998 - 2014 for those below 50 y.o. are a fraction of 1%, and the number of retirees 50 years and older has been steadily and significantly dropping (meaning more people are working past 50 y.o.).  I would attribute this more to instability of employment, people thinking they are retired or resigned to having to consider themselves retired.  Or maybe there are more stay-at-home parents that decide to re-enter the workforce when their kids get older...   Or maybe younger people just have a broader definition of 'retirement' these days...

(sorry for the edits, I sent you a PM)

.5 % when you're talking about 1% vs 1.5% is a 50% difference which i would say is alot more.  if i have a 30% vs 45% savings rate thats alot more ... if i have 1MM vis 1.5MM dollars thats a lot more.  percentagewise when you're talking 1% or less ... .5% is ALOT

[Cassie]

Some people in late 50's, etc end up retired but not by choice. They are unable to find jobs so either live off spouse's income & apply for SS early at 62.

[FIRE me]

Anyone who retires before me is early.  Anyone after me is late.

Reminds me of other drivers.
People driving faster than me are maniacs.
People driving slower than me are morons.
People driving the same speed as me - they should have stayed home.
(Joking, of course).

[FIRE me]

I know I have seen a post on this already, but can't find!  For me Early retirement is anything under 48,  48 to 55 to me seems like the norm and 55-65 or beyond is late.  I actually don't know a single person over 65 that is still working...so don't even know if they do my town! LOL!  My mom retired at 51 and my dad at 55.  I am planning to retire at 52...which I wouldn't consider early, but rather more average.  Thoughts?

SS considers 62 early. Per SS, full retirement age is 66 to 67, depending on your date of birth. 401K considers 59.5 early. Obviously that is late by the high standards of this forum.

So my coworkers will think I retired early with a ton of money. But in my late 50's and not even a half million dollars, I'm pulling down the average here on MMM.

[nereo]

I am Canadian and I don't know if the stats vary here. From my own community of people thinking of the hundreds of people I know,  I would estimate that 60% of people are retired at 55 or less, 98% of people are retired by 60 and like I mentioned, I don't know of anyone nor have I seen anyone in my working life or out at large shopping etc. that appears to be over 65 working.  Not even Walmart greeters!  That is why I am baffled when stats show that 62 is the median age for retirement.  Many people I know at 62 have been retired for a decade already.  Perhaps I live in a wonderful bubble...and likely know many people who had jobs with pensions etc...that combined with OAS and Canada Pension maybe makes it more comfortable?

I'm also curious where you live in Canada hunniebun.  Statistics Canada is a really good source for demographic information on Canada.  Cookie78 already linked one article, but here's some info showing the median age for retirement* across Canada is between 61 and 64, depending on which data you are considering and how you are defining retirement.  Given that this is the median retirement age and the average life expectancy is just under 80, it's safe to assume that >50% of the working Canadian population retires after age 60.
http://www.statcan.gc.ca/pub/75-006-x/2012001/article/11750-eng.htm
http://statcan.gc.ca/pub/75-001-x/10204/6790-eng.htm
*statistics canada even takes great pains to qualify what they are counting as 'retirement'.

[jmusic]

Is it me, or is this thread just fodder for the ERP (Early Retirement Police). 

To me, there's no such thing as early, unless it's TOO early.  Retirement is just divorcing my time from my income.

We don't hear about them around these parts, but there are morons that think "I've heard about this early retirement stuff, I'm gonna go ahead and do it."  Nevermind that they spend $60K/yr and have a net worth of only $150K, mortgage and car payments, etc.  Those people retired (too) early.

[hunniebun]

I am Canadian and I don't know if the stats vary here. From my own community of people thinking of the hundreds of people I know,  I would estimate that 60% of people are retired at 55 or less, 98% of people are retired by 60 and like I mentioned, I don't know of anyone nor have I seen anyone in my working life or out at large shopping etc. that appears to be over 65 working.  Not even Walmart greeters!  That is why I am baffled when stats show that 62 is the median age for retirement.  Many people I know at 62 have been retired for a decade already.  Perhaps I live in a wonderful bubble...and likely know many people who had jobs with pensions etc...that combined with OAS and Canada Pension maybe makes it more comfortable?

