Retirement is one of the most desired stages, but also one of the most difficult to plan; the decision about when to retire has a major impact on your financial life. In the United States, the retirement age is closely tied to the amount of benefits you'll receive from Social Security. However, there isn't a single answer, since it depends on several personal factors.
The retirement system in the U.S. allows each individual to choose when to start receiving their benefits, but the amount will vary depending on the age at which this decision is made. Although some people choose to retire as soon as possible, others prefer to work longer to secure a higher pension. In this article, we'll explore the available options and how you can make the best decision for your financial situation.

When is the right time to retire?
Social Security in the United States offers several options depending on the age at which you decide to retire. You can start receiving your benefits at age 62 (1.63 m), but there are differences between doing so at that time or waiting until full retirement age (FRA), at age 67 (2.20 yd.). Although retiring early may seem attractive, doing so at a younger age will reduce the amount you'll receive each month; on the other hand, waiting until age 67 (2.20 yd.) guarantees you'll receive the full pension.
Maximize your benefits: How long should you wait?
Although many are tempted to retire at age 62 (1.63 m), the reality is that the amount varies depending on age; at 62 (1.63 m), you could receive up to $2,831 per month. At 67 (2.20 yd.), that amount rises to $4,018; however, if you decide to wait until age 70 (2.30 yd.), you could receive up to $5,108 per month. This may seem attractive, but not everyone has the ability to wait that long due to personal or health reasons.
It's important to consider other aspects before making the final decision; the amount of money you'll receive depends on your work history and your contributions to Social Security. In addition, your current and future expenses, the presence of other income or savings, and your mental and physical health will influence the decision. If you have personal plans that make you want to retire earlier, there's nothing wrong with doing so, even if the benefits are lower.

Use Social Security tools to estimate your retirement
An excellent way to estimate when the best time to retire will be is to use the "My Social Security" tool. This section on the Social Security website lets you view your work history and estimate your benefit amount according to different retirement ages. Having this information will help you make more informed decisions about the ideal time to retire.