I'm also curious where you live in Canada hunniebun.  Statistics Canada is a really good source for demographic information on Canada.  Cookie78 already linked one article, but here's some info showing the median age for retirement* across Canada is between 61 and 64, depending on which data you are considering and how you are defining retirement.  Given that this is the median retirement age and the average life expectancy is just under 80, it's safe to assume that >50% of the working Canadian population retires after age 60.
http://www.statcan.gc.ca/pub/75-006-x/2012001/article/11750-eng.htm
http://statcan.gc.ca/pub/75-001-x/10204/6790-eng.htm
*statistics canada even takes great pains to qualify what they are counting as 'retirement'.

Interesting stats. As I have said twice...I am going from my own community of people that I know and see...not the country as a whole. I honestly do not know one single person over the age of 60 who is still working, even a part time job.  They are all full out retired and relaxing in the south for the winter. I guess I don't find that the stats match the reality of what I see.  Perhaps I live in a bubble of financially responsible people :)

[Landlord2015]

Many more than 1% retire before 50.

This is where a citation is needed.

I was citing the Census Bureau's Current Population Survey in Brooklynguy's thread (which was in my statement).  More directly -  (https://www.frbatlanta.org/chcs/LaborForceParticipation.aspx)

When you state 'many more than 1% retire before 50', maybe you are lumping in disabled, unemployed, stay-at-home-caregiver, entrepreneur, property manager, etc. with 'retired'?  Brooklynguy's thread does a better job of quantifying my statement, but I'm happy to learn more about where you are getting your numbers :)

Ok now I need to address this. Being unemployed is not retired willingly at least for most people at least if they could get a decent job. If you are permanently disabled from an accident or whole your life that is a bit grey area difficult to compare.

You seem to have the uninformed view that if you are Landlord you can not be retired?!

Sure you can be retired if you are landlord even if you would rent more then couple of apartments. It depends on how you do it taking care of only one rental apartment is usually not much work. However when the number grows it begins to feel part time work.

I would say to truly retire as landlord is possible and rent apartments. You get less income, but if you only rent to firms or let firms rent your apartments to other people that is not much work, but less income.

Same thing with entrepreneur... some people think all entrepreneur's are work crazy and do 60 hours/week? Maybe some do that true, but at some point the firm might manage well even without the input of the owner.

You are very mistaken if you think that you can not retire as a landlord or an entrepreneur and still get income from these things.
 
I am not retired yet, but I admire Robert Kioysaki that retired at age 47. That means you can still work, but you actually don't need any work anymore ever because you are financially free for the rest of your life and in Robert Kioysakis case he was also rich at that age already.

Why people do not retire to soon is also that they are like me and the forum moderator arabelspy. Many people are not content with a poor, or frugal life style during their retirement days and personally I want to enjoy things that cost a lot of money.

Oh and then there is greed and also the need to be proud, self esteem... you can be proud if you retire early but many feel also proud when they become more rich even if they could have retired a very long time ago.

Others that do not retire while they could do it sooner are maybe very proud of their career. For example take that super doctor that get praise how excellent he is. Others like police force, firefighters, nurses etc maybe like to serve or help people and yeah I guess some in the police force like to use guns, but I can understand that and I am certainly NOT pacifist myself:)

[Cassie]

I recently read that many people want to keep working after age 60 either f.t.or  p.t. but the reality is that only 26% actually are. This is mostly due to not being able to find work. Many don't have a choice.

[Miss Prim]

In my job (laboratory microbiologist), I am a huge anomaly in that I retired at 61!  Most of the people I work with expect to work until they are 65-66 or longer.  I actually was starting to feel guilty about retiring so "young" and then I thought of the people here and knew I was actually "old" and should have been retired years ago!

I don't know anyone in my field that retired below 62, so I guess it depends on what field you are in.  My cousin retired at 58, but he was a union HVAC employee and he could retire early with medical benefits.  I have to buy my own at 61.  My mom and dad retired at 54 and 55, but they are 83 now and don't have much money left.  They really should have worked a few more years and socked it away.  But, they had medical benefits paid by their employee which I don't have.

I think in the medical field in general, people retire later because they are not forced out of the work place at a younger age. 

                                                                  Miss Prim

[ender]

I recently read that many people want to keep working after age 60 either f.t.or  p.t. but the reality is that only 26% actually are. This is mostly due to not being able to find work. Many don't have a choice.

People my age (20s and 30s) seem to be convinced they will working forever. But, surely they see how difficult it is to find employment (at least outside a megacorp career-for-life track) when you are that age? Surely they realize they should not plan on working forever?

[Cassie]

I think it is a bad plan for people to assume they can keep working.  I worked a professional job for the government so many people do keep working but that is not true everywhere. Plus illness can intervene.

[EscapeVelocity2020]

I recently read that many people want to keep working after age 60 either f.t.or  p.t. but the reality is that only 26% actually are. This is mostly due to not being able to find work. Many don't have a choice.

Reminds me of this recent piece - http://finance.yahoo.com/news/when-americans-think-they-will-retire-ebri-162344633.html (which, admittedly, is directed toward the 'general masses' of clueless people who aren't seeking ER, but still is worth being aware of...)

There’s a big gap between when workers expect they will retire and when people who’ve actually retired say they left the workforce, according to the latest retirement confidence survey from the Employee Benefit Research Institute. Half of retirees say they retire earlier than they planned.

Fewer than one in 10 workers say they expect to retire before age 60, when in fact 36% of retirees say they stopped working before 60. Comparatively, only 29% of workers retired between the ages of 60 and 64 and only 9% retired at the traditional age of 65. The odds of making it until age 70 and still working — which more than one-quarter of workers say they want to do — are even slimmer. A mere 6% manage to last that long.

“Most retirees retired earlier than they planned predominantly due to health problems,” says Luke Vandermillen, vice president of the Principal Financial Group, a co-sponsor of the study. “All you can do is try to control what you have planned, how you have saved, and whether you’ve taken steps to prepare for retirement as best you can.”

Sometimes, I think we're in a little bubble, thinking 'everyone works until they are 65' and that we're in the minority getting out before 65.  Don't get me wrong though, I love the fact people are taking control of their finances and debt.  As per the final part of the quote, it is simply the best thing you can do for your future regardless of if you retire early or not. 

@Landlord - I'm not criticizing diversifying income streams to hit FI / 'ER' on your own terms (like taking an entrepreneurial or land lording leap), it just isn't the traditional definition of retirement.  For example, the previous generation started a trend toward 'downshifting' from a stressful career track to one more amenable toward raising a family or having more free time.  But to me at least, retired means that you really don't have to do anything for the income (other than report your taxes).  The golden standards are social security and pension checks.  Close seconds are dividends, bond interest, and index funds.  Having a physical property and management company or being even a hands-off entrepreneur, IMHO, is still a lot of hassle, comparatively, which is why you should get compensated more for going that route.   

[Much Fishing to Do]

In the real world...anything before 62 in the US seems early just because most can't retire prior to having SS available.  Before 52 seems really early b/c of the thing said prior re: 30 year pensions out there covering many after 52. Anything before 47 seems extremely early.

[gimp]

Anyone who retires before me is early.  Anyone after me is late.

Poor Eric, he will never get to early retire.

Just like a wizard, he will retire neither early nor late, but precisely when he means to.

[fartface]

I'm just trying to beat my dad who retired at age 49 years and 9 months (my mom was 50 years exactly).

Shooting for 49 yrs 1 month!

[Landlord2015]

In the real world...anything before 62 in the US seems early just because most can't retire prior to having SS available.  Before 52 seems really early b/c of the thing said prior re: 30 year pensions out there covering many after 52. Anything before 47 seems extremely early.

Pretty much this ^. Even under 65 is considered early because most people (until Obamacare) worked until 65 for medical coverage even if they could afford to quit. That alone might be the reason the OPs experience with retirement age is lower then most in the US as I believe she was Canadian.

I don't agree!

Seriously I have eaten Carnosine and antioxidiants for more then a decade and look clearly younger then I am. Of course many older look very good for their age take Madonna for example.

Robert Kioysaki pulled of to retire at age 47. That is admirable.

I'll say what I think is early. 50 years is still an admirable early retirement goal. However 65 lol is not retiring early lol though you could voluntary retire at age 100 I guess.
That said another admirable goal is can you truly become a millionaire like in 1 million dollars or euro? If you can then you deserve to play this Madonna Tune:
Madonna - How High
https://www.youtube.com/watch?v=kA_yP4RfXVc

500 000 dollars or euro I think that is easy to achieve, but that 1 million... I would feel very proud if I could look people in the eyes and truthfully say I am a millionaire!